1 year old Gen Coupe Bad Back :-(

[zod96]

I bought a 2012 Gen Coupe Track for 30K about 1 year ago. I have 5000 miles on it. Well I have a bad back I knew going in that the Coupe would be not so great on my back but I thought I'd buy it anyway. Well my back has gotten worse and now I will probably have to have surgery. Not to mention the car is a 6 speed stick so pushing in the clutch is killing me. I have a 5 year loan with Capital one. 1 year is already paid. I need to change cars. I know I will get screwed anyway I do this, but is their any advice you guys can give going to a dealer and trying to trade my car for another one? I am looking at a 2013 Honda Accord. I drove my friends and wow for me its like driving on air compared to my Coupe which is like rocks.

Thanks

 

[CurrentlyPissed]

Sell it out right, don't trade it in. Are you crazy? You go from anal rape, to anal rape with no lube and a bat with nails if you trade it in.

Discuss your options with Capitol One, sometimes they will release the lean on a short sale as well.

(Let's say you owe 25k, and only get 21k. Sometimes you can just get a personal loan to cover the difference.

 

[Dr. Detroit]

Ask the Honda dealer they they will give you in trade? Do not tell the sales/finance people about your bad back and how you HAVE to get out.

They can often roll the negative equity into a new loan. Where you get hosed is Sales tax - ugh.

Once you know the baseline number for your trade - then try a private party sale or perhaps sell to Carmax.

Look on KBB for trade in value and deduct 5% from that to geta reasonable expectation of what you get in trade.

 

[gus6464]

It's all based on how much you currently owe on your current car loan and how much the Genesis is worth at trade-in. So let's go with this scenario:

KBB puts your car at around $25675 trade-in excellent condition
You owe $28k on your car loan
Dealer offers you $26k trade-in for your car
You buy an Accord that's 26k with 28k OTD price
Extra $2k from Genesis rolls over to new loan so new loan on Accord is actually $30k

Dealers will usually give you a better deal on a car when you have a trade-in by increasing the value of the trade-in instead of dropping the price of the car. Regardless of what you do you most likely have negative equity on your Genesis so you are going to owe the bank more than what the new car is worth.

The dealer will be more willing to work with you if you go for a trim level that matches the price of what the Genesis is currently worth and then you will just have to eat the negative equity you owe on the Genesis on the new loan.

 

[gus6464]

Sell it out right, don't trade it in. Are you crazy? You go from anal rape, to anal rape with no lube and a bat with nails if you trade it in.

Discuss your options with Capitol One, sometimes they will release the lean on a short sale as well.

(Let's say you owe 25k, and only get 21k. Sometimes you can just get a personal loan to cover the difference.

Depending on the his current APR on the Genesis though the raping might not be as bad if he has a pretty low rate.

 

[zod96]

The car I am looking at is about 26K. The Coupe is worth 24K according to KBB. I also currently have a co-signer on my loan, my father. Would he have to co-sign again for this? My current APR is 8%

 

[gus6464]

The car I am looking at is about 26K. The Coupe is worth 24K according to KBB. I also currently have a co-signer on my loan, my father. Would he have to co-sign again for this? My current APR is 8%

Damn since your current APR is so high then you are definitely going to get raped in every direction because you have serious negative equity if you have only been making the minimum car payment. And yes your dad will most likely have to co-sign with you again on the new loan.

Your best bet here is to sell the Genesis privately, then take out a personal loan to cover the remaining principal on it. Then go out and buy the Accord with your dad co-signing again. But I suggest you go for a cheaper Accord to offset your payments on the personal loan for the Genesis. Even the base 2013 Coupe or Sedan is very well equipped for the price.

 

[zod96]

Actually I made a mistake the Accord is 23K not 26K

 

[gus6464]

Actually I made a mistake the Accord is 23K not 26K

So I'm guessing it's the Sport Coupe?

 

[zod96]

Yes exactly. They gave me a quote for 23K

 

[gus6464]

OK so based on that trade-in is not a good idea when you are that upside down on your Genesis. Sell the Hyundai privately like stated above and get a whole new loan for the Accord. I think Honda currently has a 1.9% APR special for Accords that has been going on since President's Day.

 

[Zivic]

OK so based on that trade-in is not a good idea when you are that upside down on your Genesis. Sell the Hyundai privately like stated above and get a whole new loan for the Accord. I think Honda currently has a 1.9% APR special for Accords that has been going on since President's Day.

My thoughts.....

the ride on your current car vs an accord will not be much different. the auto/manual change might be a big deal, but the ride wouldn't be worth the trade.

with a cosigner and only getting to 8% with how good rates have been seems really high. You are likely in more car than you can afford. This will likely get worse with getting into a new car. and yes, likely you will have to have a cosigner on a new loan.


as far as the special 1.9 @ honda, you likely won't qualify based on the need for a cosigner/rate on your current loan.

 

[gus6464]

My thoughts.....

the ride on your current car vs an accord will not be much different. the auto/manual change might be a big deal, but the ride wouldn't be worth the trade.

with a cosigner and only getting to 8% with how good rates have been seems really high. You are likely in more car than you can afford. This will likely get worse with getting into a new car. and yes, likely you will have to have a cosigner on a new loan.


as far as the special 1.9 @ honda, you likely won't qualify based on the need for a cosigner/rate on your current loan.

Could depend on the car and manufacturer too. My wife and I purchased an Accord in Aug with 0.9 APR on CS of 789 and then bought a Prius a couple weeks ago and Toyota wouldn't go lower than 4.3%. After the fact Bank of America lowered the APR on the Toyota to 3.89% when the loan got approved. But that's kind of a moot point since the OP is really upside down on the car even after having it for a year.

Although OP didn't mention if he gave a huge down payment on the Genesis which doesn't seem like it.

 

[CurrentlyPissed]

Chances are with that APR, and needing a co-signer his credit isn't the best. This isn't an insult. But the raping you are going to take on trade is likely going to be too high of rollover to credit you a new car. Banks won't loan out infinite amounts of money. Most banks go to 105% of the car's actual value. And you have to have pretty good credit to do such.

 

[zod96]

Yeah my credit score is horrible. Lots of problems in my early twenties. My score is like 590 my fathers is like 790. I know I will get screwed. But driving my car now is next to impossible the way my back is. And selling it privately how does that work if I still have 4-5 years to go....

 

[phucheneh]

Accord doesn't really have the smoothest ride or most comfortable seats.

Toyota gets shit on a lot around here, but this is one case where the Camry might be a nice option. Very compliant suspension, but (IMO) the handling is still relatively neutral and predictable...basically, it might not handle 'good,' but it handles 'reliably.'

Maxima has at least as smooth a ride as the Accord and IMO better seats.

Ford has some very comfortable seats. Fusion is good, Taurus and Flex are excellent. (edit: Mustang ain't bad, either, and the base suspension is pretty loose)

Volvo has some of the best in the industry, but the small cars have both stiffer seats and stiffer suspensions.

...just some random thoughts.

How big a factor is ride height? As in, do you need something that doesn't require you to kind of pull yourself out of? Again, IIRC the Taurus is pretty damn good for that. Flex even moreso, but you probably don't wanna go from Genesis to 'tall wagon.'

 

[zod96]

The pay off balance on my Gen Coupe is 27K The Accord is 24K So in theory would the dealer just take the $3000 difference and add it to the total of the car I was purchasing?

 

[zod96]

Well my coupe is in mint condition and it only has 4000 miles on it. It also has tinted windows 20% all around it has a magnaflow muffler and a 3m clear bra on it. According to KBB the low end is like 22K High around 25K so say they offer me 24K for it which is the price of the accord would that be anywhere close to a OK deal?

 

[alkalinetaupehat]

For the sake of discussion, what about moving into a used car?

Take the Genesis and sell it private party to maximize your cash, then take out a loan for the lower amount of a used car, say $15k? (Which will still get you into a lower-miles and comfortable car.)

 

[gus6464]

Or he could look into a Civic Coupe. Still a nice car but a good amount cheaper.

 

[hydroponik]

Try to sell on the gencoupe.com forums.

 

[Crono]

Accord doesn't really have the smoothest ride or most comfortable seats.

Toyota gets shit on a lot around here, but this is one case where the Camry might be a nice option. Very compliant suspension, but (IMO) the handling is still relatively neutral and predictable...basically, it might not handle 'good,' but it handles 'reliably.'

Maxima has at least as smooth a ride as the Accord and IMO better seats.

Ford has some very comfortable seats. Fusion is good, Taurus and Flex are excellent. (edit: Mustang ain't bad, either, and the base suspension is pretty loose)

Volvo has some of the best in the industry, but the small cars have both stiffer seats and stiffer suspensions.

...just some random thoughts.

How big a factor is ride height? As in, do you need something that doesn't require you to kind of pull yourself out of? Again, IIRC the Taurus is pretty damn good for that. Flex even moreso, but you probably don't wanna go from Genesis to 'tall wagon.'

I have a 2012 V6 Mustang, base model. The cloth seats are surprisingly comfortable, never had any problems even for longer stretches of driving.

My father has a 2010 Accord and it is terrible, at least for me. Never could find a comfortable position the couple times I've used it. Other sedans I've used in the past like Camry's were okay, but I'm certain that Accord would give me back problems if I had to use it. Everyone is different, though, so I'm betting there are some who love the seats in the Accord and hate the Mustang's.

 

[phucheneh]

I think it boils down to individual ergonomics and preferences. But generalizations can be made.

Also, 'soft' isn't always the same as comfortable. Most of my cars have had pretty hard seats, but good ergonomics. I would think with back issues, though, you would want a lot of cushioning for absorbing impact. But there's obviously a line to toe- a seat should be rigid enough to allow proper posture.

Some people's preferences do baffle the shit out of me. I've gotten into cars people deem 'comfortable,' and found not only rock hard seats, but stuff like seatbacks at 45* angles with the (in some cases huge) lumbar support all the way out. Somehow there is a segment of people that finds that kind of spine-snapper setup to be best for them.