I purchased a used 2009 Camry back in 2012 after financing with Toyota Financial Services. The terms of the deal were 16k financed at 6% for 72 months. When I signed the paperwork however, I noticed that the amount financed changed to 18k something and the APR to 2.42%. When I asked the finance manager about it he said it added up to the same payment amount at the end, which it did. I didn't think too much about it because I confirmed that the amount paid at the end of the loan was the same. However, I failed to understand the long term implication this would have. V-e-r-y dumb mistake on my part. Yes, I was an idiot.
Now three years into the loan, I've moved to the North East, where I'm battling snowstorms and blizzards from hell. Due to the pains associated with driving to work in the snow, I'm trying to get an All Wheel Drive instead. Now seeing that the amount financed was more, the payoff amount on the car is of course more. Is there anything I can do with Toyota Financial (or anyone) about this? I'm way upside down on the loan right now; the car is worth 9k according to KBB and the payoff amount is 10,400.
My financial situation has improved a bit (from a FICO score of 593 in Aug 2012 to 701 right now) and I've gotten a few quotes for 0% APRs for new cars so I'm quite interested in pursuing those options if I can somehow settle this issue with my Camry's payments.