hey guys,

my mother has recently fallen ill (she has heart problems) and won't be able to keep working. I'd love to be able to help her out financially, however, that would mean getting rid of my Z. I got the car 2 1/2 months ago and it is by far the best car I've ever driven. My problem is that I still owe too much on my car and if I was forced to trade it in I'd be paying the negative equity. I looked up this (don't laugh) chevy cavalier for about $410 a month with no down payment. I'm not sure what my other options would be. I'd love to keep the car but I don't want it to be a burden and get in the way of the things that really matter.

Any suggestions or helpful comments would be kindly appreciated.

thank you

 

I think you should try to sell it on your own. Once you have that sold just buy some piece of crap until your mom get's better.

The Z is cool but I don't care if you have to drive a Yugo you have to take care of your mom.

Just buy an old Accord for 6-7K. Buying a new Cavelier would be stupid.

 

sorry to hear about your mother.

couldn't you get a longer lease or loan to decrease payment? Sounds like you would be losing quite a bit of money ifyou sold it now.

 

well put.

 

Hey guys,

I may have to get rid of my Z because of my mom's continuing heart problems. She is no longer able to work and I want to be able to help her out financially. In order to do this, however, I would have to either sell or trade in my Z for something else. The other day I was looking at a chevy malibu for $410 a month with no down payment. I am not sure which is the best routs to go. I don't want get rid of my car but somtimes other things just come first. Would anyone know what my best course of action should be?

Any suggestions or comments would be kindly apprecited.

thank you

 

You're right. Basically I'd be paying the difference that I owe on the car the and they say it's worth. Sometimes I just hate car salesman. They practically wanted to rape me to get their hands on my car, it's disgusting.

I would try a longer loan but I'm not 100% certain about how to go about it. Is anyone particularly handy with these kinds of things that could give me some suggestions?

You're absolutely right. I don't mind driving something crummy as long as I can take care of her.

thanks again for replying

 

even if you put $0 down, I doubt your monthly payments are much more than $600 a month at 5 years. It would take a year for the $200 savings between the cavalier and and the Z to break even the negative equity you would have.
I guess what I'm trying to say is, stay rational, and make sure whatever you do makes the most sense for you and your mother.

 

dejuvu - I think someone just changed the matrix.

 

First sorry to here about yur mom's health I don't knw much about your situation but I would think about it before you do anything. You may wind up worse off after a bad trade. Best thing to do is to sell it yourself and then replace it unless you have a dealer willing to step to the plate for your Z and give you top dollar. Good luck, and best wishes for your mom.

 

Maybe you should consider picking up another job so you can help her out financially ? Just throwing out an idea

 

Do you, or your mom, own a house and have some equity available?...
If so, you can consider an Equity Line of Credit, where you're allowed to make interest only payments for 10 years and they're tax deductible.
The interest rates of those lines of credit are pretty low right now.

 

Sorry to hear about your mom. IMO, you shouldn't even be comparing a family member's health to a car. I'm as big a car nut as there is, but you gotta keep perspective - it's just a car in the end... a fun/luxury item if you have a car like the Z... and that just pales in comparison to how basic and vital a family member and her health is. Help your mother get well, don't take the chance on regretting not doing all you can, just to keep your fun toy around.

Hope your mother gets healthy soon!

 

Check with eloan.com. My wife and I recently looked into refinancing our Altima that we bought about a year and a half ago. We still owe more than its worth, so this was a good option. We could stretch our payments back out to 5 years and save at least $100 per month. Didn't need to do this, so we stopped short, otherwise I could give you more info about how they were to work with.

Not sure what your current terms are, but definitely check into this. I even work for a different bank (CapFed Savings), and I have found this as a good option. I also financed my Z through Wells Fargo...the best rate at the time. You may check into refinancing through them.

Hope this helps, and best wishes for your family.