How screwed am I? : askcarsales

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

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.

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.