Hi, I am currently financing a 2004 BMW X3 and will be out of warranty in February 2012. I still owe $11,300 with interest rate of 12.95% and monthly payments of $360. I’ve tried to refinance with my credit union and I was told the vehicle is too old. I even begged the lender (Chase Auto Finance) to lower my rate, no luck.
Wells Fargo offered lower rate and title loan. After doing research I decided not t ok go that route.
With the end of warranty approaching I don’t know if I should:
1) Buy extended warranty (which will be more money put towards car)?
2) Trade the car in and finance another used car?
3) Trade the car in and lease a new car?
I am so confused as to what steps to take and which companies to trust. PLEASE HELP!