Sup dudes,
Here my situation....

I own a 2003 Honda Accord V6 Coupe with Navi. currently has 60,00 miles on it. I bought it last May at a selling price of 17500. Because of my dads bad credit history, the APR is 15%. I am basically paying 30k for this car once im done at the end of 72 months. I had the car appraised last week & the figure came out to 13k. Should I keep this car and continue to make the low payments of 375 per month and dont bother about thinking of the long term consequence?

or

My aunt offered to pay off the entire balance of the vehicle and offered to lease a brand new TL in her name for me. I would then give her that check 13k the dealer would give us for the trade in and pay her the remaining 3500 dollars balance over the course of the new lease.
The terms of the lease is like this......

2006 Acura TL with Navi.
3500 down
390 per month
27 month.

If i decide to buy it after that, then I'll work something out, or just go after the new model.

So what do you guys think I should do?

That's a tough one. Why don't you just get her to refinance your Accord for you with better terms (lower rate, shorter term, etc.)?

The cars in my dad name. If i wanted her to refinance it, she'll have to co-sign with him, only because of insurance purposes. I doubt she will co-sign & I wouldnt want her too anyway.

What about the new car? Are you going to let her insure it too?

put the car in your aunts name. have her "purchase" the car. aka, your dad sells it to her, she pays off the amount owned on it, and refinances it.

ofcourse the TL is a nice car.

Yeah, you said it.....the TL is an awesome car.

uh, only 13k on a v6 w/navi? i have an 04 ex 4cyl with cloth, mt, and 9k in (fixed) accident damages, upper 20k's mileage and my car LOW end trade in value was around 13k not long ago..... high end? i got estimates of anywehre between 13k and 17k.

first, make sure that 13k number is a good number....

2nd, like someone else mentioned, why not have your aunt buy the accord from your dad. then it's "her" car, same as the tl would be and insurance wouldn't be any different. is it at all possible that you could get your own loan or maybe have your aunt cosign so that you could have the loan and not someone else?

Have your aunt pay off the rest owed on the Accord. Then repay her in monthly installments at a lower interest rate. It's cheaper and makes more financial sense than trading in the Accord for a new car that you're not going to own after 27 months....

TL! What!

I can't believe you're even asking this question. You like the idea of paying $30k for a $13k car that won't be worth $10k once you're done paying it off? If you're gonna take such huge losses, at least have something to show for it, like a new TL. Personally, I'd get your aunt to buy me a $15k car (not a lease, not a finance - a $15k cash buy) and stop throwing money away. Money = your time = your life that you're throwing in the garbage.

I suspect you want the TL, will ignore financial reason, and will do the deal. PLEASE - - look at the long term and prove me wrong.

(Keep the Accord and find a way to refinance at a lower rate. :yes: )

i have to say i agree with mastre, try to get your aunt to buy you a $15,000 or so car, itll pay off in the end