Actually, I still want my Fit, I just don't want the loan payment.

I've decided recently that I really don't like paying my loan payment. I love my Fit, but the loan payment could be used for rent money. I still owe 4 years on the 5 year loan. Does anyone know how I can get out of it? I could sell the car to one of the many Honda dealers, but they would only pay $11000 (Kelly Blue Book on it), and that would leave me paying $4000 or so. I have paid about $4500 on it in the past year, so there's no interest left to pay off just the price of the car. Are there any options anyone has had experience with besides wrecking and totalling the car out or it getting stolen? I know no one would take it and take over the payments because $15000 is still owed, and the car has 25k miles on it.

How can I get out of this? I would rather just buy a used Civic or Integra and drop a JDM engine in it and have a car with the same amount of miles as my Fit but with no loan payment.

 

you can sell it to carmax and have them send your institution a check... you owe/get the balance of the loan vs value of your car.

very easy way out of a carloan imho.

 

Really? I've never heard of that before. Like I did a Blue book search and Private Party Value is $13,140 or there abouts. The loan pay off as of today would be $14,646 so a difference of about $1500.



EDIT

I checked out Carmax.com and read up. Seems like judging from Blue Book value (since I've had a dent on the hatch and bumper repair from a hit and run), they would pay me about $12340, and I would have to give them $2500 or so and then they would pay the bank off. Maybe I will start saving up. $2500 now and getting out of a loan that costs me $14000 more over the next 4 years seems appetizing. I just need to get another car first . . .

 

Sell your car man...lol

 

I can't, I don't have the title. The bank owns the car.

 

how much did you pay for your fit? what year is it also?

 

The price came to around $15,600 last year. It's base model 2008, Nighthawk Black Pearl, Automatic Transmission with Seibon spoon duckbill replica spoiler. Interest rate is 8.65%. Payments are $352 a month ($87.45 per week).

 

damn that sucks. my payment is $290

i was in this debate a few months ago when a civic came in and the day i was going to trade in my fit, one of the sales guys sold it cause he didnt know i was going to buy it.

so i decided to just suck it up and keep paying on it

 

You got stiffed on that interest rate, that is pretty high. My guess is that you didn't have much of down payment either when you bought it? Anyway, there are ways to sell the car privately even though you don't hold the title. I never did this myself but I saw some topics about it on carbuyingtips.com. Have a look there to see what you can do. If you can sell it on your own, you would be way better off and not have to come up with a couple grand or more to cover the difference.

 

Yeah, went to the bank and got the loan before I went to the dealer. My old car had just asploded for the last time, and I had zero down. I can refinance and bring the payments to about $250 a month. I'm gonna do that I think and then that will help me save up (extra $100 in my pocket per month). I'm still paying insurance on my old car (Geo Prizm) so if no one wants it, it may just go to the salvage yard (not worth fixing, lots of body damage) so that will free up another $50 a month.

 

Put it on Craig'slist or autotrader. If you sell it for just under what KBB wants for it, someone will eat it up !!!! Economy cars are flying off the shelves nowadays, especially if someone can get a deal on almost brandnew model!

 

refinance is probably one of the last things you want to do.

its like paying for your car all over again

 

daymn, i kno i got stiffed for my interest rate because they wanted me @ 10% at first but after hours of negotiating (yes, the was blood spilled) i only got them down to 8% but i got lifetime lo-jack ftw! (i'm a fairly young and poor college student who's credit got raped by my ex-fiance so I still consider myself lucky!) I kno if i would've asked my father to co-sign with me, I woulda got sumting stupid low, but i didn't wanna ask for his help... stupid pride BS


btw, my mo. payments started off over 400...

 

DAMN thats crazy

i got mine at 6.9%

 

My 08 Sport with 288mi new cost me $17,500 with no options whatsoever. I still don't have floormats lol. I pay $277/month 5.75% 6 year loan. I plan to pay it off within 3 or 4 though.

Try Carmax or privately sell to take over payments

 

thats about what i got mine for with extended warranty.

6 year loan paying off in 4 1/2 years

 

I'm looking to move into a new place, and my love for my Fit can't justify what could be my rent payment. This wasn't the case when I got the car last year, but now things are different. I guess it's not that I can't afford my Fit, it's that I want to be able to afford something else. lol

 

man you got that type of interest rate for that long? thats amazing! my loan is for 6 years too, but my interest rate sucks, around 9%. my payments were at 434 initially, but i also added a long ass warranty that adds about 1400 to the totall price. i've paid enough extra to lower my payment about 15 bucks.

its funny i found this thread, i need to pay rent to, and i'd much rather drive around an older ek coupe or hatch and just make it clean and reliable and save a ton of dough. if i was like redrumm and had a carpayment that matched how much my fit actually should be, as oppossed tot he massive amount of negative equity i have in it, then i would be more content.


sub $300 car payments ftw.

 

I only got that low because I'm in the Navy and guaranteed this job unless I do something stupid lol

 

I got 4.59% for 60 months. $5000 down payment so my monthy payments are only $226. But I also have to pay for my wife's car. I didn't want to have 2 car payments at the same time but I didn't have a choice because my old car was not worth fixing anymore. I did everything I could to keep these payments low so I could handle both cars. I still have 3 years on her car and then I will be sitting pretty on car payments.