Originally Posted by Goobers

Wow... the more I read this thread... the worst it gets.

Looking at past posting history...

Buys a Fit... then proceeds to buy THREE more cars. While two of those three were bought for less than a month's rent, more money was sunk into them as "restoration" projects.

Now, a little over two years after buying the Fit, you still owe a fairly large amount on it and say it's too expensive?

I'm no financial expert... not even close. I'm barely keeping myself from going under as it is. And while I have spent some money on "mods" to my Fit (total costs on mods should be just under $1k)... I'm sinking EVERY available dollar into my loan to pay it off as quick as possible, overpaying monthly loan amount.

But the OP started off in worse position than I, and then continued to make it worse than that.

To the OP,

I assume you still have the Mustang? And that you plan on using that once you "get rid" of the Fit?

Of those thousands you say you'll save by no longer paying for the Fit, how much of it will then be sunk into the Mustang? Didn't you learn much from the Accord you junked? An older car is more likely to have repairs, and they won't be minor either.

Or maybe it's the CRX you just bought... and had plan on modding with an trans swap. While the CRX is a Honda, and people have used them to quite high mileage, I'm sure a 1991 CRX has enough mileage to incur enough repair costs also.

While the Fit isn't immune to "troubles" that might need repair, chances are better that you pay less overall with the Fit.

My suggestion... go find yourself a REALLY good financial advisor (if you have a friend that's willing to help, all the better), layout everything you have on the table. From what you own to what you owe. And ask the advisor to get you out of this hole you're in.

If nothing else, stop modding ALL the cars you have. Store or get rid of the "unnecessary" cars, even if one was the Fit. IF you get rid of the Fit, I suggest keeping the CRX and DO NOT continue to put money into mods for it. Pay for repairs as needed and pay off the loan, and then SAVE the money. JUST SAVE IT.

It's a hard task, I know, I promised myself not to mod my car so soon after buying it... yet, I spent almost $1000 in the first few weeks. Luckily, aside from 3 or 4 dollars here and there on maintenance/prevention stuff, I haven't spent since.

BTW, you could've brought your loan down by at least $3500 or more, by not putting money into the other cars and instead dumping them into the loan as early payments. Every dollar over the monthly payment also saves on interest. Think about it... you spent $2000 on just buying the CRX. Well, if you had put it into the loan, your principle would've gone down by $2000 and then the interest on that $2000 would go away. If your interest now was something like 5%, that's more than $100 (since its compounded). Even if you had dumped that $2k in at June (around the time you bought the CRX), you could've paid off your loan some 9 months early (changes depending on your re-fi). Now add to that $2k all you spent on mods that ultimately weren't necessary...

Originally Posted by 08fithappy

^^ Good for you but by the way u said the u were thinking about leting it get repoed should send up red flags. Why not just pay more of it down with the savings you have? Sorry to hear about ur lost. I'm sure u can sell it private party for the right price more than what car max would give you. Let us know how it goes

Originally Posted by Edison Carasio

SOOOOOO back to my original question, thanks for people who described their experiences with Carmax. That's all I wanted to know.

Originally Posted by Ultrawolf

Well, on a discussion forum you'll get as many people questioning the question as you get people answering the question. You sound like you're trying to make the best of your options and I really hope you can find a way to make it work out.