i didnt put anything down. kinda glad i kept the fit because honestly no one would really want to jack it

 

Please remember guys that used cars don't have warranties to cover things when they break. As unlikely as it seems you won't be saving much money when your used EK bombs its tranny or needs new CV joints shocks/struts etc. etc. While new car payments suck, you have to remember that with every payment you make on time you further improve your credit score. You'll never be getting new car interest rates below 7.5% if you ditch out of the loan after eighteen months. My first new car was a Hyundai Excel (go ahead laugh, I would) I paid 12% on that loan for three and a half soul-crushing years before I had enough credit to refi at 6.5% My next car (another Hyundai, this time an Elantra) I got 6% financing on and after two years refi to 4% and paid it off in ten months. The moral to this story is this: I paid my dues with shitty loan terms and now I can reap the benefits, my mortgage is a 30yr fixed at 5% and my Fit is a four year loan at 3.5% (and it will be paid off early) Now if only I could fix my insurance premiums so easily.....

 

Grtpumpkin:

That's why I bought the new car, because I was sick of fixing a used one and wanted warranty. But my warranty won't last too much longer. 25k in a year. Pretty soon, it will have as many miles on it as so a motor bought from Hmotorsonline.com or a similar vendor.

 

Well I guess the good news is that a well cared for Honda will outlive any warranty they offer on it. I feel your pain on mileage too, mine has 24,700 as of this afternoon and it won't turn one until June. But i bought mine to drive until it has a million miles on it anyway so what the hell....

 

If you are dealing with a local bank in St. Louis, go talk to a loan officer. Explain that you want to sell the car to a private party and want to know how to handle the transaction. You want the bank to release the lien against the title so you can complete the sale. Sometimes they have the title at the bank, and you can close the sale at the bank. Other times, that is not possible, and it takes a while. I've had a some experience with several St. Louis banks over the years and have found them to be pretty helpful. You probably should go talk to a loan officer in person. Try to work with the same person or at least the same office where you started when you bought the car. You'll know where you stand.

Ultimately, you want them to tell you how to clear the title. I've closed sales at banks under these circumstances. The bank has the title (or can get their hands on it if they want to), gets paid in certified funds made out to you and the bank, releases the lien, gives you the title, you sign it, give it to the buyer, and you're on your way. If they don't have the title or have to mail it to you, ask a loan officer how to satisfy a buyer that he will wind up with a clear title.

That would be good for you, too, since you don't have to deal with cash or with strangers or some of the other scary things that can happen when you sell a car.

Cheers.

 

SportMTNavi: That sounds completely reasonable. I may wait and see if I can scrounge up a couple grand and see if I can find a buyer. The car is in wonderful condition and I have FULL service records (even receipts from buying tires and every single oil change). I know a private buyer would give me $12,500 easy and it's still under warranty. I doubt I could get the full price of the loan out of a buyer, but that would still be better. I dunno if anything will come out of this, just wanted to see if anyone else had been in this situation. Who ever buys it has a steal, cuz they don't have to pay taxes like buying from a dealer, no interest on it either (That's all I've paid on the loan so far. Now down to the actual costof the vehicle). The damn car is washed weekly, waxed monthly in the summer/spring/fall. Just a few dents on the passenger door from getting hit with a shopping cart.

 

I'm kinda in the same boat, I lost my job end of Jan. and I don't feel like paying my car payment. My payments are not bad but not great, just my rate is pretty high. I may go to a bank and get a loan with a low rate to save me a few dollars. I want to keep my Fit as long as possible even if it's almost back to stock.

 

Ditto on the feeling. My previous car 07 Honda Element I was paying 475 a month. Totaled it and walked free and clear (Gap) rules!!

I now pay 360 5 years 6yr 60k warrenty and gap no movey down at 6.39 through HOnda. My credit union would be 5.99. .4% would only save me 4 bucks a month.

I also pay for my wifes 08 Mazda six which is 415-430 a month. Changes depending onwhat I pay. ( I dunno.)

I feel better knowing that my payments are 800 for both cars.

 

you financed it or leased?

 

The. Elemnt was financed and the fit is also

 

Hmm i just got my S2k but i wounder should have i just got a old integra or civic now. My payment on the S2k is $596 a month for 6 years i will pay it off earlyer than that. But as of right now there is nothing else that i want besides that car. But i know that is a big car payment. Hmm how stupid we all are to spend so much in a car but its something that i love i already have a nice apartment

 

Oh yea my insurance is great $106 a month for the S2K. I have never had a cor on a loan for more than a year that includes my 98 cobra,03 evo now 08 fit. The evo and cobra i payed off before the year was up the fit i traded in for the S2k. So holding out on a loan does help ur credit score which with this car as long as maintance and gas don't kill me i will keep this car for at least 6 years i hope. I am going to try and bare with the $596 a month car note for about 2 years than try and refinace it for a lower rate my rate is 6% right now

 

i pay $569/month. 3 year loan.

im way ahead on payments. i really want to buy a house now haha

 

try a car buyers company. i was goin to sell my fa5 to one for 18 but backed out. pretty good price to move the car quick

 

Erm. Yeah, they do.

Factory warranties are transferrable. Except for the new Jeep unlimited powertrain warranty, of course.

 

The financially smart thing to do is to suck it up and keep the car. Use all that money you are going to save up to pay down the loan as much and as soon as possible.

No, you did not pay all the interest in the first year and now all that's left is principal; you pay principal and interest in every single payment you make. The early payments are almost all interest, the final payments are almost all principal.

Buying another car just means getting another loan and paying all the fees associated with doing so. That is throwing money away. Like I said, pay that sucker off ASAP, then decide what you are going to do next.

And all you people with rapacious interest rates should be paying extra on your loans as well. I had a 6.9% loan a few years ago.. Payment was $590/mo, I sent them $600/mo. When I was finished with that loan the effective rate turned out to be 3.9%. Not bad for an extra $10/mo.

 

Now thats how you do it. I keep wanting to rush out and buy a fit now but the longer I save, the less ill have to pay back in a loan!

Keep the car and just pay it off fast... the patience will pay off!!!!