okay so i seem to have gotten myself into a shitty situation. i got my 02 nhbp ep3 with 70k on it, neuspeed springs, decent set of wheels, good overall condition and my loan was for 10k, with my 8.0% finance ill be paying something like 13. at the time i didnt care because i havent been able to find an ep anywhere, but now... i cant bare to have to pay so much. does anyone know a way to break the loan, transfer it to someone else (i have someone who wants to take over payments but i dont know how that works), or just sell it and cut my loses and move on. ive paid off maybe 2 grand on the car.

thanks for any input in advance.

 

who is the loan with? i know with honda financial they dont do loan transfers.... one bad thing about them

 

valley national bank

 

id be open to trade it in, but i also dont know how that works. hahah

 

if u have been paying for more than a year, u should be able to refinance but it probably will not lower ur payment that much

 

you can refinance your car to get lower monthly payments or if someone wants to take over payments they would have to go to the same bank as you and put the car under their name and refinance the car in their name!

 

my payments arent the problem, its the overall price of the car, and i know im never going to get near what ive paid for, or put into it.

 

you are pretty much stuck on that one dude unless you find someone that will refinance it and give you a lower interest rate but even then it wont be that much of a difference....with banks not lending/refinancing as much these days i dont see that happening for you man...just gotta suck it up. if it makes you feel any better i bought my dc5 last year and i am also financing 10k thru the bank, i will end up paying 13k for it over 5 years of course....you can always pay more than what your minimum is due which will allow you to pay it off at a less amount...check with your bank but there shouldn't be any early payoff penalties

 

yeah i try to send like 50 bucks more than i need to whenever i have it.. guess i gotta make my car worth the 13k ill be paying for it haha

 

i it makes you feel any better i bought a Tacoma a year and a half ago for 24,500Canadian $$ (about $2000 over market value, but this truck is PRESTINE!). I pay 550/month on my loan. Now a similar truck goes for 17,000.

I have installed more than $6000 in aftermarket stuff (lift tires bumpers), and Im trying to sell it for 19,999 and have had ZERO bites.

With the economy slumping, i havent worked since December 12th, and have had to move back in with my parents because i could not afford the Loan+rent. ($550/$1000).

Its terrible times for everyone, just be happy you dont have 18,000 left on your loan like me.



*When i bought the truck I was a project assistant making VERY good money, then the project finished and now im a labourer laid off due to snow*

 

i owned a skateshop when i started the loan for my car, makin bank so i thought it was a good idea. now i pay 265 payment, 240 insurance, 200 rent (cheap i know) and the rest of my bullshit lifes payments. it is hard times. im thankful for what i have, but we'll always want more.