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  1. If it has a salvage title, you need to buy it cheap enough that no loan is required. If you need a loan you might be paying too much.
  2. Another reason it's so difficult to refinance subprime loans is many dealers just take your head off at time of purchse. You pay WAY too much for the vehicle and don't realize what happend until it comes time to refi. Bbuyers typically don't care how much the vehcile costs, just that they got thier loan approved.
  3. In our area Carmax isn't asking any more for thier cars than other local dealers. They all ask retail book value or more. Agreed, too expensive either way.
  4. With a credit score in the 500's you are most likely looking at double digit interest rates on a car loan. No way I'd pay 10%+ on a $32k car loan. I'd find something cheap (or keep what you have now) and get your score to 680+ before buying an expensive car...
  5. $8,000 buys a pretty nice car if you go private party. Go look what you can get for $8k on Craigslist before you go shopping at dealerships. If you go PP, then no dealership markup/fees/subprime finance charges. let your credit improve over time than trade in for what you really want w/o having to resort to subprime financing.
  6. I'd go for the private sale on your current car and buy a $4k car outright. Use the old car payment to blow away the CC balances. You can't "trade down" and win at the dealership. Besides, most dealerships willing to take a $16K car in on trade don't typically have $4k cars for sale, at least not around here anyways...
  7. A couple of those $3,100 cash bonuses would buy a rather nice car outright. Just sayin'
  8. Yeah, REALLY! I make a little over 1/3rd of that per month, and am the *entire* household. Needless to say, I drive an old beater. I have a Wife + 2 kids. 3X the money but 4X the people. How do you live anywhere on $900/mo?
  9. $2,700 isn't "low income" especially for 1/2 a household. FWIW I'm raising a family of 4 on not much more than that. I do not however, have any car loans.
  10. Instead of giving money to the BHPH lots, look at Craigslist to pay cash for a car. Upgrade next year when you get your tax return.
  11. I bought it new in 07 and paid way too much for it to begin with. Its a long story but it got repo'd back in 09 and had to come up with around 4k to get it back. during that time the interest kept going and I essentally started back from square one. Then the bottom dropped out on them especially ones with high miles like mine... its also had a lot of problems and its very exspensive to maintain.... $800 for tires(cheap ones), $1200 for brakes, gas guzzler, ect... plus its not safe to drive in the rain... just over it for sure... I think it's time just to "pay the piper" and drive until you get the loan under what you can sell it for. The reason to overpaid for your new 2006 car you bought in 2007 is you most likely rolled over negative equity from your previous car loan. Stop the madness, your wallet will thank you for it!! $800 isn't that unusual for tires these days, they have gone up a LOT in the past 5 years or so.
  12. How long have you had the GTO? It seems odd to owe $18k on a 5yr old vehicle "worth $10k". What are similar vehicles going for on eBay/Craigslist? Why are you wanting out of what sounds like a nice car?
  13. and get screwed when you're in an accident. Depends on the value of the vehicle, some aren't worth putting full coverage on. Both of mine are paid for and I have full coverage on both. Once cars are worth $4,000 or less keeping full coverage is questionable depending on the cost of coverage.
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