OK my G35 has about $15k in damages and everyone knows about the insurance problem.. Im thinking about this

RIght now i currently have about $26k loan in the car, i bought the car for MSRP with everything for $39k+, so far ive paid off about 13k for the car. The monthly payment is $600 and It is no problem for me. Most of the time i give them 2-3 months in advance.. Anyway, i dont have $15k cash laying around. I can get it in 2 months but that would mean no car for 2 months + 1 month to fix it... Thats too much time..

Do you think a dealership would do this:

Take my G35, Current value without accident is like $34k, Then say they fix it for $12, value drops to $22k, but oh yeah remember the accident, so lets remove $5k of the value for that, so then it drops to $17k, lets say $3k dealership profit, so car value becomes $14k.. Do you think they would take my car, give me a new G35,($39k), apply the $14k value towards the new one, so the new g35 i get will now have $25k loans, then finance me for ($25k for first infiniti, and $26k for second), for a total of $51k... and a monthly payment of like $1k/mo which is fine..

I dont see a problem with this. The logic makes sense. The dealership makes money considering they could sell the used one for $30k or so, and btw i have like 7k miles on it and it has NAV, Rims, Spoiler, Etc

 

BTW its only front damage. The engine runs.. Its just that the front has to be replaced plus all these little things.. plus the rims got scratched, and rear spoiler got cracked. thats why its about $12k

 

Why not get a beater to drive around for 2-3 months until you can get enough money to fix the G? Ending up with a $51k loan in this situation doesn't sound like a smart thing to do. Why not just take out a $15k loan to fix the car?
Anyway, maybe a dealer would go for your suggestion, but unless I'm missing something here, it makes very little sense for you or the dealer.

<font color=purple>2004 G35 Coupe Diamond Graphite/Graphite 5AT</font color=purple>
Premium, Nav., 18" Wheels, Z-Xtreme Hyper Grounding Cables,
K&N filter, Clear Corners, 350Z Aluminum Pedals,
Sony Ericsson HCB-30

 

cuz I said i might have it in 2months. But $15k cash is a lot. I earn on recurring .. Enough to live fine and pay G35 and insurance.. But not enough to bring out $15k. It might end up taking me 3 months, plus 1 month to fix it, thats like $2400 extra for monthly payments without my car... Then i get a beater, $1000, and i insure it for the year, $1000, so thats like 2k extra, at the end, getting a beater will cost me like $5k PLUS say $15 to fix my car.. so at the end i still have $26k loan plus $15k cost, so about $41k total cost, I know i save like $10k,

BUT

My problem is: I can easily pay $2-3k per month for a car.. All i pay right now is just car, insurance, and phone bill, and i still have extra cash saved at the end of the month. Maybe 2-3k, so actually i would need to save 5mo to fix my g35 up. I dont care if i get financed and lose $10k, as long as it all comes down to monthly payments, I'll be fine.

 

Won't work. The dealer is getting the financing from a bank, which won't loan you much more money than the car being used for collateral (the new G that you want). No way will they loan you $51k with a $39k car for collateral, unless maybe you've got a gold-plated credit rating, in which case the extra $12k goes as an unsecured personal loan at a higher interest rate.

I feel your pain, but I'd borrow a ride for a few months until you can scrape up the cash to get your G fixed.

03 G35C DG/G - Houston

 

umm what if i get a loan to fix the car???

 

seriously the way i feel now is: anyone who can put up $18k or about that, will take the car..
once again its a 2004 fully loaded with NAV silver G35 Coupe with about $12k in damages.. I forgot to say that it might be more than 3months. I could be waiting till september..

 

.

 

dont i need to pay off what i owe before i can sell the car?? I owe like $26k and i cant get that much for the car.. But if i can get $20k..... then..

 

Hey guys, any more input?? Should i sell it or go thru dealership??? Also if i decide to sell it, do i have to pay off the $26k loan before i can sell it? or is there a way to transfer payments to someone or something? Whats the best thing to do here..

Got a damaged car that will take about $12k-15k to fix or so.
Cant get the money for months..
Its 39k MSRP. Bought it with all features
2004, 7k miles.
$26k loan on it.

 

no thoughts from anyone?

 

I think either way your going to get raped...
Sell your car damaged may take you longer than having it fixed....assuming you did get lets say 18,000 then you would either have to come up with the balance to pay off the loan...or then you would have to roll that payment into the new car...(which wouldn't work since you need the title to sell your car off...and they will not release it until the loan is paid in full)........
I would say just suck it up and either rent a car for the time needed to do the repairs.....and continue to pay off the loan till maybe you can sell it off and then re-invest in another car...


04 cpe IP/willow/5at/prem/18's/JDM clear corners/Piaa's/MTEC H4 Super White fog/highs

 

Ok, while you may think that's a great idea and I understand your trying to work things out with minimal effort (avoiding repair, renting a car, etc.). It just doesn't work that way.

Let's say you sell your G35 and they offer you $14K as you mentioned above. That $14K will immediately go towards the auto loan that you owe for the car, not in your hands or to another vehicle. The lender owns your G35 until you make the last payment so therefore the dealer pays them, not you. You will have to come up with the rest of the money immediately to finalize the sale. Basically what GR8TG35 said.

The chances of getting a second auto loan in your name while you still owe on the first car in your possesion is pretty much zero, even if you could afford it and had a excellent credit score. It puts too much risk for the lender, if your cars were repo'ed for some reason (not that it would happen to you, but in general), the lender would have to settle for multiple trade-in value losses.

You can probably get a second loan on someone elses name (another family member in your household if there is anyone and if they have a good credit rating) but that involves even more work and other headaches. Besides, you'll end up paying for insurance on two G35's.

The best thing to do is find a temporary transporation (rent a car, bus pass, taxi, whatever) and fix your car. Once fixed, you can keep it or sell it to someone by having them "take over payments."

- Ventural

 

What if i sell it to someone and have them take over payments... Like the car has a $26k loan, so i will give them $6k and have them take over the car payments.. and i will be free.