Mrs.Banks asked:


My 2000 Chevy Impala is financed through Consumer Portfolio Services. I have recently read so many negative feedback about this company that I didn’t even have time to read everything the consumers wrote. I got the Impala on November 27, 2008. I put two thousand dollars down. The worth of the car was 13,000.00 before the down payment. Since then I have been making payments of 300.00 a month. I just recently checked to see what the balance of my car was and I was appalled that it said my balance was 9,000.00! I have paid 6,600.00 and my balance only moved by two thousand dollars?! I want to mention that yes I do have a high interest rate on this vehicle but there should be no reason that I have paid 6,600.00 so far in monthly payments plus an additional 2,000.00 for a down payment and the balance still sit at 9,000.00 what should I do?
I meant to say that I purchase the vehicle November 27, 2006
The second person who cemmented was all wrong! I have been making payments for 22 months not 10 months learn your math!

Jessie

Ash asked:


Hey Guys,

So two and a half years ago I had purchased a used 04 cavalier at what seemed to be an okay price.

Prices of cars have gone down dramatically to the point where I owe just as much for my car as a new one would be… Is it worth thinking of trading in? I don’t want to increase my monthly payments, but it would be nice to have a newer car. The car has 100000 km on it but is kept in good condition besides that… but I know its not worth much now…

What would you do in my situation, tough it out with my old car?

Alfred