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Moderators: If this thread is in the wrong place, please feel free to move it. Thank you!

Well, for a variety of reasons, I have decided that my family and I need to get rid of my 06 Si brought March 2006. Part of the problem is that I had the Si refinanced in May of this year. I had already put away about 5,000 away on payments in the course of 13 months, and was looking to reduce my payments. By doing so, I basically took out another loan that reduced it by $100 a month, which basically made the $6,000 down payment and the $5,000 in payments worth less. My mistake. Right now, the Si is worth bout $18,000 (only 17,400 miles), and I owe $20,467. I'm sure that the difference between those is what I would have to pay off. Any suggestions on how to make the smoothest transition? Any help on this issue would be greatly appreciated.
 

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I don't clearly understand exactly what happened. From what I understood, you put down 6k and another 5k in payments and yet you STILL owe 20k+???
 

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damn... i put $9k down and owe 15,000 even. got it in march.... its kinda hard to understand what is going on.... theres only a $2500 difference.....would u be getting another car instead of the si or just getting rid of the car only?
 

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at this point you need to start paying more towards your car payments so that your actually reducing your principal.

If you get 18 trade in for your car your lucky. I would keep the car and start paying the loan down. If you really have to get rid of it go buy a used car for cheap, like 8k and see if you can find someone to loan you the money difference between your trade in and what you actually owe so that you don't have to roll it into your next loan and pay even more interest on it (if it'd even be possible to roll it all in).

I say don't get rid of it. If you go out and buy a corrola or something your still going to be paying way too much on it, and it'll be a used car. Don't get stuck in the mess of buying and trading in cars from dealers, you lose a LOT of money that way. I learned my lesson and I hope I can help someone else out with my mistake.
 
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