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.
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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.
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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
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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.
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