Question about trading up from 350z to 370z when car isn't paid off.
 

How does this usually work? I at this time still owe more then the market value for my 350z, is it usually the easiest option to just pay off the car until I owe market value then trade it in for an upgrade? Or is it in general a better idea to just wait and pay the entire car off before trading it in? My worry is that it will take a couple more years to pay off the car entirely and I don't want to worry to much about chasing the market value that will be constantly dropping.

Also, my buddy who was making payments on his lancer ended trading up for his evo se before paying off the lancer and it showed on his credit report that he had successfully paid off a car by trading it in, how does that work? Kinda general questions and I do love my 06 350z but am very interested in getting the 370z.

financially responsible: owe less then what your car will trade in for, if you are going to trade it in.

american way (and totally doable): does your credit score kick ass? is your debt to income ratio good? do you have reliable work history and bank stubs or paycheck stubs to prove it? do you have a down payment? I have seen people with as much as 6k upside down trade in without any sort of a down payment. you have to find a damn good deal though as most lenders will only loan you a total amount of 110-130% of the wholesale value of the car you want. they will subtract the trade in amount that you agree upon from what you owe, then add the remainder onto your new loan.

problem is, if you are going to be changing cars yet again, you will not be able to next time. if you are going to trade in upside down debt, make sure you are going to be keeping the car a very long time.

need a down payment? take off your mods, revert to stock, sell your mods. there's a down payment. you will not get anything extra for giving your modded car to a dealership.

I had a tiburon i was paying for that i traded in for credit on my z

Basically all they do is approve you, contact your bank, make sure what you owe is what you said you owed, pay it off for you because technically you don't own the car if you're still paying for it, and then finance your new car.

Thats how it worked with me anyways

Thats some good advice. :cool:

They roll it into your new loan unless you put the cash down. Get the car back to stock like Entaille said - the dealer doesn't car nor add on $.

My first question would be - How good is you credit? If you dont have solid FICO numbers, it is hard in todays market to get financed with out a lot of money down. Lets say you are upside down $2K they have to roll that into your new loan, the problem is a lot of lenders will not do 100% financing with out sterling credit.

So with that being said, if you have 750+ FICO score and money to put down... trade it if you want it. No need of chasing the market in a car you don't want. You might as well chase the market in a car you do want. :)

The balance of the 350Z will be rolled into the 370Z.

http://www.thinkfinancial.com/blog/w...redit-card.jpg
Its kind of like a credit card. You are always paying now for stuff you could not afford 6 months ago.

Lots of good info here thanks.. My FICO is 720 right now but I'm upside down about 5K on the car so trading it in right now won't work out well for me... I have been just thinking about giving it another 2 years which will mean the 370 prices will have come down and I'll owe less then the car is worth by then. I will also sell off the mods on my car for a down payment as suggested, I kinda figured that was the way to go.

2 more years of an AT Z...may the force be with you...

First...why bury yourself in more debt for a car that most would say "upgrade" is a matter of opinion and marginally so at that? I have a 2006 AT 350Z too. I have driven the 370 and do not believe I would be getting anything appreciably better by moving over to the newer model. If I were you I would keep the 350 and pay it off. By the time you own it, there may be a new generation Z appearing on the horizon in a short time that will hopefully be a true upgrade and if not, you will at least be in a better position to buy something else.

++++

You're overextended on your first car. Why make it worse? I test drove a 370Z and while nice, I get a lot more satisfaction driving my paid off 350. :coolio:

Don't forget you are also going to be financing another ±$2000 in TTT as well.

http://img67.imageshack.us/img67/5978/badloan1.jpg


Never ever do a dealer trade on a car you owe on..:icon22:

Best bet would be to hold on to your current car.. 2nd best would be to private sell it.

Who cares if it's AT? Triptronic is better then the manual elitists will ever admit. I've driven a manual and while i do admit it's a lot of fun and in the end you do get more control, an auto stick is perfectly fine and not the inferior product manual freaks make it out to be.

The future is paddles and AT guys, that's why all the fast cars like the GTR are being made that way. It's hilarious when I smoke manual drivers with my Triptronic Z, they can't accept it. It's even more funny when they say "I missed 2nd or 3rd or whatever".. Well if you drove with a Triptronic that wouldn't have happen because of your human error huh? LOL

btw- Above post reguarding trade ins, very true.. I think I'd much rather sell it privately and not get ripped off.

^^^

well, we see who doesn't care....

I wasn't going to get into a pissing match...:icon17:

auto is faster I think we have many threads on the shear science to why it is....

now to which gives the driver experience...now that isn't an arguement we gonna have are we?

Nope because I have nothing against manual, I just tired of the 'auto sux' mentality. Manual is def where it's at for the driver experience and because of that I will 99% choose manual for my next gen Z whenever that is.

Guess what? by the time you pay off your car you should be able to pick up the 50th Anniversary edition....

Patience my friend,patience...

^^^This. :thumbup:

A Bigger Better Deal is always just around the corner, and by the time you get settled in your new 370Z, you'll want to trade it in for the 380Z.

Keep your 350z a few more years!

because it is an upgrade, a huge upgrade. From the performance aspect its a pretty huge difference. I can understand the agrument about already driving a paid off 350z feeling better, but lets not try and dimish the performance/handleing side of it. It may not 'FEEL" like a crazy upgrade, but it is...numbers dont lie. You dont beleive me? just go the 3seventy z. com and look at the traps, the dyno's, stock and modified..its all there :rolleyes: ....LOL especially on the DE side of things

Be financially responsible and keep your current car, 370Zs will still be around for you to buy later. Maybe Nissan will quietly bump the power over the years similar to the Z33, from the DE to HR. A buddy traded his Integra for a Silverado years back and was upside down, and to this day he's still btching about making $500 payments every month on his truck.