How does trading in a car work?

hmooblis · 07-13-2007, 12:17 AM

i was wondering if anyone can tell me how trading in a car work? like what will the new car price would be, because i was thinking about trading in my ex for a si. if i owe 27000 including loans and lets say...for example they give me 14000 for my car. if i went to trade it in for an si... lets say 22000? would would the new car total be? and for those who traded in their civic for an si... how much difference in your payments?

jennerz22 · 07-13-2007, 12:23 AM

If you owe $27,000 I'd forget the idea. You're waaaaay upside down.

***sgtpruitt*** · 07-13-2007, 12:27 AM

Make sure you take some lubricant with you to the dealer.

If you owe 27000 on your EX(JESUS MAN) and they give you 14000 for it on a trade then you would be financing the remainder 13000 on top of the 22000 for a grand total of 37000. Which doesn't include taxes and fees on the 22K unless it was the out the door price.

Is that really what you owe on the EX?

BATANG CITY JAIL · 07-13-2007, 12:30 AM

WTF? 27k on an ex?

hmooblis · 07-13-2007, 12:31 AM

awww man... yea... just bought the car a month ago and finance it. man i regret buying the ex. oh well i guess gotta stick wit the ex

BATANG CITY JAIL · 07-13-2007, 12:33 AM

Quote:

Originally Posted by hmooblis

awww man... yea... just bought the car a month ago and finance it. man i regret buying the ex. oh well i guess gotta stick wit the ex

but 27k? WTF is on the EX?? a month? u can still retun it...

***sgtpruitt*** · 07-13-2007, 12:33 AM

Quote:

Originally Posted by hmooblis

awww man... yea... just bought the car a month ago and finance it. man i regret buying the ex. oh well i guess gotta stick wit the ex

Your salesman is in Vegas right now.

hmooblis · 07-13-2007, 12:36 AM

Quote:

Originally Posted by BATANG CITY JAIL

but 27k? WTF is on the EX?? a month? u can still retun it...

oh i meant after all the finance charges. 4k in finance charges

***sgtpruitt*** · 07-13-2007, 12:41 AM

and I meant Las Vegas

BATANG CITY JAIL · 07-13-2007, 12:44 AM

Quote:

Originally Posted by hmooblis

oh i meant after all the finance charges. 4k in finance charges

so its 23k? you dont include the finance charge/interest on the trade in...

striker_1818 · 07-13-2007, 12:47 AM

Quote:

Originally Posted by BATANG CITY JAIL

so its 23k? you dont include the finance charge/interest on the trade in...

depends whether he has navi, and some other options...
that amount can be possible after tax...

***sgtpruitt*** · 07-13-2007, 12:47 AM

Quote:

Originally Posted by BATANG CITY JAIL

so its 23k? you dont include the finance charge/interest on the trade in...

Depends on the bank and if they allow early payoff. Some do not and you'll be paying the entire finance charge. Does this EX have NAV?

***FijiDeez*** · 07-13-2007, 01:47 AM

OP, check out the link below.. If its a simple-interest loan your payoff is just the principal. Otherwise its a pre-computed loan (which is rare) and you are hosed.

http://www.bankrate.com/brm/news/auto/20010827a.asp

zenith931 · 07-13-2007, 08:19 AM

I'm sorry, anything near 25k for an EX -- even WITH nav is outrageous. The OP must've had some bad neg. equity heading into the EX.

You're screwed. Just keep your head down, keep working and hope to pay off that loan. You ain't getting any new car until that loan is gone OR your principle ever equals the worth of your car -- although judging by most loan payments, you'd have to pay extra on top of your monthly payment.

Learn from your mistake and move on!

***Ruthless909*** · 07-13-2007, 08:23 AM

Quote:

Originally Posted by sgtpruitt

Your salesman is in Vegas right now.

hmooblis · 07-13-2007, 10:17 AM

so does the trade in include taxes?

***sgtpruitt*** · 07-13-2007, 10:30 AM

The amount you get on your trade shouldn't be taxed to you. The purchase price of the new vehicle will be taxed. You have already paid the tax for the car you own and when you sell or trade the car the taxes are for the new owner.

hmooblis · 07-13-2007, 10:38 AM

so if i got my ex for 18900 before taxes and all that stuff, would that be the price for the 14000 to be sutract from and add on to the si's price? so it would be 4900 + 22000(estimating). so then the si's price would be 26900 right?

Exeon · 07-13-2007, 10:45 AM

Just curious, what dealer did you buy it from? I'm from MN also

hmooblis · 07-13-2007, 10:49 AM

Quote:

Originally Posted by Exeon

Just curious, what dealer did you buy it from? I'm from MN also

buerkle honda... the one on highway 61

07-13-2007, 12:17 AM	#1 (permalink)
hmooblis Member Join Date: May 2007 Location: MN Posts: 86 Yang iTrader: 0 / 0%	How does trading in a car work? i was wondering if anyone can tell me how trading in a car work? like what will the new car price would be, because i was thinking about trading in my ex for a si. if i owe 27000 including loans and lets say...for example they give me 14000 for my car. if i went to trade it in for an si... lets say 22000? would would the new car total be? and for those who traded in their civic for an si... how much difference in your payments?

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07-13-2007, 12:23 AM	#2 (permalink)
jennerz22 Senior Member Join Date: Nov 2006 Location: MO Posts: 887 Jennifer iTrader: 1 / 100%	If you owe $27,000 I'd forget the idea. You're waaaaay upside down.

07-13-2007, 12:27 AM	#3 (permalink)
*sgtpruitt* VIP Member Join Date: May 2007 Location: Spooner Street Posts: 3,089 Tim iTrader: 7 / 100%	Make sure you take some lubricant with you to the dealer. If you owe 27000 on your EX(JESUS MAN) and they give you 14000 for it on a trade then you would be financing the remainder 13000 on top of the 22000 for a grand total of 37000. Which doesn't include taxes and fees on the 22K unless it was the out the door price. Is that really what you owe on the EX?

07-13-2007, 12:30 AM	#4 (permalink)
BATANG CITY JAIL Senior Member Join Date: Jul 2006 Location: Durham, NC..£╖╒◙o├æ Posts: 8,316 iTrader: 10 / 100%	WTF? 27k on an ex?

07-13-2007, 12:31 AM	#5 (permalink)
hmooblis Member Join Date: May 2007 Location: MN Posts: 86 Yang iTrader: 0 / 0%	awww man... yea... just bought the car a month ago and finance it. man i regret buying the ex. oh well i guess gotta stick wit the ex

07-13-2007, 12:41 AM	#9 (permalink)
*sgtpruitt* VIP Member Join Date: May 2007 Location: Spooner Street Posts: 3,089 Tim iTrader: 7 / 100%	and I meant Las Vegas

07-13-2007, 01:47 AM	#13 (permalink)
*FijiDeez* Bad Fother Mucker Join Date: Apr 2007 Location: Yompton, OH Age: 28 Posts: 4,543 Jason iTrader: 1 / 100%	OP, check out the link below.. If its a simple-interest loan your payoff is just the principal. Otherwise its a pre-computed loan (which is rare) and you are hosed. http://www.bankrate.com/brm/news/auto/20010827a.asp

07-13-2007, 08:19 AM	#14 (permalink)
zenith931 Senior Member Join Date: May 2007 Location: Redford, MI Age: 25 Posts: 2,424 Yes, I AM A WOMAN! iTrader: 4 / 100%	I'm sorry, anything near 25k for an EX -- even WITH nav is outrageous. The OP must've had some bad neg. equity heading into the EX. You're screwed. Just keep your head down, keep working and hope to pay off that loan. You ain't getting any new car until that loan is gone OR your principle ever equals the worth of your car -- although judging by most loan payments, you'd have to pay extra on top of your monthly payment. Learn from your mistake and move on!

07-13-2007, 10:17 AM	#16 (permalink)
hmooblis Member Join Date: May 2007 Location: MN Posts: 86 Yang iTrader: 0 / 0%	so does the trade in include taxes?

07-13-2007, 10:30 AM	#17 (permalink)
*sgtpruitt* VIP Member Join Date: May 2007 Location: Spooner Street Posts: 3,089 Tim iTrader: 7 / 100%	The amount you get on your trade shouldn't be taxed to you. The purchase price of the new vehicle will be taxed. You have already paid the tax for the car you own and when you sell or trade the car the taxes are for the new owner.

07-13-2007, 10:38 AM	#18 (permalink)
hmooblis Member Join Date: May 2007 Location: MN Posts: 86 Yang iTrader: 0 / 0%	so if i got my ex for 18900 before taxes and all that stuff, would that be the price for the 14000 to be sutract from and add on to the si's price? so it would be 4900 + 22000(estimating). so then the si's price would be 26900 right?

07-13-2007, 10:45 AM	#19 (permalink)
Exeon Senior Member Join Date: Mar 2006 Location: Burnsville, MN Age: 21 Posts: 1,953 lost the mod bug iTrader: 11 / 100%	Just curious, what dealer did you buy it from? I'm from MN also