Submitted by Maleficent-Canary441 t3_10ay2oc in personalfinance
Hi ya'll. I recently traded in my 2021 Kia Forte lease (because f KIA and their lack of attention to all the vehicle related thefts) and had $5k of negative equity (Car was worth $15k but cost $20K to buy out from the dealership) I traded for a 2022 Nissan Sentra for $23k. I have a 7 year loan and my monthly payment is $517 (this includes gap insurance, maintenance contract, etc) I only put $1,500 down but I feel like this negative equity screwed me. I financed through Citizens Auto Loan.
If I calculate my payments $517 x 84 months = $43,428.00. Am I really paying THAT much in interest? For refernce, this is my first time buying a car (always leased/bought used cars) so I have NO idea how this works. Just making sure I didn't get royally screwed on this. Should I trade it in a few years or will I be upside down on the loan? Did I just royally screw myself?