Should We Back Out Of This Car Loan? We just purchased a car through CarMax, a 2014 Toyota Highlander with 118,000 miles for $19,998. Third row was important to us with 3 teens/preteens. We have never had a car loan at all, we have been driving cars that are 20+ years old. Our van was a 1998 Nissan Quest with lots of quirky things going on that made using it as a daily driver a pain so we decided to upgrade. We thought this would be a "forever car" so we were ok with the loan and a little higher amount. However, our interest rate is higher than we wanted (6.24%), we opted into the MaxCare extended warranty, and apparently the car was a bit overvalued so we had to get GAP insurance (which was actually pretty low cost). The higher value of the car also made our insurance rates go up a bit, like $20/month. We normally would have put a large down payment and then worked really hard to pay it off quickly but several medical expenses and other car repairs majorly ate into our savings. We can pay a bit more each month but not as much as l'd like. The last issue is that we are heading into the college years in the next two years, when we'd only be about halfway through the loan. Car Max offers a 10 day return and we have a few days left to be sure. What are your thoughts? We're usually so careful with money that this feels so over the top to me. However, we'd have to finance anything at this point, and we weren't seeing a lot of desirable options in our area. Either really old cars with major mileage or things that were just a bit out of our reach, like this car. Also wanted to mention, we love the car, my husband especially. It is a little bigger than I thought, which I know is something that comes with a third row. Iam pretty sad about the mpg, I really, really wanted a hybrid. OTD price was $22,200 with taxes, and the extended warranty. No dealer doc fees at Car Max. I had a short v of non shady dealers I was trying to work from. We're ir..-Boice area whare AID ic nanilar