Thanks again for the advice. Even those who dissent with what I'm looking into. I gotta hear it from all points of view to really decide, and outside opinions are welcome from either side of the fence.

 

Its definitely not impossible but you know if you go through with this you will have to have some serious financial discipline for a couple of years.

On another note, doesn't it snow like 6 months of the year up in Wisconsin? Doesn't seem that the S would be that practical over a front drive accord. IMO...

Good Luck, I hope someday you will be back driving an S.

 

I'm in the same position. I'm paying $5000 to get out of the loan on my Prelude to get into an S2000. From my experience banks don't like rolling over such a large amount. It will be much simpler just pay off what you owe on ze Accord.
ps Don't lease.

 

this is all crazy talk. rolling negative equity into a used car is simply insane. if this car get stolen or wrecked, what in the heck are you going to do? unless you have "agreed-upon" value insurnace, you are going to be up debt's creek without a financial paddle.

hasn't everyone heard the urban legend about the guy who had an $80K loan on a toyota celica? this is a great start to a terrible idea...

stick with the accord and make larger monthly payments. in 12 or 18 months the used S will still be there and you won't be in such HUGE hole.

 

gap insurance. takes care of that problem you speak of. costs 500 bucks rolled into the 60 month finance loan.

 

---Ubetit steps on pulpit to preach----

60% of our national debt is privately held and here's a perfect example why. We can't blame it all on the politicians!!!!

Brute, you can't afford a $24k car. Take the 30% you say you can put down on that car and pay off your $8500 debt. Then buy a bus pass or a POS or lease a civic for $159 a month.

Wisconsin and Moving, It's real easy just to roll up all that debt into one loan and make it "disappear." Go to the bank, get a loan for $5k and then burn it on your BBQ grill... hurts doesn't it? That's exactly what you are doing.

--- Ubetit, tired , steps off the pulpit.

 

GAP retails for $500...doesn't cost nearly that much. But that is the solution....

 

[QUOTE]Originally posted by Ubetit
---Ubetit steps on pulpit to preach----

 

Sorry, but if the loan is under your name, it's your debt. End of story.

 

if you all think that gap insurance is the solution, then there's a bigger problem with consumer debt than i could have ever imagined.

if you can't shake the car bug, and you don't have the $$ to cover the habit, then you are destined to end up living paycheck to paycheck and leveraged up passed your eyeballs.

i, too, am finished with the sermon.