Went to trade in my Is250 today..
#1
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Went to trade in my Is250 today..
But they were only tryna give me 16,000$, while I still owe 25,900$. I really want to upgrade to a faster more spottier coupe aka chevy as camaro. But since there's negative equity I have no idea, best idea is to just keep my is and keep making my payments+more. What do y'all think ?
#3
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You could always roll your negative equity into your new auto loan for that Camaro. Best thing to do is go to CarMax for a free trade-in quote. Then use that as a starting point to deal with the dealers.
A Toyota dealership wanted to buy my Prius for $15,000. CarMax offered me $16,700. Went to a Lexus dealership and they beat it by 500 and gave me $17,200 for it.
A Toyota dealership wanted to buy my Prius for $15,000. CarMax offered me $16,700. Went to a Lexus dealership and they beat it by 500 and gave me $17,200 for it.
#4
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Yeah but the interest I have right now is 3.9% and that was with 0$ down. If I add the negative equity to a new car loan the interest will be way high(still have to check tomorrow) but I couldn't even get a car loan with the same place I have it with now if have to go threw the dealership and they want a lot of $ down. But I stil have to check on it
#7
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pretty low miles for that year. only option to selling it yourself is what you mentioned craigslist (beware a ton of dealerships will call you) or auto trader. Also if you don't want to deal with it and really want a new car if you roll the negative amount into your new loan it honestly may not affect it that much I think its 20 bucks for every thousand or something like that. Maybe go check out the new car and see how much payments would be before and after rolling in the negative amount. Sometimes its less of a headache just to part ways if your over it.
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#8
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pretty low miles for that year. only option to selling it yourself is what you mentioned craigslist (beware a ton of dealerships will call you) or auto trader. Also if you don't want to deal with it and really want a new car if you roll the negative amount into your new loan it honestly may not affect it that much I think its 20 bucks for every thousand or something like that. Maybe go check out the new car and see how much payments would be before and after rolling in the negative amount. Sometimes its less of a headache just to part ways if your over it.
#9
All i know is craigslist is awesome for selling stuff, bottom line, if you want to get top dollar for your car.
you just need to clean your car, take a bunch of pics, and put it up on there for 26k, or see what other cars your year/make/model are posted at. Just get it up there, and figure out the details on how to actually transfer it to the new owner in the next few days. You may not have anyone call you at that price, but hey, maybe they will, and it will be a win win for you.
Last edited by Downtuned; 03-04-14 at 03:55 PM. Reason: more info
#10
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Financially speaking, you are pretty much **** if you are trading in your car! Your negative $10k on the current loan will be about $12k with a new 5 years term. In a way, you are also getting **** on the next car (by rolling this negative balance onto the new). In simple term, you are paying $12k too much for your next car!
Just curious, what kind of deal/loan did you get with the IS250? How many months/year did you have it?
My advice is stick it out with the IS and dont even think about another car until you pay this one of (or at least break even). It is a viscous cycle that many people found themselves in!
Just curious, what kind of deal/loan did you get with the IS250? How many months/year did you have it?
My advice is stick it out with the IS and dont even think about another car until you pay this one of (or at least break even). It is a viscous cycle that many people found themselves in!
#11
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Yeah tomorrow I'm going to check it out cause I'm still confused if I do roll over the negative equity then is the bank/dealership paying the loss and I'm just paying the new car loan. Nd I don't even know if they will even finance it to me like I said in at an ok interest rate at 3.9 guarantee it's double at the dealership but we'll see
#13
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When you have negative equity on a trade-in, they usually wont offer you 0% down as some dealers may take your down payment to pay your equity OR the negative equity will be paid on top of the car you buy so you will be paying $37k for a $30k car. (generating more negative equity when you decide you don't want that chevy anymore) Either way, it has to get paid by someone. Your best bet is to sell the car privately for the payoff price. You may have to payoff some out of pocket as NADA values the car average retail at around $20-23k (non Fsport with all the bells and whistles). May want to double up on the payments to get rid of it sooner than later.
Also 3.9 is kind of high. My credit union offers 1.9% for all new cars up to 7 years old.
Also 3.9 is kind of high. My credit union offers 1.9% for all new cars up to 7 years old.
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Smartest decision to keep it make extra payments and pay it off. I guess I kinda just rushed into getting a car and it was an is. But that negative equity added to a new loan sounds nasty I'm already in debt might as well just pay this one off first. Selling it privately would be kinda hard because the credit union I use is threw my job and I live in Cali, the nearest branch is in Phoenix or Dallas. But who knows someone would/night cash out for an is250 with just about 40,000 miles for 25,900$ ?!
#15
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You dont have to physically be at your credit union for anything. They only care to get the full pay-off amount to release the title to the new owner (or his/her lien holder).
Like other members said, here are your 3 options
-try to sell it privately for the pay off amount; if not then be prepared to come up with extra cash to pay off your credit union.
-make extra payment so you could catch up to break even point.
-keep you car for now and stop dreaming about another car until you could pay off this one.
Like other members said, here are your 3 options
-try to sell it privately for the pay off amount; if not then be prepared to come up with extra cash to pay off your credit union.
-make extra payment so you could catch up to break even point.
-keep you car for now and stop dreaming about another car until you could pay off this one.