Quote:
Originally Posted by QuietQuirk
Hi,
Long time lurker of the forum and just signed up not too long ago. I'm looking for advice on how to handle my current BMW situation. Right now I have a CPO 08 e93 335i. Bought the car two years ago. It runs fine and has been a joy to drive.
The problem is I messed up on the financing of the car. I did a 5 year loan with no money down. The payments as you can imagine are quite high. I have been able to make these payments but it is really starting to grate my nerves knowing that I will be stuck with this loan for 3 more years at which point my car will be 8 years old. Right now I have about 4k in negative equity in the car. Like I mentioned earlier I realized I messed up  . However I am trying to now figure out what I can do to get myself out of this jam? Should I just save up that 4k or so and make on lump payment so that I am not upside down? If I were to get a new car how should I go about that given this situation?
If I had to do it all over again i would definitely wait until I had a decent down payment, but I got caught up in the beauty of the car and always wanted a bmw heh. 
Thanks for any advice |
Quote:
Originally Posted by QuietQuirk
Thanks for the responses. My loan rate is 2.9
I think my problem is the amount that I'm paying for a 08 is eating me inside. If I had the note I did now for a 2012 for example I think I'd feel a little better. I was worrying about the negative equity in case I traded this in for something newer.
|
I don't understand. Your interest rate is only 2.9%. Are you saying that you paid too much for the car and you rather spend more money on a 2012? How much is your car worth today? Are you planning on selling it? How much can you get a 2012 335 for? Generally, the longer you hold onto it the better you are. Getting rid of a car that is a joy to ride with no problems because you are paying 2.9 in interest seems silly.
Edit: I get the feeling that this is not a financing issue, but a regret issue (you paid too much for your car).