Havent been on this forum for a while...well n e way i have a 05AT DG g35 coupe and i want to trade it in for like a evo or sti? Is that possible? Am i gonna lose some money? I dont mind getting a used one.

 

if you're on a lease no, if it's financed then yes you can trade it in. The trade in value will go to your original financing with any balance left over towards your down payment. If you turn out to be in the red then you'll have to pay off your balance on the original loan.

 

Yes, you can trade it...

You will have to get a trade in price from the place that you are trading it in to.

You will lose money if they offer you less than your owe (or your payoff amount) In this case they will add the difference onto your new car thus making it cost more. (or you have to pay the difference)

 

ohhh but its better if i do it at dealers right?

 

you probably won't get the best price at the dealer, but it would def. be easier for them to handle all the paper work. a bonus if you do it at the dealer they subtract out your trade in value from the sales price so you pay less sales tax.

 

Ummm...where else you could 'trade" it in? ...Yes you can trade "financed/leased" car, just call up your lending company to see pay is the "payoff" amount, and see if its worth to trade it in or sell it yourself.

 

No, you are paying sale's tax per purchase amount of the car. They apply the trade in's and down payment after they add in the tax.

 

This only happens in states with stupid laws like California. In Florida for example you only pay tax on the difference, thus making the incentive to sell your car privately much smaller.

 

Do you know how many other states are like it?

 

In Illinois you only pay the difference also.

On a financed car the dealer will usually handle paying off the lender for you.

With a private party the easiet way is to have the person write full check to your lender and then they will provide him with the title and give you the difference. You would probably have to call your lender to coordinate something. You have to perform the final transaction at the lender's office/branch if the individual wants the title right away...

 

almost everything is possible in this world, especially when you just talking about cars. matter how much money you have.

 

Remember something very important: dealers love trade ins because they have larger profit margins on used cars. They will always offer you a ridiculous trade in Blue Book Value. If your current car still owes more than what they're offering you, try to lessen that difference. Never accept their first offer.

The best strategy is first negotiating the price of the vehicle you'll be buying. Dont let them fool you with the argument that the price is higher if you're trading in. Always tell them you do not have to trade in, but its an option if they give you a good offer.

Always go to the dealer knowing both the trade in value and the dealer price on your used car. That way, you know how much they will be earning on top of what you still owe, and will have bargaining power.

Always have a top budget and tell them: this is my offer, I have x amount of $ to make this a deal.

If its possible go to the dealer with your credit already approved. Dealers make business with financial institutions where they approve with certain of them at higher APRs in order to have "instant approvals". If you go pre approved, you'll have the upper hand.

 

Wow, that's crazy, you already paid tax on the trade-in, so it doesn't make sense. They have to deduct the trade in amount, and than apply the tax. I would be pissed.

 

Is the car in your name... or your parents'?