Trading in a car

[waggy]

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

how many years is the loan vs how many you had?

 

[spidey07]

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

How much does the car actually cost you and what are the financing terms?

 

[waggy]

Originally posted by: spidey07

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

How much does the car actually cost you and what are the financing terms?

exactly.

sure you can get in at the Same $$ a month. they just put it out fof 7-9 years with higher interest.

so can we get the info since you are claiming it?

 

[z0mb13]

man I just love it how most people now think in terms of what their monthly payment is, not how much the actual car costs!

No wonder why most people are sh!t deep in debt.

 

[spidey07]

Originally posted by: waggy
exactly.

sure you can get in at the Same $$ a month. they just put it out fof 7-9 years with higher interest.

so can we get the info since you are claiming it?

So, how much do you want to spend a month? Just let me know and I'll show you some cars in your price range.
:evil:

 

[imported_griffis]

Originally posted by: z0mb13
man I just love it how most people now think in terms of what their monthly payment is, not how much the actual car costs!

No wonder why most people are sh!t deep in debt.

Of course I consider this factor, I always look at amoritization to look at the final cost of the car in the long run. Honestly, my credit is flawless, have no issues at all. There is a fact of life I have come to grips with, you will always be in debt. If you go to school, own a house or buy a new car debt is inevitable. If you can handle the debt, thats the key. I think you are looking at it in a really bad sense. I got a normal loan term and the car will be a good investment.

 

[imported_griffis]

Originally posted by: waggy

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

how many years is the loan vs how many you had?

Same as before

 

[z0mb13]

Originally posted by: spidey07

Originally posted by: waggy
exactly.

sure you can get in at the Same $$ a month. they just put it out fof 7-9 years with higher interest.

so can we get the info since you are claiming it?

So, how much do you want to spend a month? Just let me know and I'll show you some cars in your price range.
:evil:

heh heh I have this GREAT NEW BMW 3 series that you can buy ONLY with 300 ish a month! yes but you will still be paying for the car even after engine died.

ok I am exaggerating, but thinking in terms of monthly payment is VERY bad, sadly this is what most people now think in buying things (not only cars, but also big ticket items like tvs, furniture, etc)

 

[imported_griffis]

Originally posted by: waggy

Originally posted by: spidey07

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

How much does the car actually cost you and what are the financing terms?

exactly.

sure you can get in at the Same $$ a month. they just put it out fof 7-9 years with higher interest.

so can we get the info since you are claiming it?

Same terms as before, 60 mos at 6.9%, cant complain.

 

[z0mb13]

Originally posted by: griffis

Originally posted by: waggy

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

how many years is the loan vs how many you had?

Same as before

so your new loan is the same length as you previous one? How many years had you been paying for your old car? then they extended the loan again to the original length?

 

[imported_griffis]

Originally posted by: z0mb13

Originally posted by: spidey07

Originally posted by: waggy
exactly.

sure you can get in at the Same $$ a month. they just put it out fof 7-9 years with higher interest.

so can we get the info since you are claiming it?

So, how much do you want to spend a month? Just let me know and I'll show you some cars in your price range.
:evil:

heh heh I have this GREAT NEW BMW 3 series that you can buy ONLY with 300 ish a month! yes but you will still be paying for the car even after engine died.

ok I am exaggerating, but thinking in terms of monthly payment is VERY bad, sadly this is what most people now think in buying things (not only cars, but also big ticket items like tvs, furniture, etc)

Totally understand, but look at how long you keep a car for. Did you ever keep it for the full term? Even if you do, you can always pay more on the car as the loan goes on if your financial situation changes. Also, I always buy cars the hold value and the truth of the matter is imports hold their value. You also have to negotiate the price of the car, if I can bargain off 4,500 off a car for them to make a sale, they still make profit. I was relating to monthly payment because at the moment that is the concern but you can always pay more later.

 

[z0mb13]

edited to avoid further leap frogging

 

[imported_griffis]

Originally posted by: z0mb13

Originally posted by: griffis

Originally posted by: waggy

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

how many years is the loan vs how many you had?

Same as before

so your new loan is the same length as you previous one? How many years had you been paying for your old car? then they extended the loan again to the original length?

the old car had been paid for about 3 years out, had about two years left on it. They paid off the trade and then i started anew with the new car. Typical trade.

 

[imported_griffis]

Originally posted by: z0mb13

Originally posted by: griffis

Originally posted by: waggy

Originally posted by: spidey07

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

How much does the car actually cost you and what are the financing terms?

exactly.

sure you can get in at the Same $$ a month. they just put it out fof 7-9 years with higher interest.

so can we get the info since you are claiming it?

Same terms as before, 60 mos at 6.9%, cant complain.

ok let me get this straight, you to make a NEW 60 months payment on your new car, correct? What was your old car? How many months of payment have you paid for your old car?

This is usually how trades work. Old car 2005 Scion TC, paid about 3 years on it.

 

[spaceman]

ive had good luck selling my own on craigslist and a couple for friends.

 

[imported_griffis]

Originally posted by: The Cornballer
ive had good luck selling my own on craigslist and a couple for friends.

I travel way too much for this to be an option

 

[HeroOfPellinor]

Originally posted by: griffis

Originally posted by: z0mb13

Originally posted by: griffis

Originally posted by: waggy

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

how many years is the loan vs how many you had?

Same as before

so your new loan is the same length as you previous one? How many years had you been paying for your old car? then they extended the loan again to the original length?

the old car had been paid for about 3 years out, had about two years left on it. They paid off the trade and then i started anew with the new car. Typical trade.

Ohh no.

 

[Capt Caveman]

60 months at 6.9%?????

You trade in a 2 years worth of payments for 5 years. Wow, that's terrible. Should have at worst, taken a home equity line of credit or loan. At least the interest is tax-deductible.

 

[waggy]

Originally posted by: griffis

Originally posted by: z0mb13

Originally posted by: griffis

Originally posted by: waggy

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

how many years is the loan vs how many you had?

Same as before

so your new loan is the same length as you previous one? How many years had you been paying for your old car? then they extended the loan again to the original length?

the old car had been paid for about 3 years out, had about two years left on it. They paid off the trade and then i started anew with the new car. Typical trade.

how much did you owe vs how much did you get for trade off?


something seems off here.

 

[spidey07]

Originally posted by: griffis
the old car had been paid for about 3 years out, had about two years left on it. They paid off the trade and then i started anew with the new car. Typical trade.

You got the dealer treatment. Sorry, but they screwed you.

A typical trade is where they give you MORE than the payoff of the car, because the car SHOULD be worth more than the payoff.

Think about it this way, you owed two years of payments on your car. After that you owned it outright and could sell or trade for a pretty penny. Now you are in more debt than you were before, but longer.

I bet it went something like this..

"how much do you want to spend per month?"
"same as I'm paying now"
*dealer tries to withold mental orgasm of a fresh fish he's getting ready to pull into the boat*
"great, I'll just call up your bank to see what your car is worth. Ok, it's woth 7K, We'll take care of that. Now how much do you want to spend per month again?"

 

[Capt Caveman]

Originally posted by: griffis

Originally posted by: z0mb13

Originally posted by: griffis

Originally posted by: waggy

Originally posted by: spidey07

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

How much does the car actually cost you and what are the financing terms?

exactly.

sure you can get in at the Same $$ a month. they just put it out fof 7-9 years with higher interest.

so can we get the info since you are claiming it?

Same terms as before, 60 mos at 6.9%, cant complain.

ok let me get this straight, you to make a NEW 60 months payment on your new car, correct? What was your old car? How many months of payment have you paid for your old car?

This is usually how trades work. Old car 2005 Scion TC, paid about 3 years on it.

You are a car dealership's wet dream.

 

[z0mb13]

Originally posted by: griffis

Originally posted by: z0mb13

Originally posted by: griffis

Originally posted by: waggy

Originally posted by: spidey07

Originally posted by: griffis
As an update to those who thought it could not be done, I traded in my car and got a brand new 2007 Nissan Xterra for a close to same payment as the car I had, plus my insurance didnt even budge. So, it is possible!!

How much does the car actually cost you and what are the financing terms?

exactly.

sure you can get in at the Same $$ a month. they just put it out fof 7-9 years with higher interest.

so can we get the info since you are claiming it?

Same terms as before, 60 mos at 6.9%, cant complain.

ok let me get this straight, you to make a NEW 60 months payment on your new car, correct? What was your old car? How many months of payment have you paid for your old car?

This is usually how trades work. Old car 2005 Scion TC, paid about 3 years on it.

I understand perfectly how car trades work:
- a person buy a first car on a loan, agreeing to pay x amount upon the agreed interest rate and term. Dealer (or company that provide financing for the car) makes money from the interest. If the person defaults, the dealer repossess the car, auctions it to get whatever value to recoup the debt, and will go after the personfor the remainder amount of the debt.
- after the person makes payments on the car for some period of time, he decides the car is old and wants to get a new one (or for whatever reason). Person's way of thinking: gee, I can get a brand new (better) car for the same amount that I am paying each month! Great deal!
- person then goes to a dealer, who is more than happy to "trade in" person's old car at a lower value than if person sells the car himself. Dealer then profits by selling person's old car to another buyer in the future. Dealer then puts person in a new car, after an agreed x amount of payment each month, at some interest rate for some term. Person thinks: Gee I am getting a great deal! same amount of payment but I get a new car! Person does not realize (or does not care) that there is a NEW payment term. so if person had paid 2 years to built an equity in their old car, those 2 years are gone.
- lather, rinse, repeat

This is PRECISELY why some people are ALWAYS in debt. Those x amount of payments that you make every month, how hard is it to actually put it in a bank account (and watch it grow earning interest) THEN buy a new car after the money is enough? You are saving yourself a heck of a lot money in interest.

But then people say, I need a car for work! yes that is true, but you dont NEED a new car every 2 years. People can survive by buying a used car, or heck buying one car on loan and running it to the grown.

People get rich by NOT paying interest to other people, they get rich my EARNING interest/income for their money.

There are good debt and bad debt, a mortgage is a good debt, also is a school loan, but a car loan is NOT a good debt.

IMO now getting a debt might be TOO easy for the average people, so that they utilize it to no end (and keep themselves further in debt)

 

[HeroOfPellinor]

Originally posted by: waggy
how much did you owe vs how much did you get for trade off?


something seems off here.

I'm afraid to even go there for the guy. The dealer just walked away with the difference between the resale value and the remaining loan amount.....which looks to be about $6000.....PLUS their markup on the new car. :wince;

 

[imported_griffis]

Originally posted by: spidey07

Originally posted by: griffis
the old car had been paid for about 3 years out, had about two years left on it. They paid off the trade and then i started anew with the new car. Typical trade.

You got the dealer treatment. Sorry, but they screwed you.

A typical trade is where they give you MORE than the payoff of the car, because the car SHOULD be worth more than the payoff.

Think about it this way, you owed two years of payments on your car. After that you owned it outright and could sell or trade for a pretty penny. Now you are in more debt than you were before, but longer.

I bet it went something like this..

"how much do you want to spend per month?"
"same as I'm paying now"
*dealer tries to withold mental orgasm of a fresh fish he's getting ready to pull into the boat*
"great, I'll just call up your bank to see what your car is worth. Ok, it's woth 7K, We'll take care of that. Now how much do you want to spend per month again?"

I got 12,500 for the car and only owed 10,500. They tried to only give me what was owed and I said no. Again, not as dumb you might think

 

[z0mb13]

Originally posted by: spidey07

Originally posted by: griffis
the old car had been paid for about 3 years out, had about two years left on it. They paid off the trade and then i started anew with the new car. Typical trade.

You got the dealer treatment. Sorry, but they screwed you.

A typical trade is where they give you MORE than the payoff of the car, because the car SHOULD be worth more than the payoff.

Think about it this way, you owed two years of payments on your car. After that you owned it outright and could sell or trade for a pretty penny. Now you are in more debt than you were before, but longer.

I bet it went something like this..

"how much do you want to spend per month?"
"same as I'm paying now"
*dealer tries to withold mental orgasm of a fresh fish he's getting ready to pull into the boat*
"great, I'll just call up your bank to see what your car is worth. Ok, it's woth 7K, We'll take care of that. Now how much do you want to spend per month again?"

LOL
Too many fish these days..