Should I take my financed car back to the dealership I bought it from to get it appraised?
I've been financing an 05 honda civic for a little over a year. This was my first car ever and I was very naive and I'm now finding myself learning about many things that I wish I was better prepared for, but I guess this is part of learning. In any event, my credit sucks and as of recently it has gone from very poor to poor so I'm hoping to get a new car soon. I went to a new dealership, they pulled my carfax and told me that my car was in an accident in 09 and pretty much 80% of the car was damaged. I'm of course kicking myself in the *** for not asking for one. But alas I'm in this situation and am trying to get out of it. The new dealership suggests I sell the car on my own, because they can't give me much for it and it would make my payments ridiculous with the negative equity.
I'm considering taking the car back to the dealership that sold it to me and seeing what they would give me. Has anyone been in a similar predicament? I'm kicking myself daily for the poor decision I made. Any suggestions would be appreciated.
Rule number one: never trust any car dealer for anything. Go to www.carfax.com and request your own report. If 80% of the car was damaged, it would be considered a constructive total loss. In that case, it should have a reconstructed vehicle title. If the vehicle had an R title and the selling dealer did not tell you, the dealer may be guilty of fraud.
Further, you can get your own value, without having to rely on a dealer. Go to www.kbb.com. You can get a Kelley Blue Book value by inputting all of the info on your vehicle.
If you have a clear title and if the vehicle was so heavily damaged, you may want to make an inquiry to your state's department of motor vehicles to find out how that happened.
@regerugged The new dealership gave me the carfax report. It only says "accident reported, involving rear impact, vehicle struck by another motor vehicle, disabling damage reported, vehicle towed" 2/14/06, then on 5/9/06 a nissan dealer took it in, did inspection and services and safety inspection etc. How do I find out if it had an R title?
Keep the car you have and drive it for another couple of years before making a trade. Everytime you make a trade you lose $$$, so it is bet to keep a car for a minimum of 3-5 years. If you want a guestimate of the value, check out kbb.com and use the private party values noted.
If your credit is bad, forget about getting another car until this one is paid off - that will help your score
There difference between what you paid and wholesale is probably $2500-3000. And its depreciated for however long you have had it.
Getting an appraisal now is just going to make you feel bad.
You need to keep paying for the car & maybe making extra payments and in a few years you might be in a position to trade.
What's done is done. No sense beating yourself up over it.
Just realize that everytime you trade cars you lose a lot of value.
Even if you had made a very good deal, you likely can't trade after only a year.
You can try going to the dealer or seel it on your own but most likly you will just need to pay on it some more, atleast till you are out from being upside down on the loan. In the mean time same some money for a downpayment on another car and do more research on how to build up your credit rating. Sorry but if you make a plan for in about a year and every day think how good it feels to have a plan and working on that plan instead of what a mistake you made. Start perparing for tomorrow and feel good about it.
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