Is it worth it?
Basically I got major skewed over by this shitty car salesman. And my credit is absolute shite.
I’m trying to just get the hell out of this loan. It’s a 2023 Tesla Model 3 with $28,797 still owed at 15.6% APR over 7 years. KBB says the car is worth about $22-24k. Carvana is offering $21,600 on a 2023 tesla model 3. Any dealerships are giving me way less for a trade in value.
Here’s the thing. I’m about $7k underwater. I’m willing to pay that amount to get out of this loan. Is this a smart idea? Will selling my car and ridding myself of this loan help my credit? (I’m embarrassed to say my credit is 494, have a repo and I’m late on payments a lot) obviously I’m desperate for any options right now. Should I trade in, bite the bullet and take the hefty payments and interest to re-finance in a year? Looking at all options because I’m in the habit of impulsively buying things lol.
I really don’t think I’ll get a good deal anywhere for a trade in right now, that’s why I’m looking into selling.