1.9% on your cc? That's impressive.

I got mine through my credit union, 7.99% iirc.

I always stress to people who want to finance with a bank or at the dealership to READ.

To the OP, maybe an unsecured loan to pay that balance off? Might have a lower rate than you have now if you go through a credit union. Even with the 600 credit score.

 

Damn, your payments are a lot higher than I paid when I bought my 2002 S2000 new and I paid $31,500 for it, though I didn't finance all of it.

Since you owe way more than the car is worth, your best bet is to try and pay it down to a low enough amount that you can refinance it at a decent interest rate. That means paying extra every month to get that principle down as soon as you can.

 

Well, someone has to subsidize all those credit card rewards, promo rates and opening bonuses.

 

 

Wow. I'm afraid I've got nothing constructive beyond that. Wow.

I don't want to push on a sore spot but... the word how keeps running through my head? Particularly with that size monthly payment--if you pay every month like you say--how did it get to be so much?

 

hardly any of my payments go toward the principle.

when i refinanced it with my bank, i cut the term in half and had to pay more each month. now i can't afford it anymore, and i would never sell the car anyway. but the bank said i'm not allowed to sell it since it's their collateral. the only way is to hand it over to them to sell, then pay the difference. oh well, one of my life mistakes that i've learned from and wont do again.

and actually i keep questioning the 17% rate. i dont remember agreeing to that rate. i remember something around 10% to 12%. and i cant find my original documents.

 

when i read these sort of things plots of planned theft and torched cars come to mind.

do you have gap insurance?


btw I am in no way recommending a plot involving the "dissposing" of your car.

 

my god, i had to read that a few times!

honestly, i would go with the aforementioned advice and try a credit union. however, most banks wont touch a car that has over 80k miles.

jesus, i would have run the other way if they tried to get me to agree to 17% interest. im 23 and financed the remaining 10k of my s2k at 4.9%. best of luck to you

 

i love my s2k, i would never hurt it or get rid of it. i know it sounds stupid, but i'd rather end up paying $50,000 for it than let it go.