Not your average 'should I trade' question...

[Phalanx]

I have been displayed an interesting scenario regarding what happens with my car situation. Im looking to some 3rd party insight/experience/etc. Anything to just get me thinking everything through in case I would have missed something.
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I currently have a 2006 Civic EX Coupe. My parents technically own the car, but I make all financing, maintenance and insurance payments on it. This coming September I am getting married. At some point before that (depoending on when I get offered a job up there) I will be moving to MA (currently in CT).

When this happens... the car will be coming with me. But, since I will need to register is in MA, I will have to 'buy' the car from my parents. In other words, I will need to find somewhere that will give me a loan for the remaining financed value (roughly $13500) for 3 years (36 months). I say 3 years because I would rather not get another 60 month loan on a car that is already 2 years old.

Now, because I am not my parents, I dont believe I will be able to get the same kind of interest rate as they got (5.2% if i am not mistaken). I assume this because, from what I know... American Honda Financial (current loan holder) generally gives lower interest rates when you purchase a new car. I wont be able to get a loan through AHF because I am not buying the car new or ued/certified from a honda dealer.

Here is where I had an interesting though... and this is where Im looking for input.

Since I will likely end up with a higher interest rate, my actual car payment will increase a decent amount. Current Payment: $377.21/mo, but Ive been paying $400/mo for the past 6 months. So, I'd expect the monthly payment to jump to between $385 and $400... depending on what kind of a interest rate I can get.

I have wanted to upgrade to an Si for quite some time, but when I looked into it in the past, the trade-in value of my EX was not high enough to make it worthwhile financially.

However, with the fact that I now have the principal value on the loan down to 13500 (will probably be at 13000 or below by the time i follow through with this)... I think I should be able to get a decent enough trade in value at a dealer.

I am thinking about trying to trade my 06 EX in for an 08 Si (or an 07 if i can find one in ASM).

When I trade in my car, I would be removing the all season mats, HFP lip kit, my JDM badges, my retro'd headlights and rsx-s wheels to immediately swap onto my new Si. I only want ASM... so all these will swap over nicely and save me a bunch of $$ and hassle.

I will also be reverting the exhaust system back to stock, and attempting to revert the intake back to stock as well... as well as 'undoing' a couple interior mods.

My insurance is going to change a lot in the next year or so no matter what (it is going to decrease due to accidents finally 'expiring' and turning 25 and being married, etc). So the insurance price is not a concern right now. Also, the extra price in gas is not a concern because where i am moving to, premium gas costs as much as regular gas where i live now.

Basically, my question is... do you think I will be able to get a similar (or less) monthly payment ($377.21) on a 60 month loan for an 07/08 ASM Si if I were to attempt to go through with this? On a brand new car, I wouldnt mind doing a 72month loan b/c its a new car... but i'd rather do 60month if possible to hit the monthly payment amount.

The biggest factor in the monthly payment amount is going to be the interest rate i can get. So, I guess it boils down to whether or not its true that i can probably get a better rate thru AHF.

I know this was a lot of reading, and I thank you for taking your time to read it. I know it may seem like I have almost all of it thought out already... but I just want to make sure im not overlooking anything. Ive never done this on my own before, because my parents did it for me when I bought the current one.

So, input, suggestions, wisdom, experience, flaming... give it to me!!! I really want to get myself into an Si.

Thanks

[Xtreme Thunder]

Chris, they also offer 66 month loans too.

Ummm, I would suggest you go to the dealer and work the numbers there. Let them know you are looking at your options. You don't have to tell them the whole story. Let them apraise the vehicle, and tell them the vehicle will be put back to stock. See what happens.

Tell them you want one of "those" (pointing to a Si another color) in ASM, what can you guys do...

Tell them you are a few months away from making a decision between an Si and a ("insert a few other cars here" that are direct competitors...lol...I did that)...

[Phalanx]

Originally Posted by Xtreme Thunder

Chris, they also offer 66 month loans too.

Ummm, I would suggest you go to the dealer and work the numbers there. Let them know you are looking at your options. You don't have to tell them the whole story. Let them apraise the vehicle, and tell them the vehicle will be put back to stock. See what happens.

Tell them you want one of "those" in ASM, what can you guys do...

Tell them you are a few months away from making a decision between an Si and a (make up a few other cars...lol...I did that)...

Arent they going to try and f-ck me on the trade-in though, if they know it was modified at all?

[Xtreme Thunder]

Originally Posted by PhalanX

Arent they going to try and f-ck me on the trade-in though, if they know it was modified at all?

Maybe, but honestly, they are going to try and get the LEAST amount on trade from you as possible no matter what.

Bargain and don't be afraid to say nothing during that phase, and or walk away, say you want 24 hrs to think about it, they WILL call for a follow up, it is all a game with them...

OR bargain through email, they want you in their dealership = their territory.

[Phalanx]

Originally Posted by Xtreme Thunder

Maybe, but honestly, they are going to try and get the LEAST amount on trade from you as possible no matter what.

Bargain and don't be afraid to say nothing during that phase, and or walk away, say you want 24 hrs to think about it, they WILL call for a follow up, it is all a game with them...

OR bargain through email, they want you in their dealership = their territory.

I will likely start through email. And I dont plan on telling them I have a trade-in at all until ive negotiated an OTD price for an Si.

[Xtreme Thunder]

Originally Posted by PhalanX

I will likely start through email. And I dont plan on telling them I have a trade-in at all until ive negotiated an OTD price for an Si.

Now you are getting it.

[BigT]

If you are going to move to an Si now is probably the time to do it since you have to refinance the EX anyway to get it into your name.

I don't know what you will be paying monthly for the Si, but there is a good chance that you will have to get a longer term to stay close to what you pay now. Even going through AHF there is a good chance you won't be able to get as good of a rate as your parents. This, combined with a more expensive car will lead to a higher payment.

I think the main factor in this is going to be how much you can get in trade for your EX. If they are going to give you payoff or more it might not be too bad an idea. If they aren't going to give you at least payoff I would be very hesitant. You would be adding even more to the amount you will be financing and that will lead to paying much more interest (if you get a longer term), or a higher payment (if you stick with a 60 month).

Something else to consider is that your current car will be paid off in three years. If you are starting a family soon there is a good chance you will be glad to be rid of that payment in three years.

Good luck with everything.

[Cybergypsy]

Good luck :)

[mattSi]

Originally Posted by PhalanX

I will likely start through email. And I dont plan on telling them I have a trade-in at all until ive negotiated an OTD price for an Si.

That is smart. GL w everything. Those RSX-S wheels will look sweet on an ASM FA5!

[BigT]

Originally Posted by PhalanX

I will likely start through email. And I dont plan on telling them I have a trade-in at all until ive negotiated an OTD price for an Si.

I was going to mention that.

I have traded in two cars that were modded (simple things like intake, exhaust, stereo, etc.) and the dealer didn't care too much. In both cases they said they prefered I put the car back to stock before trading it in but didn't seem to care too much that I had done stuff. In one case I even had several switches wired up inside the car (in my WRX). The salesman simply asked what they all did and made sure they didn't mess anything up and that was that. I got payoff or more for both cars.

[jennerz22]

If you can still find a new 07 Si in ASM, you shouldn't have a problem keeping the payment where you want it. I got a 07 ASM FA5 in October and traded in an 06 EX coupe. From my experience, you might be better off trying to sell your EX outright. If you don't want to do that though, I wouldn't see any reason why you couldn't get the payment in the range you want. Mine is $376 for 60 months @ 4.9 APR through AHFC.

[3pac2k6]

is there any possibility of selling the car privately? If you did, you could walk in without worrying about the trade. Ideally, you should apply for a loan with a local credit union (many are offering 60 mo loans at 4.99% right now) and figure out the financing before you even set foot in the dealership. This will give you negotiating power, and (more importantly) reduce the opportunities dealers have to rip you off.

[Phalanx]

Originally Posted by 3pac2k6

is there any possibility of selling the car privately? If you did, you could walk in without worrying about the trade. Ideally, you should apply for a loan with a local credit union (many are offering 60 mo loans at 4.99% right now) and figure out the financing before you even set foot in the dealership. This will give you negotiating power, and (more importantly) reduce the opportunities dealers have to rip you off.

I would love to sell the car privately, and I actually tried to back in the fall. But I only had a few people that were interested... and they all wouldnt give me nearly enough $$. The best offer I got was 13500. At the time, that wouldnt have even paid off my current loan.

@ Local CU... I hadnt thought about doing that, actually. Thats not a bad idea to check with a local credit union.

Originally Posted by jennerz22

If you can still find a new 07 Si in ASM, you shouldn't have a problem keeping the payment where you want it. I got a 07 ASM FA5 in October and traded in an 06 EX coupe. From my experience, you might be better off trying to sell your EX outright. If you don't want to do that though, I wouldn't see any reason why you couldn't get the payment in the range you want. Mine is $376 for 60 months @ 4.9 APR through AHFC.

I just figure if I can find an 07 somewhere, that I can negotiate a lower price to get it off their lot. My hopes arent high for that, though. Ive looked at online inventories at around 20 different dealers and not a single one has an ASM Si new or used.

Originally Posted by BigT

I was going to mention that.

I have traded in two cars that were modded (simple things like intake, exhaust, stereo, etc.) and the dealer didn't care too much. In both cases they said they prefered I put the car back to stock before trading it in but didn't seem to care too much that I had done stuff. In one case I even had several switches wired up inside the car (in my WRX). The salesman simply asked what they all did and made sure they didn't mess anything up and that was that. I got payoff or more for both cars.

Extremely good to know. Now I wouldnt be too worried about bringing th car there when its not stock.

Originally Posted by mattSi

That is smart. GL w everything. Those RSX-S wheels will look sweet on an ASM FA5!

If it comes down to a dealer having an FA5 in ASM and me being able to walk out the door with a great deal... then Ill probably do FA5. Otherwise... FG2 FTW!!!

Originally Posted by BigT

If you are going to move to an Si now is probably the time to do it since you have to refinance the EX anyway to get it into your name.

Something else to consider is that your current car will be paid off in three years. If you are starting a family soon there is a good chance you will be glad to be rid of that payment in three years.

Yea, thats exactly why Im thinking now would be a great time to make my move. If I have to do it anyways... might as well only do it one time.

As for the family thing... fortunately, my future wife and i have agreed that we dont want children for at least 5 years. We want to have time to ourselves for a while, and she wants to work for a while. If by some act of God she gets pregnant somehow... she drives a 02 Jetta, so we're covered in the 4dr department That was a great thought, though.
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I want to thank everyone for their input!!

[Phalanx]

Im getting the proces started with some emails to local dealers.

... let the games begin!!
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Im looking at various places for financing... at AHFC they refer to the 'The Honda and Acura Graduate Programs from Honda Financial Services'... does anyone know anything about this program? It says you are eligible if you have graduated in the past 2 years, which I have. So that may be worth looking into. Just wondering if anyone here knows about it.

[06CivEXJon]

Keep in mind

A. Gear grinds on the SI
B. Premium fuel
C. Consumes alot of oil compared to other Civics

Something to think about,Sis have had more problems than the other Civics with suspension clunking and other things. SpecialRingpop wants to get rid of his Si for an EX-L he originally wanted an EX with a 5 speed manual but the dealer didn't have one so he has an SI. Just keep the FG1 whats wrong with it? some dude did a K20 swap on his LX.

[I Vtec, do you?]

After going through it, I'll never support an LX/EX to SI upgrade. Just not worth it imo. The cars are too similiar to really justify the hassle. I'd just get an entirely new car at this point.

Also keep in mind the HFP rear piece won't fit on the SI. Different exhaust hole cutouts.

[rippars]

Originally Posted by I Vtec, do you?

After going through it, I'll never support an LX/EX to SI upgrade. Just not worth it imo. The cars are too similiar to really justify the hassle. I'd just get an entirely new car at this point.

Also keep in mind the HFP rear piece won't fit on the SI. Different exhaust hole cutouts.

no need to cut.

g/l deciding chris... if you can afford to trade in and it really what you want do it! my monthly payments went up less than 80 bucks on the trade in of my ex to si.

[Phalanx]

Originally Posted by 06CivEXJon

A. Gear grinds on the SI
B. Premium fuel
C. Consumes alot of oil compared to other Civics

Just keep the FG1 whats wrong with it? some dude did a K20 swap on his LX.

A: You can get Honda to fix this (as well as the other problems, like the clunking)
B: Already covered in my OP
C: Did not know about this... but I do oil changes in a more constant basis than 'advised' so I dont know how much of an impact this would have.

Theres nothing wrong with my EX besides the fact that I dont like driving it. I never really ave. I just keep convincing myself to keep it because its a pain to go through the buying/trading process.

My entire life ive been doing the 'economical thing' or the 'makes the most sense' thing... I wanted an Si to begin with... but I didnt get one because I needed a car asap and I wouldve had to wait for an Si.

I also have a limited number of years left before my life becomes consumed with my future family and such. If I was to have fun w/ a car... i want to do it now... and im not having any fun in the EX.

I thank for the post, though. Its always good to be reminded of things.

[Phalanx]

Originally Posted by I Vtec, do you?

After going through it, I'll never support an LX/EX to SI upgrade. Just not worth it imo. The cars are too similiar to really justify the hassle. I'd just get an entirely new car at this point.

I'd essentially be getting a new car. But I get what youre saying. I wanted an Si to begin with... so thats why I want to upgrade since I have to go through the hassle of changing the financing on my EX anyways.

[I Vtec, do you?]

Originally Posted by PhalanX