Go Back   Club Lexus Forums > Lexus Model Forums > IS Models > IS - Second Generation
Sign in using an external account
Register Forgot Password?

Went to trade in my Is250 today..

Reply
 
 
 
 
Thread Tools Search this Thread Display Modes
Old 03-04-14, 03:56 PM   #1
510to808
Pole Position
Trader Score: (0)
 
Join Date: Mar 2013
Location: CA
Posts: 263
Default 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 ?
This ad is not displayed to registered members.
Register your free account today and become a member on Club Lexus!
510to808 is offline   Reply With Quote
Old 03-04-14, 04:04 PM   #2
Sffd103
Fire Slayer
Trader Score: (16)
 
Sffd103's Avatar
 
Join Date: Apr 2010
Location: NorCal
Posts: 10,122
Default

Best idea would be to private sale but I don't think you'll get 25K for it either.
Sffd103 is offline   Reply With Quote
Old 03-04-14, 04:21 PM   #3
RSXiMUS
Pole Position
Trader Score: (3)
 
Join Date: Feb 2014
Location: CA
Posts: 251
Default

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.
RSXiMUS is offline   Reply With Quote
Old 03-04-14, 04:29 PM   #4
510to808
Pole Position
Trader Score: (0)
 
Join Date: Mar 2013
Location: CA
Posts: 263
Default

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
510to808 is offline   Reply With Quote
Old 03-04-14, 04:34 PM   #5
600rr05
Lexus Champion
Trader Score: (9)
 
Join Date: Feb 2008
Location: San Diego, CA
Posts: 4,022
cbr600rr05 Rick_is250
Default

What year IS do you have ? I would also suggest selling it private but may take some time if your asking for payoff amount. but either way you will sell it for more vs trade in but then have to come out of pocket to cover the rest.
__________________
Current Mods: 06 IS250 RWD Crystal White | 2012 Headlights / 6k Fogs | Tint | VERTEX Front & Sides, GFX Rear Lip | JDM Visors | V-LED HID White Puddle Light | Sewell LED Interior Lighting Kit | USDM IS-F Tail Light | Vinyl Black Roof | BC Coilovers | Oem.thing Roof Spoiler | LED Signal Mirrors | Platinum VIP Cup Kit | Platinum VIP Series I Wheels | Wald Rep Trunk Spoiler | AP2 Tips |

http://www.aemintakes.com/news/news.aspx?id=4591
600rr05 is offline   Reply With Quote
Old 03-04-14, 04:38 PM   #6
510to808
Pole Position
Trader Score: (0)
 
Join Date: Mar 2013
Location: CA
Posts: 263
Default

2010 is250 with 39,845, how hard is it to sell it privately I have no idea how to even start by putting it on craigslist/autotrader
510to808 is offline   Reply With Quote
Old 03-04-14, 04:44 PM   #7
600rr05
Lexus Champion
Trader Score: (9)
 
Join Date: Feb 2008
Location: San Diego, CA
Posts: 4,022
cbr600rr05 Rick_is250
Default

Quote:
Originally Posted by 510to808 View Post
2010 is250 with 39,845, how hard is it to sell it privately I have no idea how to even start by putting it on craigslist/autotrader
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.
__________________
Current Mods: 06 IS250 RWD Crystal White | 2012 Headlights / 6k Fogs | Tint | VERTEX Front & Sides, GFX Rear Lip | JDM Visors | V-LED HID White Puddle Light | Sewell LED Interior Lighting Kit | USDM IS-F Tail Light | Vinyl Black Roof | BC Coilovers | Oem.thing Roof Spoiler | LED Signal Mirrors | Platinum VIP Cup Kit | Platinum VIP Series I Wheels | Wald Rep Trunk Spoiler | AP2 Tips |

http://www.aemintakes.com/news/news.aspx?id=4591
600rr05 is offline   Reply With Quote
Old 03-04-14, 04:49 PM   #8
510to808
Pole Position
Trader Score: (0)
 
Join Date: Mar 2013
Location: CA
Posts: 263
Default

Quote:
Originally Posted by 600rr05 View Post
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.
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
510to808 is offline   Reply With Quote
Old 03-04-14, 04:53 PM   #9
Downtuned
Pole Position
Trader Score: (0)
 
Join Date: May 2012
Location: Tennessee
Posts: 390
taylor vice
Default

Quote:
Originally Posted by 510to808 View Post
2010 is250 with 39,845, how hard is it to sell it privately I have no idea how to even start by putting it on craigslist/autotrader
This, do this, put it on craigslist, do not trade it in. You will get top dollar from craigslist. I believe all that needs to happen is to get the new owner of the vehicle to sign a few papers at your loan/credit union/bank stating that they will take over payments, write up a quick bill of sale, and have them sign the title. The credit union should have some info for you on that.

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 04:55 PM.. Reason: more info
Downtuned is offline   Reply With Quote
Old 03-04-14, 04:57 PM   #10
pheonix72
Lead Lap
Trader Score: (4)
 
Join Date: Dec 2013
Location: ca
Posts: 401
Default

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!
pheonix72 is offline   Reply With Quote
Old 03-04-14, 04:59 PM   #11
laobo979
Lexus Champion
Trader Score: (4)
 
laobo979's Avatar
 
Join Date: Mar 2008
Location: Mass
Posts: 3,037
Default

Quote:
Originally Posted by 510to808 View Post
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
I say sale it private. Its gonna take awhile but you not gonna lose as much. I rather not roll over the $10,000 difference on that trade on top of what the new car cost. Plus your interest rate on top of that.
__________________

IS350 08 TP
laobo979 is offline   Reply With Quote
Old 03-04-14, 05:00 PM   #12
Joeb427
Lexus Fanatic
Trader Score: (1)
 
Joeb427's Avatar
 
Join Date: Aug 2007
Location: NJ
Posts: 9,306
Default

Be smart.
Keep the IS250.
__________________

'13 GS 350 AWD Starfire Pearl/Black
Luxury&Cold Pkg,BSM,LED Fogs,Puddles,Door Panels,Trunk,Reverse
'15 Mazda CX-5 Grand Touring w/Tech AWD White Pearl/Black/LED'd
'08 Hyundai Elantra Low Miles Beater!

Joeb427 is offline   Reply With Quote
Old 03-04-14, 05:05 PM   #13
NYKnick101
Lexus Test Driver
Trader Score: (0)
 
Join Date: Apr 2013
Location: NY
Posts: 1,230
Default

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.
NYKnick101 is offline   Reply With Quote
Old 03-04-14, 05:11 PM   #14
510to808
Pole Position
Trader Score: (0)
 
Join Date: Mar 2013
Location: CA
Posts: 263
Default

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$ ?!
510to808 is offline   Reply With Quote
Old 03-04-14, 05:22 PM   #15
pheonix72
Lead Lap
Trader Score: (4)
 
Join Date: Dec 2013
Location: ca
Posts: 401
Default

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.
pheonix72 is offline   Reply With Quote
Old 03-04-14, 05:22 PM
 
 
 
 
Reply

Similar Threads
Thread Thread Starter Forum Replies Last Post
Brake Fluid sc430uk SC 430 13 02-19-14 11:34 PM
PhotoShop Help! BkRed350 Photoshop Forum 10 12-14-13 05:25 PM
Looking for more horsepower! Any ideas? AtlasLS400 LS400 27 10-24-13 09:28 AM
Trash can mink92890 LS430 17 09-11-13 09:42 PM
Side mirror keeps adjusting when in reverse stevenmoua RX - Second Generation 5 11-24-12 06:57 AM


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Forum Jump

All times are GMT -7. The time now is 04:00 AM.

Join ClubLexus
Advertising


Copyright © 2000-2008 Internet Brands, Inc. All Rights Reserved
Privacy Policy | Disclaimer | Terms of Use | JOBS


Get all contact info