Never, EVER roll negative equity into a new car loan. Ever. The only exception would be a car that is an absolute necessity, like if your current car is totally inoperable and not fixable and you absolutely require a car as a necessity for work. And if that's the case, bite the bullet and buy cheap basic transportation and not a G37. Stop buying new cars when you haven't paid for the current one! It takes adult financial discipline. Get what you need and can afford and not whatever you want.

To the original question, I also have an 08 and it has been paid for since 2011. I can afford top get rid of it and buy another nicer car, but why? One day I will. Not now.

 

Black Betty - Is there story behind your caddy avatar or do you own a caddy and a g37. Sorry to hijack!

 

I got my car 3 years ago and still owe 3 more years of payments and $13 total but the trade in value with the car in the condition it's in now is about $16,000 so that's a plus. Never ever financing another car for 6 years agaim... wth was I thinking

 

Purchased my 2013 G37 1 month ago paid cash ...owe nothing.
Used the proceeds from my Corvette that I sold and that I still owed money on....feels good to owe nothing now.
I have - wasted a ton on past cars and modifications....this time I saved money....

 

Purchased my car in August of 2014 for $25,500 (including tax and title). 2008 6mt G37 55k miles black on black, owned by an old lady. Only 6mt in the 200 mile radius, reason why price was so high. Also it was at an Infiniti dealer so they did all the service on it for me. Traded in my G35 which had 140k miles, and got $7500 for that and put $2000 down. I just finished paying off the car last week. Hoping the title will be coming in this week. Car currently has 69k miles and NADA claims a worth of $19,500. Honestly happy the loan is over. You know how 20 year old's make decisions. Some regrets but overall happy with the car.

 

Not to be critical or anything, but you need to re-evaluate your debt and spending...I would be damned to be owing 20k on a car with 110k miles.

 

But for realistic insight, debt is debt, and you have to pay it off. Either that or bankruptcy. Those are your only two choices. Even if the car gets totaled, you will still owe 9k on it (depending on the loaner's loan forgiveness).


Just a real bad situation that you have to own up to.

 

Bought my '10 6MT at 50k miles at $19.5k. I sold my last car at $12k to a friend, $7k cash and $5k/3yr note (I'm acting as the bank, and yes I trust the guy). I put down the $7k in proceeds and another $7.5k out of pocket and got a $5k/3yr note from the bank, so technically my friend is making my payments. It feels pretty good to have my finances in order.

 

I appreciate the input, guys. Yes, I ended up rolling my negative equity over twice in which it has definitely impacted future financial decisions regarding car buying. Its unfortunate that I got screwed into buying a lemon - 2007 G35 back in Dec of 2010 (that G35 had frame damage and major ECU and engine issues, but had a clean title), which ultimately started my decline into negative equity. My current G is at 3.5% with 20k to pay off (paying 50 over every month as well) through a local credit union.

However, what I do have going for me is the fact that I have amazing credit (785 FICO score) and the only other debt I have is small credit card bill, which only exists due to repairs needed to my G.

On that note, at 110k, my G runs flawlessly and I plan on keeping it as long as I can in order to help eliminate my negative equity. With that, I've had it for roughly 3 years and 2 months and will see how things develop in 2017.

 

It sounds like you have a handle on things now and have a solid plan. Hopefully this car will be there for you long after you've paid it off. A god tip that I learned a while back - once you make your last payment, continue to set that amount aside (or at least at least 75% of what your note was) in a savings account permanently. You won't really "miss" the money because you had been paying it out all this time. Just continue to pay it out as if you still have a car note, only to yourself in some sort of savings or investment rather than blowing it as "found" money every month. It really adds up fast. And until you really need another car and have to pay a note again, you will build up quite a nest egg.

 

This advice is pure gold.

 

Amen to that advice

 

Ditto- been doing that and will be ready to buy the wife the new SUV she wants. Likely ala Randy Moss- straight cash homey.

 

This is my plan as well. Checked the other day and only have $3400 left on my 2012 (bought last year). Can't wait to start taking that money and putting it into my savings.

 

I just bought my 08 G37 Sport last month with 89k for $12,999. I put 4k down and owe $9k so, I feel good about it since it's worth about $12,500. I plan to pay it off in a year or two and probably trade it in towards an 2017+ Q60 coupe or GTR in a couple years.