Jump to content

Finance people, those who know auto financing


wnaplay1647545503

Recommended Posts

The tranny finally went out on my wifes odyssey so its car time. We could get the tranny fixed for $1-2k but its a 2000 model and we dont need a minivan anymore. I dont want to start dumping money into this thing being so old.

 

So my question is this, I will be dumping all my cash I could be buying a car with into the cake shop. If I want a newer car its going to have to be financed, however since my accident I havent had any verifiable income in 3 years. I dont have any income as on workers comp theres no taxes, they have already been considered and taken out when they evaluate your payment. 3 years ago I had plenty of money but taking more and more out each month has left us just enough to do the shop thing.

 

Is there any way to get a loan and explain to them my situation and them considering it? My wife only works parttime 3hrs a day for many years now and I dont know if she would make enough to qualify for a loan either.

Link to comment
Share on other sites

Can you fix the Transmission yourself? Know anyone who can?

 

Personally, I would fix it, given the Financial Situation....

 

 

^^ this. Only Obama can get away with spending his way out of debt. That's not working too well for him either. Even if it blew up next year, the cost of a tranny and rebuild would likely be cheaper than a new car and more payments.

Link to comment
Share on other sites

The honda transmissions for these years are notoriously junk. I know several people that are on their 4th and even 5th replacement tranny from the dealership. I was told dont even bother checking with a junkyard because they are that bad. I talked to a rebuilding shop last year who stated they use better parts and the rebuild by them should be fine. I could swap it out myself but not rebuild. There are some rebuilding companies that refuse to rebuild this tranny. Lifes short and its been a long time of cheap cars so were always financially secure, its getting old now. I am tired of always playing it safe and buying a $1k car because I dont know where I will be 3 years down the road I have done this for 17 years now. I see everyone else with a newer car and based on income I should have always had a reasonably newer car. I never really care about my cars breaking down, I know this is always a chance even with newer cars but I will play the odds that a newer car is less likely to have issues at least for awhile.
Link to comment
Share on other sites

I wonder as well. I found an 07 ford edge for $15k at a dealership and was wondering what they would give me on trade. Odysseys are all over the board. You will see one guy askinf $1500 for his 2000 and another asking $7k for his 2000, and both are in the same condition.
Link to comment
Share on other sites

I bet I could still get $1500 to the right buyer on craigslist, possibly even a bit higher. A guy sold his 99 last week with a destroyed/wrecked front end for $1300 on craigslsit. The honda place in westerville puts some needing tranny's on ebay starting at more than that.
Link to comment
Share on other sites

I bet I could still get $1500 to the right buyer on craigslist, possibly even a bit higher. A guy sold his 99 last week with a destroyed/wrecked front end for $1300 on craigslsit. The honda place in westerville puts some needing tranny's on ebay starting at more than that.

 

 

I dont doubt that at all, but from a dealership point of view, they are evaluating a trade in price at which they can make a profit. Nothing wrong with that, just don't be insulted when they offer you $500.

Link to comment
Share on other sites

supposedly after 2003 the tranny probs were fixed, see about getting one of those. m brother in law has been looking and said you can get one for around 7k (i believe thats what he said :confused: ) but that way the payments are lower and insurance might be lower as well. (2003+ had better saftey features too , means lower insurance )
Link to comment
Share on other sites

No offense but this is the issue with America and that's what got us into this mess we're in now people trying to live above their means. You're opening a new business you have no reason to be going into debt getting a newer car just because you're tired of driving old cars. You're lucky you have a car.

 

I don't mean to come off as rude but frankly its what you need to hear. Either fix the van or sell it on CL and buy something that you can get for cash that is a little newer and has some life left in it.

Link to comment
Share on other sites

My parents are in the same boat. They've got a 99 model that only has about 130k on it, but I can feel that the tranny isn't in the best shape, and things are starting to break more frequently. If you do sell it, I'd be interested to know what you get for it.

 

If you are set on getting a loan though, try local credit unions. I tried Chase for my first ever car loan (23 years old, short but good credit history, and some student loan debt still) and they flat out said no. Went to a local credit union that I've never done business with, and in 3 days they approved me for $10k at 3.9%. Credit unions seem to be more willing to take a little risk than banks.

Link to comment
Share on other sites

If I got a loan for $10k, how much should I expect to pay a month for that size loan? Sorry, its been a long time since I have inquired about any loan.

 

 

The Rule I always use on this (it is VERY rough) is $200 / Month for each $10K Financed.

 

KillJoy

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...