Currently own the 2015 Lexus is250 AWD with 15k miles. I financed my is250 at a non-Lexus dealership for 25k. However, I'm also interested in the 2014 Lexus is350 AWD F Sport with 60k miles. The is350 is listed at 27k.

I had my is250 appraised today at a Fiat dealership that currently owns the is350 I'm interested in. Come to find out that my front driver's side door panel's paint doesn't match up with the body, it's ultra white, or supposed to be. I didn't know or see this myself when I went out to take a look at the vehicle. I feel like it's a little too late to return the vehicle, It's been 3 weeks now. Because of this issue, my trade-in valued at 21k, because the appraisal guy says he would need to get the job done. This appraisal puts me in negative equity about 4k, and will be rolled over to the is350 loan.

What are front driver's side door panel paint jobs usually quote at? I just want to feel like I'm not getting low-balled, after all it is a 15k mile 2015 car. The Fiat dealership works with the same lending institution as the lender for my is250, luckily.

I pursued the trade, but however I didn't get approved. My income did not meet the lender's requirements for the loan. As of right now, my only other option is to co sign. My credit is fair, not the best. I think 650+. Poor credit runs in my family. So I feel like co signing won't help, unless credit score will not play a factor in this case. I do want the lowest APR and monthly payment possible. I don't have to down anything because the extended warranty and gap insurance from my is250 will be the down payment for the is350. I will not be purchasing an extended warranty for the is350, and will follow through with gap through my auto insurance.

Let me know your thoughts, thank you community.

 

Forget the 350 and pay off the car you have! More money for an older car with lots more mileage is not a good trade, particularly with you poor credit rating. Finish the payments on your existing car and raise your FICO score.
Steve

 

Definitely hold on to what you already have. I'd value a newer car with lower miles much higher than an older car. And building up good credit will come easier keeping a car and paying it off. In life, the less debt, the better. Do your best to restrain yourself and be satisfied with what you have. I see a cycle repeating here, but there's no good reason why you can't stand tall and strong to beat the cycle. You will thank yourself in the longrun.

 

I agree with oldcajun and Fizzboy. Keep the newer lower mileage car and work on your credit score by paying it off. You could even save a few dollars per week/month and get the door color corrected yourself. Job #1 should be to improve your credit score and then keep it higher. Good luck to you.

 

Absolutely what Oldcajun said! I don't want to be rude, but are you crazy! after digesting that, go look for a website called "Mr Money Mustache" It will totally improve your financial life, and thus your wellbeing.