ok. so went to my credit union today to ask for a car loan. well got approve for 25000.00 ok. so i still own my 02 oz lancer. valued of the car is around 7000.. sucks its so low.still owe the bank 12000 for that.. so im still under 5k under. ok. so how did you guys get rid of your car.. i want to get an used evo from someone. how did you guy even out in your lancer.? should i wait till the ln and the blue book evens out or just pay that 5k and return my car to the dealer???

 

There are 4 basic ways:
1. Trade it in and have the dealer cap the remainder on the price
I looked into this and it wasnt worth it
2. Have someone take over your payments...you basically give them your car and they pay the remainder
3. Pay it out. Take your loss
4. Keep it untill your done paying it off and get rid of it (the best option)

 

i was thinking about this.so how does this work? will the car be still on my name but third person pay my bill. or i need to transfer the whole ln to that person? someone told me if i do this. that other person might end up paying more cause it will depends on their credit. meaning. when i got the car it was like 2.5 apr.. and when i transfer the ln on thier name.and say their credit is bad. the total ln amount might go up cause of their credit. it might be like 4 apr.. im not sure. can someone clarify this with me. sorry..

 

You want to maek sure your not on responsible and your name isnt on it whats so ever. When you find a buyer go over everything with a lawyer, you dont want to get stuck if someone doesnt make a payment. Be carefull and good luck.

I know in Canada there is www.leasebusters.com , don't know about your area.
I believe the payments are decided but yes they will ahve to pass the credit check.

 

im so pissed. didnt knew this cars value was this low. what the hell..its better than any honda ive driven. yet the value is lower.. arghhhhhhhhhhhhhhhhhhhhhhhhhhhhh

 

Yeah our cars drop in value right off the lot. Civics have a better reputation for some reason, that's mainly why.

Fox

 

More people are looking for civics then lancers. They last longer, time proven, lots of aftermarket stuff available. They are a more desired car so therefore they are worth more money. Sucks Eh!

 

stay away from keeping and paying the rest off if you are getting an evo...because truthfully you won't ever drive it if you have an evo. and if you aren't driving it it's pointless because unless you have zero percent financing...you are gonna pay alot more than 5000 dollars on a 5000 principal. I say figure it out with the enterest rate and find the optimum time to take the least amount of loss. that might mean keeping it a year, or it might mean selling at 4:30 this afternoon.

 

here in hawaii, the value of cars is all skewed. any honda will hold it's resale value comparitavely high. Sti's lose value rather quickley cause there ae 5 subie dealers. lancers are a little below honda, but since there is only one mitsu dealer, evo's hold very high values.i have seen used 03 evo's go for above 30k here (no joke) the main reason id that there is a high markup here on evo's (i.e.6k). the MR that mitsu hawaii has on the lot is listed for 42.5k!. i bought my 05 in from cali and paid a lot less. anyway
back to topic, i would try and pay off first loan, or keep the car.
you are better off waiting a few years, i did, thats why i have an 05 instead of an 03. when the 03 came out, i still had my 01 extreme s-10., so i waited to pay off truck first,l then about 6 months later, i got the evo.

 

I plan on getting rid of my Lancer by paying it off over the next 3 years and then selling it for $$$. But that's probably not what you're wanting to do. But your easiest way to get this Evo is to let them add the $5000 gap you owe to the price of the Evo. OUCH!!!

 

i cheated

i had some 60 yr old lady in a minivan t-bone it....insurance totalled it out and payed off the loan haha.

now i have 2 cars that are both a POS...old muscle car(9mpg)and a 91 mazda truck....with a bad fuel pump and slipping clutch

i keep looking for another Lancer but the closest 5spd i can find is 10k and its 150 miles away....

 

do you have gap insurance?? if so...go to mexico and have it roll off a cliff.........accidently.

 

im in the same boat as you man, i CANT WAIT to get rid of this lancer!!! paying too much on it. its a good car..but it aint that good. i hate to bad mouth my baby behind her back. but shes gotta go!!!

im prolly just going to pay more then the normal monthly payment to get it paid off faster. thats the BEST way to do it.

 

Man that would be nice...but since im too lucky for that I'm stuck with a POS.

 

Did she do it on accident, or can the rest of us EvoM members hire her to do the same?