r3v

iTrader: (3)

Throughout the my350z and G35 forum, there's a lot of good vital information in the aid of finance. Unfortunately, my z is really starting to become very impratical for me.

I have about $31,000 left on the loan, the car has about 13,200 miles and the body and interior are in perfect condition. Let's say the trade in value is about $24,000. The car that I want to trade in (a used G35 coupe) is at $20,000. Now, after providing honest numbers, will the dealers subtract $24,000 from $31,000 and roll the remainding amount onto the G35 for me to finance? ($31,000 - $24,000 = $7,000. $7,000 + $20,000 (G35) = $27,000)

I understand that i'll be taking a huge hit with this but if the above statement is what i should expect then it's totally fine by me. Any help would be great.

Nastyboy

iTrader: (13)

Yeah, essentially that's how it works.

However, dealerships are always sharks. More than likely they'll bump the price of the G35 before you get a chance of realizing it and probably will want to stick you with an outrageous financing offer.

I'm not a carsales guy, but after buying atleast 15new cars in the last 10yrs, I believe I have enough experience. As much as I love buying new cars, I hate the experience!

Although you will still lose money, you may want to consider selling the car privately and finance the difference you owe. You'll more than likely owe less than the $7K the dealership will probably assume for you. Not to mention, you're always better off purchasing a vehicle without having to trade another one in.

ANXIOUZ

iTrader: (13)

Yeah the dealer will sneak in some number fudging. In theory your math is correct but they'll likely change the prices of both the car you want as well as the car you are trading in just to confuse you.

r3v

iTrader: (3)

thank you. I've always considered this but wasn't too sure if it was an option that was up for grabs. Would it be best if i talked to the company that gave me the loan or should i just compromise with my bank (Credit Union, they're always willing to work with you)

r3v

iTrader: (3)

yeah i should've listened to my mom. i was too much of an hurry to get a new car. However, i don't regret my purchase at all, you live and you learn. I know i wont make the same mistake again. Better yet, do a research when getting the chance and why not take advantage of this opportunity in asking the community of my350z.

gimpster621

iTrader: (38)

^did you sell ure te's? =D

r3v

iTrader: (3)

haha yeah they're already gone.

ANXIOUZ

iTrader: (13)

One tip I have is that you shouldn't tell the dealer what you owe. Just get them to tell you what they'll give you for your trade-in. If you tell them what you owe they'll use it against you in several ways.

Figure out the KBB value and then figure out what you're willing to accept for it.

r3v

iTrader: (3)

the trade in value isn't so great. I guess im better off doing this through a private party.

fairlady350z33

iTrader: (12)

yah don't tell the dealer what you owe. just ask them how much they'll give you for the car first. then go from there.

r3v

iTrader: (3)

I can't thank you guys enough for this.

Now should my Mom come with me since she was the one with the perfect credit score.. or am i still able to obtain a quote without running any kind of credit report?

Nastyboy

iTrader: (13)

You should be able to get a quote regardless of who's there. However, keep in mind, that the dealership's #1 goal is to run your credit! At this point, the transaction has reached a point where they feel you have no option as you have practically laid all your cards on the table.

This is what I did when I had to trade a car in...

First, find the car that you really want, if you were to purchase the car right then and there.

Then, only talk about the car and its price. Fawk answering any questions to "how's your credit, how much down, what type of payments do you want" and so forth. Many people don't realize this is only beneficial for the dealership. If you get some money hungry sales person or dealership in general, just walk away.

Once you guys agree on a final out the door price for the car you're talking about, then, and only then drop the trade-in bomb. By that time you have figures in writting! No reason anything should change but the $$ that'll be carried over from your previous loan to your new loan. However, only do this if you are ready to do this at that moment. Once you walk away from that table, the dealership has a chance to revise their #'s and state the offer was only for that day....

Like I said, I luv buying a new car like the next person. I just HATE the freakin people that have to be involved in the process. They always seem to kill the new car shopping experience! Kinda like porking a fat girl, you're getting some, but it just makes you feel dirty!

SIRCRASHALOT

notice all the people that have bad experiences cause drama at the dealership...lol there is not magic way to hide information and drop a bomb on em and get the deal of a life time............. the more work you do before you go in the more you will save.... for your trade go to an import store (honda, toyota, nissan Etc) ask for an appraisal only! for the 2nd store go to an american dealer (ford, Chevy, Etc) and for the last stop go to a carmax get all offers in writing!....... when you find the car you want to buy disclose you have a trade... then mention nothing till its time for numbers( no need to worry about numbers till its time for numbers) know what the going sale price is for the car you want to buy, the car you want to sell, and what your own bank will give you for rate and boom tell them they need to do better than that overall deal you gave them..... so you know what you should pay for the car what they should pay for your trade and what kind of financing you should get as well..... this is the one and only way to have a pleasant car buying experince..... don't makeup figures cause you look like a fool and don't get squat..... don't think giving the sales team a hardtime means your winning( anyone i've bought a car off of may not have gotten a great commission but i tip them atleast $100 if everything was easy, $100 is a typical commission so they appreciate it VERY MUCH) ...... i dunno now im rambling.... i love buying cars

THE END

Nastyboy

iTrader: (13)

Yeah, that's true, there's no one magical way of buying a car, but to say that your way is the "one and only way"... LMAO!

Anyway, Im sure he's got enough of an idea. Like I said, its helped me enough for the past 10yrs. I never heard of anyone, nor can I imagine anyone wanting the dealership having the upper hand on a deal by disclosing a trade in.

If anything, all you have to do is go to kbb.com and see what your car goes for as a trade-in. No need to drive all over town. Not to mention tipping a sales person... I must say, this is the first I ever hear of that. If anything, they should be offering you something on the side, just like when brokers refund clients who are purchasing houses... Well, now Ive heard it all...

zand02max

iTrader: (22)

Dealer will rape you, sell it private party! What year/model is your Z? And you are whats called FLIP/FLOP! I have seen numerous people do this with every vehicle they own, and the next they know they owe $50K on a Dodge Neon!

You get the point though, never a good idea to be flip flopped on your loan!

zand02max

iTrader: (22)

You tip, First I have ever heard of that. Just throwing your $ away in my opinion, salesman gets his take!

03Z33

iTrader: (49)

One important thing to consider is that most banks won't finance a used car for too much above the "value" meaning you may not be approved for a $27K loan on a G35 that's valued at $21K... usually around $23K max and you'll need to come up with the $4K plus tax/license difference as down payment.

This ofcourse depends on the bank and your credit history the most... many times it's easier to "bury" some inequity in a new car.

r3v

iTrader: (3)

great! thanks you guys. I really appreciate your help. I've taken everyone's post into consideration and will be looking more into this in helping my decision.

Thanks once again!

YBLegal

iTrader: (21)

yes. i rolled my negative on to the Z. make sure you look at the final signing paper. see how much the car was, how much they rolled in, all that good stuff
good luck

350zspeedman

iTrader: (3)

im trying to trade in my car they wont give u ****TTT sux.