Trading in a Tesla Model X with 9.47% APR. Getting a 2021 Siena XSE. No entertainment package but premium audio included. 13% (!!!!) APR. They were about to give me “unlimited miles” appearance package at no extra cost, but from experience, that is often times useless extended warranty type of sale. Note there mentions they would do a “buff + touchup” at no extra cost. Tell me what you think
13% is outrageous considering my credit came to be 760…. I just wanted to lower my monthly payment to under 1k a month since I do 1.3k payments for my tesla.
53 grand Financed at 13% ?????
Yup….!!!! And they say that is “typical” for my credit score (760)
Refi with a credit union
Just submitted application with my credit union. Fingers crossed they advertised me 7.75% which is already better than 9.47%.
You're $14k upside down on your Tesla? That alone is a massive red flag.
My friend. Please don't. You are commiting yourself to an insane decade of debt. Life doesn't have to be that way.
Just looking at the trade allowance vs the trade payoff makes me queasy.
Thank you. Carvana is offering 44,600+4,000 in tax credit. I am looking to lower my rate under 1k since 1,300/mo is what I already pay for my tesla.
What $4k tax credit are you talking about?
I live in IL, so here is an article to how it works here:
https://www.marinochryslerjeepdodge.net/illinois-trade-in-tax-chicago/
TL;DR When you trade in a vehicle for a different one, you can get a discount on the tax you pay.
I know this probably won't change your mind but if/when you decide to stop hemorrhaging money, this is a resource that helped me more than I can succinctly explain.
Thank you for this! I walked out due to the interest.
13% interest on a 53k loan? On a used vehicle with over 68k miles? Good God
Paying more loan than car at that point…. Walked out.
No
2021 Sienna for 40k selling price ?
Yup. Used, XSE with 70k miles rounding up. Would be decent if it had maybe 50k miles and I was not upside down on the trade in. Carvana offered 44.6k+4k in tax savings so they are top consideration rn.
Dumb move 🤦♂️. Let's waste an extra 10k+ on interest.
They are either low balling you on the trade or you are upside down on the Model X loan. They want to roll over 12.6k to the new loan.
I would look into a private sale for the Model X or keep driving the it until the trade value exceeds the loan balance.
I am not sure if you need to hear this but I am going to put this here for good measure. Every transaction with a dealer will make them richer and you poorer. They do not have your interest at heart.
I definitely upside down on the Tesla. In this case, 12.6k. Selling to Carvana means 44k+4k in tax credits. So if I purchased from Carvana, the roll over amount would be 6.9k instead of 12.6k…. I walked out exactly because of this stupid lowball. Now just working on refinancing while searching online for other vehicles. I expect 8k depreciation in just one year of owning the Tesla….
Rate: Woof. Do you have access to a credit union? They are slower but can offer a much better APR most of the time. Also, a grand a month on a car is a ton of money. Like, I'd give some real serious consideration of that monthly cost before maintenance, gas, etc.
Otherwise, for new cars 50k is a fair amount for a Sienna. For used that seems heavy. Worth shopping around a bit more, maybe?
51,000 for a 2024 xle plus. Only a fair ish deal if a platinum
Yeah, saw a 2023 platinum for 53.6k 2 days ago. Brown interior, but still advertised as “new”…. Many red flags.
Dang I feel like I got a great deal seeing some of the used prices and Mark ups. 2023 fully loaded Limited for $53,800 out the door. 6 miles on the odometer
Nice grab! Did you use the toyota inventory tool for your research?
No didn't know about that till months after purchase. We put a refundable deposit at a place saying 3-5 or 5-7 month wait. 4 months went by and they called us saying now 9-12 months wait. So my wife found one 2 1/2 hours south of us charging 0 mark up so we put another deposit there. They took all our information and what we wanted to get. Not quite two months later they called saying it was in transit. Went February 14 to get our new van.
That’s crazy, you can get a new one for that price
I think you should look into refinancing your Tesla unless you just don’t like it. This seems like a bad financial decision is turning into a worse one.
Definitely, thank you for your recommendation! Currently working with my CU to refinance. Maybe in the next year I can go for a used 2021+ sienna when the new 2025 comes out and I reduce or even eliminate the negative equity.
Dave Ramsey doesn’t get a lot of love on Reddit and the radio show isn’t nearly as good as it was in 2019 but that’s what I used to educate myself financially and get out of debt. You can really just read the total money makeover (buying or renting from the library) if you ever feel like you don’t want to have another car payment again.
Oof I bought my 2015 xle with 56k miles for 23k in NOV your car isn’t much different than mine. Don’t go into debt for are car unless your interest rate is sub 3.5% imo pay cash
Yup. Cash is the way esp if the value is 30k or less. This one just overpriced at $40.7k and close to 70k miles. I can’t seem to find a way to get sub 8% apr on Siennas though….
I’d say get an older one with older miles. One you get outside of the powertrain warranty prices start dropping pretty fast.
How much do you drive each month? $1,300 in gas and car payment or $1,300 for car payment and electricity each month is a wash.
Thank you, I did not think of the payments including gas/electricity. Currently averaging 10,000 miles/year and about $80/mo in electricity. The price on the OP does not include gas. Edit: typo; meant year :p
Seriously 10,000 miles each month?
Whoops, meant 10,000/year.
Ah, that's makes a huge difference. So, $80/month for electricity or $180/month for gas. Don't forget insurance as well.
holy fuck, you are a giant scam walking. 10% interest? lmfao. Take a bus ride and uber, you'll have more respect for yourself.
13% interest is crap. If your credit is bad buy something cheaper. Preferably with cash. You don’t need a newer sienna and be 52k in debt imo