No I owe 4k on it and trade in value is 8k, well that what iv been offered..
Well, hell, if your car is worth 4 grand more than it's really worth I'd sell it now and make out like a bandit!!Originally Posted by Tool
No I owe 4k on it and trade in value is 8k, well that what iv been offered..
Is that some of that new math? Doesn't 8,000-4,000=4,000
This post sure is seeming like a hose job.
OK.... sell your Honduh for 8k, pay off the 4k and have 4 k left. Give sis $500 to put down on her own car (you said she was going to take over your payment anyway), and spend the remaining $3.5k on a used Miata. You have no payment, and you have no headaches about sis drive a car that you technically own.
He doesn't like his Civic.
He owes $4,000 on it.
He could sell it for $8,000 and put the $4,000 left over into another car.
Instead, he's worked out this complicated scheme with his sister so that he can talk his mom into fronting him the money for a new car that he likes better than the Civic.
3bean is right: leave sis and mom out of it. If you don't like the Civic, trade it in and buy something better.
S.
Trust me my original idea was to sell the Honda and get something else.. But my mom doesnt want my sister to have a new car.. but at the same time they want her to have something reliable..
This is how my mom explained it to me.. I give sis the car and she uses it for 2 years and they pay it off.. Then I get the car back paid off and I can do with it as I please.. so a free 4k minus the value the car loses over 2 years..
The other plan she had was, I give sis the car and I continue to make the payment for 2 years and my mom gives me 5k in cash.. and in 2 years I get the car back.. That plan sounded perfect till mom desided not give up the cash..
So I think tonight when she lands at DFW airport we have some talking to do..
In 4 years, the car will be worth LESS then $4k. You loose every way around it. Offer to sell the car to your mom for $4k plus tak over of payments. Then she can take the loss. Just don't keep your name on the title as it depreciates.
yeah, none of that is sounded liek a good plan..
Its' an auto Civic... boring car, but I'd bet carMax woudl give you a decent amount for it. they like boring cars. Take that check, pay off teh loan, take your 4k and buy your 'cheapie' miata and have no car payment :)
Seems easy enough to me?
If you do want to get a loan for teh cheapie, hit up a credit union.. they're much more flexible. Although, most any bank won't touch a car over 7 or 10yrs old (depends on the bank) and won't touch one over 100k miles.
1984 GSL-SE - Its ALIVE!
1989 Suburban 4x4 - 4" Pro-Comp Lift 33" BFGs etc... DRUNK TANK!
2002 Protege5 - Lucky the drunk wagon SOLD
'04 MazdaSpeed Mx-5 Wheeee! Turbos are fun
How can I be so thirsty this morning, When I drank so much last night??
I pick up my mom in 2 hours ill tell you how it goes..
This sounds like the kind of convoluted financing scheme that someone might come up with to, say... sell the wife on buying a ten-year old twin-turbo RX7 as a fourth car while that someone was an unemployed college student.
Seriously though - if your mom wants your sister to have something reliable but not something new, and she's apparently willing to open her wallet for you, why won't she just open her wallet for your sister, and leave you out of it?
If you end up letting your sister take the Honda, stay on the note, and let her pay it off for you, I only see it ending badly. She could wreck it and leave you holding the bag. She could be late on payments - then what are you going to do? Too many things could go wrong with that scenario.
The answer seems pretty damn obvious to me - let mom take care of your sister's transportation issues however she wants to (leaving you out of it)... then take the Civic you dislike so much and trade it in on a Miata. If you don't want to buy a Miata of similar value, then sell the damn Civic, and use the proceeds to either:
- Buy a Miata outright
- Make a downpayment on a Miata... or paint the house, or buy hookers, or whatever else you want to do with it.
Iain
"We don't stop playing because we grow old, we grow old because we stop playing." - George Bernard Shaw
Logical thinking doesnt run in the family..
but i will bring it up..
I think most of us had already figured that one out, but thanks for the heads up!
Ok here is the deal, sister gets my car and my parents pay the payment till its paid off and I get to buy a 12k miata and they will also pay my payment for 2 years.. Then I get the Honda back paid off and take over the payment on the new miata..
Will both be in your name? Thats a lot of risk to your credit. Hope mom makes the all the payments on time.
mom has like 800 credit score so im not worried..
Not both but 3 cars in his name, don't forget his wife’s Snailblazer!
I'd get the parents to take over and buy the Honda, that way your credit doesn't appear to be overburdened with debt from 3 car loans, which is something financial institutes do look at if you ever need to get non-parent funded financing.
Let the man do what he wants... whatever we suggest obviously has no affect.
Agreed. It's more like he came on here to seek validation, not advice. When validation was not forthcoming, he just ignored our advice and proceeded as planned. :viking:
S.
I tried and tried to get her to buy her own car.. I was at the dealer a couple weeks ago trying to trade in the Honda and i got nothing but shit about it..
If I have 3 cars loans on my credit it wont effect me in the long run if they are paid off right..
and dont call the wifes car a snailblazer haha..
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