My Van

This one is exciting.  I currently drive a Dodge Grand Caravan and I have a very high monthly payment for 2 reasons.  1 - my credit rating. 2 - I traded in a car that had a loan on it when I purchased the van.  They had to roll the rest of that loan into my new loan.

Anyway,  about two weeks ago I said to myself, "I don't want this van anymore.  I owe more on it than what it's worth and I want smaller loan payments".

Well, I got this letter in the mail and I figured it was a marketing letter or a letter from a collection agency, another story,  and I started to throw it away.  The letter had already been sitting in my mailbox for a couple of days because I deemed it junk/stress mail.

I was about to throw it away on Saturday, April 14 but then I thought I had better open it and see what the collections agency wanted.  I was surprised! It was a letter from my dealer.  They wanted to buy back my existing van and sell me a either a new or pre-owned vehicle.  I was excited but a bit skeptical.  I had received letters like this in the past and when I called they told me not to come in. That I didn't qualify. 

Well, I called the dealership anyway and I was told me to come on down!  I took everything out of my van and rushed down to the dealership about an hour later, spoke to a sales rep, the finance person, signed a few papers, gave them no money and walked away.

Today I received a voicemail.  The dealership was able to work out the financing!  They are putting me into a NEW car/van.  They will cut my payments by 1.  lowering my interest rate (my credit has been repaired) and 2.  by paying down my existing loan both through the trade in value of the old vehicle and also by using up to 14K in rebates and incentives.


Wow!

So here's my story:

I will receive a brand new vehicle paying $0 down, my car note payments will be reduced by at least $100 a month and I will owe less than the value of the new vehicle (in my current scenaio, I owe more)

I will  keep you posted.