Automod caught the post before he deleted it:
Back in early summer, I needed a new car. My Nissan Sentra was on its last leg. The transmission was failing. I owed about 7k on the loan.
I ended up rolling the negative equity into a 2022 Rio S. Kia was about the only dealership that could work with my credit (612).
Except I now need a bigger car. I have two kids and it’s just too small.
My current balance is 37k and I pay 691 per month.
I paid a 2k market adjustment, 3.6k warranty, 1.2k security etch and carpet protector.
Any suggestions on how I can get into a bigger car and not commit financial suicide?
So we have:
Car dies while still owing on it ✔
Rolls absurd amount of negative equity ✔
Completely incapable of seeing a future where his two kids will need to be in the car ✔
$37k loan on a car that MSRPs at $16k ✔
Buys a $4,000 warranty on a new car ✔
But don't worry
Pretty solid idea, no? But how will he roll $10k+ of negative equity into a used car? The dealership has this covered.
The dealer said I can get a pay day loan to bring down the negative equity. I haven’t committed yet. I just read the 4.8 is one of the more reliable engines. I keep reading the Kia engine problems and it scares me because I need a reliable vehicle. Plus if I get this bmw I can qualify for Uber black.
Something not adding up, idiot? Here's the full breakdown of the genius plan
Just so you don’t come back assuming (butt out of u and me).
21k for the rio (kbb estimate)
3.6k warranty refund
24.6k total back
-12.4k neg equity
3k cash advance
5k 401k loan
4.4k in negative equity which is even less than what I rolled into the Kia.
He goes back and forth with multiple posters. But it ends with a happy story:
They are doing me a solid. I’m only rolling 7k neg equity. Cash advance will be paid off in 6 months. My monthly payment is $200 less (including the cash advance).
Thank you for yours and everyone’s advice (not) but this is what is right for me and my family.
I think I now qualify for Uber black since it’s a luxury car. So I’ll be making more money and have a lower car payment.
.webp?h=8 "Merry Fistmas!")
Jump in the discussion.
No email address required.
This checks so many r-slur boxes that I went from thinking it was fake to believing it has to be true.
Jump in the discussion.
No email address required.
More options
Context
Jump in the discussion.
No email address required.
More options
Context
Why are poor people so bad at buying anything more expensive than a microwave dinner?
Jump in the discussion.
No email address required.
It's hard to know the value of a dollar when you buy everything at WalMart
Jump in the discussion.
No email address required.
More options
Context
More options
Context
He spent $30k+ on the KIA not even knowing what it was.
The dealer's eyes must light up every time he sees this r-slur walk though the door
Jump in the discussion.
No email address required.
Jump in the discussion.
No email address required.
More options
Context
More options
Context
He doesn't have enough money to keep a Kia Rio going but thinks an X5 with 120k miles and an engine with a pretty poor reputation is a sensible choice. Good luck to him the first time it needs servicing.
Every decision here is baffling, takes a loan on a Sentra that doesn't even have a warranty, changes that to a massively overpriced tiny Kia, has 2 kids during this time when he has no money and no space and then comes to the conclusion a used luxury SUV is the best option for him. This guy will be in debt for the rest of his life
An X5 that's already going wrong too
Jump in the discussion.
No email address required.
More options
Context
Sure did save a ton of money by avoiding those costly transmission repairs!
Some people are always just looking for an excuse to buy a new car. Whoever normalized rolling negative equity into future used car purchases permanently impoverished a ton of r-slurs
Jump in the discussion.
No email address required.
More options
Context
I don't care if this is a troll, it's entertaining as frick and people really do shit like this.
Even just spending $1.2k on carpet protectors and etching (which the dealer would probably throw in for free if you haggled) is fricktarded, but people do it all the time.
Jump in the discussion.
No email address required.
That 401k loan for a car lmaoooo
Every time a coworker has mentioned a 401k loan in the past, it’s always a 100% sure sign they’re going to be in even worse condition next year when they inevitably forget about it and then the (30%?) tax penalty hits the loan amount
You can make grown men cry by calculating out their loan on a amortization in excel in front them. Tons of people don’t even realize they’re only paying the interest, and it’s baffling how many people are in this situation
Jump in the discussion.
No email address required.
I know a guy who took a 401k loan to pay property taxes on hunting land last year. He's also the type of dude who would've tacked on more money to buy a few toys.
Really looking forward to hearing the plan for this year's bill.
Jump in the discussion.
No email address required.
More options
Context
More options
Context
More options
Context
The Uber Black comment confirms it's a troll, but it's a good one, and I do know people in real life who are equally r-slurred. I once had to stop my cousin from buying a car which was in perfect condition...aside from the fricking cracked engine block. I then had to stop him from buying it again after he went back to the seller, who convinced him this was a minor issue.
Jump in the discussion.
No email address required.
More options
Context
Thanks that was a really annoying read. If one more person tells me 'poor people are victims of circumstances' I'm linking them this thread.
Jump in the discussion.
No email address required.
More options
Context
most financially literate American
Jump in the discussion.
No email address required.
More options
Context
Buying a BMW with over 100k miles when you can't afford a Kia is legitimately r-slurred.
Jump in the discussion.
No email address required.
More options
Context
Sometimes i feel like less of a man because im not a car guy and I don't have auto repair skills, but at least I'm not this bad
Jump in the discussion.
No email address required.
More options
Context
Jump in the discussion.
No email address required.
More options
Context
I'm convinced have to try very hard to have a credit rating below 700
Jump in the discussion.
No email address required.
More options
Context
Snapshots:
undelete.pullpush.io
archive.org
ghostarchive.org
archive.ph (click to archive)
I found a 2009 Bmw x5 4.8 with 128k miles. It’s a lot less than my current loan. I am looking at it today.:
undelete.pullpush.io
archive.org
ghostarchive.org
archive.ph (click to archive)
Just so you don’t come back assuming (butt out of u and me).:
undelete.pullpush.io
archive.org
ghostarchive.org
archive.ph (click to archive)
Jump in the discussion.
No email address required.
More options
Context