Posted: 5/28/2012 10:30:09 PM EDT
| NVM...I need sleep. Thanks everyone. |
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Yes, you can do this. It will not work out very well as far as numbers go though. The dealership will not do the deal unless it is even more in their favor than usual. Honestly, that's fine with me as long as I am out of the payments and have something descent to drive. I found a couple in their inventory that would be perfect and are around $4500 and I should be able to get at least 7500 trade in if retail is over 10K |
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Yes, you can do this. It will not work out very well as far as numbers go though. The dealership will not do the deal unless it is even more in their favor than usual. Honestly, that's fine with me as long as I am out of the payments and have something descent to drive. I found a couple in their inventory that would be perfect and are around $4500 and I should be able to get at least 7500 trade in if retail is over 10K why do that to yourself? sell it outright, walk in with cash. if this is your only vehicle just rent a car for a couple days... but just my opinion. |
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Quoted: Quoted: Yes, you can do this. It will not work out very well as far as numbers go though. The dealership will not do the deal unless it is even more in their favor than usual. Honestly, that's fine with me as long as I am out of the payments and have something descent to drive. I found a couple in their inventory that would be perfect and are around $4500 and I should be able to get at least 7500 trade in if retail is over 10K Good luck. I'm having the same problem currently. You might as well take NADA trade in value and subtract about 2K from it. That's about what a dealer will give you. So essentially, you are upside down on the car. The dealer will tack on that difference to your new loan. So you will be financing the 4400 + the difference of what you owe - the dealer gives you on trade. |
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Everything is plausible except for you expecting for them to give you fair trade value for your car.
They will give you quite a bit less than its worth because they have to profit enough on the deal for it to be worthwhile to them. Sell your car on your own, then buy new car. |
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Gonna try to make this as easy to understand as I can but even I'm confusing myself so.....here goes: Let's say I have a car that I am making payments on and it's worth about $9500 in very good condition to KBB and NADA says clean retail on it is right at 11,000. NADA also says clean trade in is about 8500 Now lets say I wanted out of that car I am making payments on and I found a used car at a large dealership for 4400. Would they be willing to give me a fair trade in amount for my car and basically drive the cheaper used car away as well as pay me the little bit of difference???? When I got orders to Cairo we decided we did not want to take my wife's two year old Honda CRV, rather we wanted a slightly older and tougher vehicle. We owed about (all numbers are rough) $16k; car was valued at $18k. We found a Nissan Xterra we wanted listed at $16k. Since we still owed money and would be financing the new-to us Xterra - the knocked the difference we agreed to in trade off the price of the vehilce somemore, they essentially bought the vehilce for what we owed and then came down in price which we then financed through the bank. On paper it was just what you are asking for although we saw no cash. However becuase it was a swap for a vehicle of less value we ended up paying no sales tax. |
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Everything is plausible except for you expecting for them to give you fair trade value for your car. They will give you quite a bit less than its worth because they have to profit enough on the deal for it to be worthwhile to them. Sell your car on your own, then buy new car Keep your current car, drive it until the wheels literally fall off, and then pay cash for another used car to replace it. 
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Gonna try to make this as easy to understand as I can but even I'm confusing myself so.....here goes: Let's say I have a car that I am making payments on and it's worth about $9500 in very good condition to KBB and NADA says clean retail on it is right at 11,000. NADA also says clean trade in is about 8500 Now lets say I wanted out of that car I am making payments on and I found a used car at a large dealership for 4400. Would they be willing to give me a fair trade in amount for my car and basically drive the cheaper used car away as well as pay me the little bit of difference???? When I got orders to Cairo we decided we did not want to take my wife's two year old Honda CRV, rather we wanted a slightly older and tougher vehicle. We owed about (all numbers are rough) $16k; car was valued at $18k. We found a Nissan Xterra we wanted listed at $16k. Since we still owed money and would be financing the new-to us Xterra - the knocked the difference we agreed to in trade off the price of the vehilce somemore, they essentially bought the vehilce for what we owed and then came down in price which we then financed through the bank. On paper it was just what you are asking for although we saw no cash. However becuase it was a swap for a vehicle of less value we ended up paying no sales tax. That's not bad. I just want totally clear of the payments, I don't mind taking a loss as long as I don't have to pay out much, if any, cash. Since the vehicle I am looking at is about 4400 and that's half of what the trade in value is, there should be some wiggle room in there to pay off the little bit I am upside down in it. The car is for sale currently on CL but no activity yet. |
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Everything is plausible except for you expecting for them to give you fair trade value for your car. They will give you quite a bit less than its worth because they have to profit enough on the deal for it to be worthwhile to them. Sell your car on your own, then buy new car Keep your current car, drive it until the wheels literally fall off, and then pay cash for another used car to replace it. http://img16.imageshack.us/img16/5748/relativestupiditylevel.gif That chart would work if my current car were paid for...it's not. The next vehicle I get will be bought with cash and I will drive it till it's worthless. I don't know why I freaking went back to payments on a car but I did, now I'm trying to get out of it once and for all. |
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Gonna try to make this as easy to understand as I can but even I'm confusing myself so.....here goes: Let's say I have a car that I am making payments on and it's worth about $9500 in very good condition to KBB and NADA says clean retail on it is right at 11,000. NADA also says clean trade in is about 8500 Now lets say I wanted out of that car I am making payments on and I found a used car at a large dealership for 4400. Would they be willing to give me a fair trade in amount for my car and basically drive the cheaper used car away as well as pay me the little bit of difference???? When I got orders to Cairo we decided we did not want to take my wife's two year old Honda CRV, rather we wanted a slightly older and tougher vehicle. We owed about (all numbers are rough) $16k; car was valued at $18k. We found a Nissan Xterra we wanted listed at $16k. Since we still owed money and would be financing the new-to us Xterra - the knocked the difference we agreed to in trade off the price of the vehilce somemore, they essentially bought the vehilce for what we owed and then came down in price which we then financed through the bank. On paper it was just what you are asking for although we saw no cash. However becuase it was a swap for a vehicle of less value we ended up paying no sales tax. That's not bad. I just want totally clear of the payments, I don't mind taking a loss as long as I don't have to pay out much, if any, cash. Since the vehicle I am looking at is about 4400 and that's half of what the trade in value is, there should be some wiggle room in there to pay off the little bit I am upside down in it. The car is for sale currently on CL but no activity yet. One of the collatteral benefits of what we did was getting a lower payment. What that enabled us to do was pay off some other debt quickly and then pay off the Xterra, we no longer owe money on it. When we leave here we will be able to sell it to an Egyptian for what we paid for it in the states too. |
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Everything is plausible except for you expecting for them to give you fair trade value for your car. They will give you quite a bit less than its worth because they have to profit enough on the deal for it to be worthwhile to them. Sell your car on your own, then buy new car Keep your current car, drive it until the wheels literally fall off, and then pay cash for another used car to replace it. http://img16.imageshack.us/img16/5748/relativestupiditylevel.gif By new I met new to him, not buy a brand new car 
But yeah, your chart is right on. |
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It depends on how much you still owe on your current car.
Try this: The value of payments you have paid for your current car to this point + the value of the new car = Money you pay The value of your current car's trade in value - payments still owed on your current car = Money you gain If the money you pay > the money you gain, it is a bad idea. It the money you gain < the money you pay, it is a good idea. If the money you gain is a negative number, it is a bad idea. |
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Quoted: Quoted: Quoted: Everything is plausible except for you expecting for them to give you fair trade value for your car. They will give you quite a bit less than its worth because they have to profit enough on the deal for it to be worthwhile to them. Sell your car on your own, then buy new car Keep your current car, drive it until the wheels literally fall off, and then pay cash for another used car to replace it. http://img16.imageshack.us/img16/5748/relativestupiditylevel.gif That chart would work if my current car were paid for...it's not. The next vehicle I get will be bought with cash and I will drive it till it's worthless. I don't know why I freaking went back to payments on a car but I did, now I'm trying to get out of it once and for all. Same here man. Had my truck paid off. And it was a nice truck. Turned around and traded. Learned my lesson. |
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It depends on how much you still owe on your current car. Try this: The value of payments you have paid for your current car to this point + the value of the new car = Money you pay The value of your current car's trade in value - payments still owed on your current car = Money you gain If the money you pay > the money you gain, it is a bad idea. It the money you gain < the money you pay, it is a good idea. If the money you gain is a negative number, it is a bad idea. Makes sense. I bought this car used and it's an '09 so most of the depreciation is done. I owe right at $10,000 with a payment at around $241 a month Trade in is said to be around $8500 so that's $1500 difference probably more depending on dealer. Retail is around $11,000 The car I want from the dealer is $4400, that's what they are asking. So 4400 from 8500 leaves 4100 to pay the difference which is more than enough. I don't think they will want to give me the used vehicle and a big check like that but I would think we could come to an agreement somewhere in there. Technically, I won't lose a ton since I don't even own the vehicle. If I owned it, I would sell it for a little bit of a loss but in this case, if it gets paid off and I end up with a vehicle, I'm happy. |
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It depends on how much you still owe on your current car. Try this: The value of payments you have paid for your current car to this point + the value of the new car = Money you pay The value of your current car's trade in value - payments still owed on your current car = Money you gain If the money you pay > the money you gain, it is a bad idea. It the money you gain < the money you pay, it is a good idea. If the money you gain is a negative number, it is a bad idea. Makes sense. I bought this car used and it's an '09 so most of the depreciation is done. I owe right at $10,000 with a payment at around $241 a month Trade in is said to be around $8500 so that's $1500 difference probably more depending on dealer. Retail is around $11,000 The car I want from the dealer is $4400, that's what they are asking. So 4400 from 8500 leaves 4100 to pay the difference which is more than enough. I don't think they will want to give me the used vehicle and a big check like that but I would think we could come to an agreement somewhere in there. Technically, I won't lose a ton since I don't even own the vehicle. If I owned it, I would sell it for a little bit of a loss but in this case, if it gets paid off and I end up with a vehicle, I'm happy. Wait, so you still owe $10,000? (as in you still have to pay if you don't trade it in) If you do trade it, and get $8,500 (which you wont) trade in value, you will still have to pay the $1,500 difference still owed on the note. Then you will have to pay for the new used car. So essentially you will be losing ~$6,000 best case scenario just to get out of a monthly payment. |
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It depends on how much you still owe on your current car. Try this: The value of payments you have paid for your current car to this point + the value of the new car = Money you pay The value of your current car's trade in value - payments still owed on your current car = Money you gain If the money you pay > the money you gain, it is a bad idea. It the money you gain < the money you pay, it is a good idea. If the money you gain is a negative number, it is a bad idea. Makes sense. I bought this car used and it's an '09 so most of the depreciation is done. I owe right at $10,000 with a payment at around $241 a month Trade in is said to be around $8500 so that's $1500 difference probably more depending on dealer. Retail is around $11,000 The car I want from the dealer is $4400, that's what they are asking. So 4400 from 8500 leaves 4100 to pay the difference which is more than enough. I don't think they will want to give me the used vehicle and a big check like that but I would think we could come to an agreement somewhere in there. Technically, I won't lose a ton since I don't even own the vehicle. If I owned it, I would sell it for a little bit of a loss but in this case, if it gets paid off and I end up with a vehicle, I'm happy. Wait, so you still owe $10,000? (as in you still have to pay if you don't trade it in) If you do trade it, and get $8,500 (which you wont) trade in value, you will still have to pay the $1,500 difference still owed on the note. Then you will have to pay for the new used car. So essentially you will be losing ~$6,000 best case scenario just to get out of a monthly payment. Lol, man I need to just go to sleep. You are right, I was missing one very big part in there
Math and I have never got along, as you can tell....I'm going to bed. |