Called from Lexus re: Trading my 06 for an 08
05-16-08, 12:46 AM
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Called from Lexus re: Trading my 06 for an 08
Anyone have any insight on this...really felt like a scam...
I have an '06 IS 250 w/ Navigation. My payoff on the car is $27,600.
I got a call from a Lexus dealership in So Cal...went in to see them and they offered this...
For no money upfront they were going to trade me into an 08 with Nav...basically the same car I have in whatever color I want...just the '08. My payments were going to be $560/month for 48 months...$5 less than what I pay now.
They went on to say the '08 is a newer car that is worth more and they are discounting it so I am getting a deal because they need used '06s to sell.
I have an '06 IS 250 w/ Navigation. My payoff on the car is $27,600.
I got a call from a Lexus dealership in So Cal...went in to see them and they offered this...
For no money upfront they were going to trade me into an 08 with Nav...basically the same car I have in whatever color I want...just the '08. My payments were going to be $560/month for 48 months...$5 less than what I pay now.
They went on to say the '08 is a newer car that is worth more and they are discounting it so I am getting a deal because they need used '06s to sell.
05-16-08, 03:32 AM
#3
That is bullcrap! My wife had the same thing happen 2 years ago when her infiniti I35 model was finished and the dealer tried to get us to come buy the G35 they tell you all this crap before and then they hit you up when you get there. It is just a way to real you in. I really hate the stealerships!!!!!!
05-16-08, 03:34 AM
#4
Just saw that you went in, my bad thought it was a call offer....too early in the morning i guess!! 
FYI make sure they are not hitting you with a baloon payment @ the end of your lease/financing
FYI make sure they are not hitting you with a baloon payment @ the end of your lease/financing
05-16-08, 05:06 AM
#6
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Every car buying book says the same thing: never negotiate a car purchase by monthly payments. You want to know what you and paying for the new car, what they are giving you for your old car, the interest rate, other fees and charges, etc.
05-16-08, 05:19 AM
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BIG +1.... and there HAS to be a balloon somewhere in there...
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05-16-08, 05:26 AM
#8
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I highly agree with Bichon, negotiating strictly by monthly payments is not a good idea. Get all the numbers, do your own calculations and don't jump at the first deal they offer.
05-16-08, 06:42 AM
#9
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Just to help the OP out, a Ballon Payment is a large, lump-sum payment scheduled at the end of a series of considerably smaller periodic payments. A balloon payment may be included in the payment schedule for a loan, lease, or other stream of payments. Most dealers are notorious for this practice as it initially appears to be a great deal.
05-16-08, 07:58 AM
#11
Just to help the OP out, a Ballon Payment is a large, lump-sum payment scheduled at the end of a series of considerably smaller periodic payments. A balloon payment may be included in the payment schedule for a loan, lease, or other stream of payments. Most dealers are notorious for this practice as it initially appears to be a great deal.
Its like a lease but you cant just turn the car in at the end and have to either trade in your car, sell, or pay off the remaing note that is left. IMO you are better to lease the car and still have the option to purchase if you want to keep the car. Many times you can get a better deal from the dealer then the actual lease buy out. Many dont realize that you can trade in a leased car and I have done if for years!
I do believe that payment is possible to the OP. you could lease the car for 48 mos for around thay payment. Its nothing all that special. IMO lease the car and if you are trading in your 2-3 yr old car for the newer modle sounds like this is best for you anyone.
Good luck
okay back to my seminar
......SAVE ME
05-16-08, 11:03 AM
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This situation is possible if he is being offered an APR lower than that of his current loan. He's getting a NEW loan getting stretched out over another 48 months again. He has basically lost the money that he's repaid from the time he got his 06 to now, is all. No scam, just a bad financial decision.
05-16-08, 11:18 AM
#13
This situation is possible if he is being offered an APR lower than that of his current loan. He's getting a NEW loan getting stretched out over another 48 months again. He has basically lost the money that he's repaid from the time he got his 06 to now, is all. No scam, just a bad financial decision.
I don't care if the new loan is 0 interest,no way is the payment that low.
The new '08 has to be at least $33K making the loan over $60K.
No way he gets a $60K loan for a '08 IS.
It's got to be a lease deal he's being offered with somehow a payoff of his '06..
05-16-08, 12:00 PM
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If I'm reading the OP's post correctly,he owes $27.5K on the '06 and can buy a new '08 for $5 less per month for 48 months.
I don't care if the new loan is 0 interest,no way is the payment that low.
The new '08 has to be at least $33K making the loan over $60K.
No way he gets a $60K loan for a '08 IS.
It's got to be a lease deal he's being offered with somehow a payoff of his '06..
I don't care if the new loan is 0 interest,no way is the payment that low.
The new '08 has to be at least $33K making the loan over $60K.
No way he gets a $60K loan for a '08 IS.
It's got to be a lease deal he's being offered with somehow a payoff of his '06..