New car tomorrow(non camaro) possibly

[FenwickHockey65]

Is it just me or did OP literally go against the advice of basically everyone in this thread..?

[Royal Tiger]

He had his mind made up before he ever hit "post" .

[Tenring]

Originally Posted by motorhead

Reads like you are heading for bad times again to me. Wow!

Ditto

[BMR Sales]

Originally Posted by Royal Tiger

He had his mind made up before he ever hit "post" .

Bingo!

He may be glad he isn't upside down, but the way I read it he just paid down the loan on a Jeep he no longer has!

[CamaroIOM12]

Originally Posted by BMR Sales

Bingo!

He may be glad he isn't upside down, but the way I read it he just paid down the loan on a Jeep he no longer has!

That's exactly it. I don't understand but it's not my money. Good luck OP

[newb]

Someone help me attempt to understand what I just read.

1. OP was upside down on a 2 year old vehicle financed with a higher interest rate than he would qualify for today

2. Wanted to trade for a new vehicle with a lower interest rate

3. Every one said to refinance or just pay the 2 year old vehicle off faster

4. OP paid a large payment on the 2 year old vehicle to get the amount owed down to trade in value effectively removing the negative equity and solving the upside down problem but leaving him with a high interest rate.

5. Against every single piece of advice he was given from the group of people he asked for advice, OP traded away the even equity bearing vehicle for a new vehicle that immediately had negative equity the moment he left the car lot...

To summarize, he now has less of a nest egg to hedge against the unexpected, a vehicle he is upside down on, and 2 extra years of car payments... Did I miss anything?

[Chanman]

Originally Posted by newb

Someone help me attempt to understand what I just read.

1. OP was upside down on a 2 year old vehicle financed with a higher interest rate than he would qualify for today

2. Wanted to trade for a new vehicle with a lower interest rate

3. Every one said to refinance or just pay the 2 year old vehicle off faster

4. OP paid a large payment on the 2 year old vehicle to get the amount owed down to trade in value effectively removing the negative equity and solving the upside down problem but leaving him with a high interest rate.

5. Against every single piece of advice he was given from the group of people he asked for advice, OP traded away the even equity bearing vehicle for a new vehicle that immediately had negative equity the moment he left the car lot...

To summarize, he now has less of a nest egg to hedge against the unexpected, a vehicle he is upside down on, and 2 extra years of car payments... Did I miss anything?

Bout sums it up

[68rssscamaro]

Originally Posted by bybcous

First of all i would like to thank the lord for putting me in the position i am in, I have went from being nearly homeless 8 years ago with no hope to purchasing my first home 2 years ago and 2 brand new cars last year. I am looking at purchasing a 2016 Grand Cherokee limited with a MSRP of 45,555 and a for sale price on the dealers website for 45055, almost no savings. They have other Grand Cherokee's listed at 47-55k with almost 4 grand off each of these cars. I am trading in my 2014 Grand Cherokee Laredo that i purchased when i had bad credit with a 10 percent interest rate and currently owe 28k on this loan. This car is worth 21k via kbb in very good condition. On Friday my wife had a fender bender that caused two less than 1 inch cracks on the front bumper. I am going to have to bite the bullet of this upside down loan but i need to get out of it ASAP as we both have good credit now and have a pre approval check from my bank for 44620 at 2.49 percent. I was approved for 70k(unknown interest at this point.) through jeeps financing onthere website but i really want to keep my loan with the bank that has always looked out for me through my hard times. Here are the numbers.

Originally Posted by bybcous

New Car- 45555(MSRP)
Trade in - 20k is my absolute lowest i will take
Debt from Trade in- 28k

Preapproval from bank 46620, I will not reveal to the dealer that i applied through Jeeps website and approved for 70k.

Will a dealer be able to get me out the door at 46620 and still make there profit margin enough to sell me the car? I just spent 2 weeks in the Bahamas and burned through alot of cash, i can come up with about 1500 if i budget through the next check. "I do not want to go into my savings at all". I was planning on purchasing a 2018 SRT8 Cherokee but i am trying to be financially responsible as this is my wife's car.

Originally Posted by bybcous

So i ended up paying down the loan this morning to 21k

Originally Posted by bybcous

I got 21k for trade and the new car for invoice -500. Feels good to no longer be upside down on a loan.

This makes no sense at all to me. I am glad you had money to just toss away.

[BMR Sales]

Originally Posted by newb

Someone help me attempt to understand what I just read.

1. OP was upside down on a 2 year old vehicle financed with a higher interest rate than he would qualify for today

2. Wanted to trade for a new vehicle with a lower interest rate

3. Every one said to refinance or just pay the 2 year old vehicle off faster

4. OP paid a large payment on the 2 year old vehicle to get the amount owed down to trade in value effectively removing the negative equity and solving the upside down problem but leaving him with a high interest rate.

5. Against every single piece of advice he was given from the group of people he asked for advice, OP traded away the even equity bearing vehicle for a new vehicle that immediately had negative equity the moment he left the car lot...

To summarize, he now has less of a nest egg to hedge against the unexpected, a vehicle he is upside down on, and 2 extra years of car payments... Did I miss anything?

Yes, he traded the High Interest Jeep in, so now he has a Low Interest New Jeep that he is Upside Down on!

[Outlaw77]

Man I just rented the exact jeep the op bought for a week and the best part about the time is when I dropped it off! The limited's engine shuts off every time it comes to a stop and starts up when you take your foot of the brake. It had to be the most annoying thing I ever experienced! AC would stop working when your sitting traffic boiling in the sun and this one I drove had major clunking coming from the front end under braking and this thing only had 1400km's on it!

I sure hope the op is happy with his weird purchase.

[FenwickHockey65]

Originally Posted by newb

Someone help me attempt to understand what I just read.

1. OP was upside down on a 2 year old vehicle financed with a higher interest rate than he would qualify for today

2. Wanted to trade for a new vehicle with a lower interest rate

3. Every one said to refinance or just pay the 2 year old vehicle off faster

4. OP paid a large payment on the 2 year old vehicle to get the amount owed down to trade in value effectively removing the negative equity and solving the upside down problem but leaving him with a high interest rate.

5. Against every single piece of advice he was given from the group of people he asked for advice, OP traded away the even equity bearing vehicle for a new vehicle that immediately had negative equity the moment he left the car lot...

To summarize, he now has less of a nest egg to hedge against the unexpected, a vehicle he is upside down on, and 2 extra years of car payments... Did I miss anything?

Don't forget the part where he spent 2 weeks in the Bahamas burning through a ton of cash when he clearly had financial issues/obligations at home...

[FenwickHockey65]

Correct me if I'm wrong but the Grand Cherokee has had basically zero recognizable updates from 2014 to 2016. I don't get why OP wanted a 2016 so badly. It's not a new generation, it's not even an MCE year, powertrains are the same, maybe paint options are different?

[newb]

Originally Posted by FenwickHockey65

Correct me if I'm wrong but the Grand Cherokee has had basically zero recognizable updates from 2014 to 2016. I don't get why OP wanted a 2016 so badly. It's not a new generation, it's not even an MCE year, powertrains are the same, maybe paint options are different?

To my knowledge that would be correct.

[68rssscamaro]

Originally Posted by Outlaw77

Man I just rented the exact jeep the op bought for a week and the best part about the time is when I dropped it off! The limited's engine shuts off every time it comes to a stop and starts up when you take your foot of the brake. It had to be the most annoying thing I ever experienced! AC would stop working when your sitting traffic boiling in the sun and this one I drove had major clunking coming from the front end under braking and this thing only had 1400km's on it!

I sure hope the op is happy with his weird purchase.

Yes they are not very reliable either. My brother had one of these and he could not wait to trade it in as he had many electrical problems. Very low miles on it.