New car tomorrow(non camaro) possibly

[bybcous]

Derails of deal below

[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.

[TrickracenLS3]

If you have to dip into savings or barely be able to put 1500 down, not even covering tax/license, sounds like you are not living within your means. Nice of you to tell the story you went on vacation, maybe you need a financial planner.

[ChefBorOzzy]

Why don't you just refinance your current jeep? Is the 2016 essentially worth 20k more to you at this point? You could buy a decent car for 20k dollars.

I drove a 2015 left-over GC limited 4wd the other day and they are selling it for 34.5..down from 41.x..

I'm sorry, I just don't see how an additional 20k I'm debt is a good idea for you at this point.

[ChefBorOzzy]

If you go through with this purchase you'll still be upside down.. And I'd say probably be in the same boat 2 years down the road. Sounds like you guys want new things, which is fine.. However, some things you have to decide to wait on in order to be in a better position.

[LesBaer]

I don't understand what's wrong with using your savings to buy a car, as long as you don't use it all. If you need to finance some at a cheap rate to maintain additional liquidity, that's ok too...I just wouldn't go beyond a 3 year loan though. That's just me.

[MiamiBlueCamaro]

WOW, Do i missed the memo of the new section in this forum about new cars "non camaro" and pooooor credit habits "support"......

[raptor5244]

Originally Posted by ChefBorOzzy

Why don't you just refinance your current jeep? Is the 2016 essentially worth 20k more to you at this point? You could buy a decent car for 20k dollars.

I drove a 2015 left-over GC limited 4wd the other day and they are selling it for 34.5..down from 41.x..

I'm sorry, I just don't see how an additional 20k I'm debt is a good idea for you at this point.

This is the best advice. You say you want to be financially responsible this time around but you just keep piling on more debt. If you have to have "new" you can go buy a new Civic for $20k. All of these vehicles will soon get old and boring and you will want the next best thing anyway.

Also, I would be surprised if a dealer would pay KBB "very good" value for your Jeep unless they make it up on the new vehicle. The current Jeep is only is only 2 years old, is there something wrong with it? Refinance it from the 10% loan to the 2.x%, which will drop your payment quite a bit. Then when you can put 20% down and your cash flow is solid then get a new one.

[maraging]

I bet you can get out the door for 55k lol.

[AbsolutHank]

Refinance your current Jeep loan! Don't go further in the hole. It's not like you have a 10% interest loan on a 2003 Jeep. It's only a year old!

[stars_fan]

Originally Posted by TrickracenLS3

If you have to dip into savings or barely be able to put 1500 down, not even covering tax/license, sounds like you are not living within your means. Nice of you to tell the story you went on vacation, maybe you need a financial planner.

Here in North Texas we call those people $30,000 millionaires

[AdvanSuper]

Originally Posted by AbsolutHank

Refinance your current Jeep loan! Don't go further in the hole. It's not like you have a 10% interest loan on a 2003 Jeep. It's only a year old!

This.

They won't offer him anywhere near 20k on a trade especially if they know he's upside down on the loan and the fact that average listing price is about 20-22k for his model under 40k miles. There's also a ton on the used market, so it's not like they're clamoring for them as trades. They'll low ball the hell out of him with a 14-15k offer.

Refinance or pay the principle off quicker.

had a fender bender that caused two less than 1 inch cracks on the front bumper.

You're putting yourself further in the hole over a deductible to repair your car. If you have a leaky faucet will you sell your house for a bigger more expensive one???? Just refinance the car or pay off the principle quicker.

[bybcous]

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

[AdvanSuper]

Originally Posted by bybcous

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

Good, now don't go trading it in and double up on payments to avoid the interest or like many have said refinance, especially if your bank is offering 2.49 for a new car then refinancing should not be too bad with them.