I am thinking about taking my car and trading in for something much cheaper, and cut my monthly payments in half. I have one problem though, my car is not what I would consider in excellent condition. Don't get my wrong the car runs great its just dirty and a little used.
My driver side carpet, has a hole in it. IDk why those carpets don't hold up, but I guess the bottom of my shoe just tore that thing up. To fix the carpet I am planning to go and buy some cheap once from wal-mart and just simply replace the Toyota patch. Does anyone advise that?
My tires are pretty worn out, I should probably replace them before taking it in, otherwise they will charge that against me. Where should I get tires cheap?
Now the big one, my windows are tinted. How do you remove the tint? anyone?
And lastly the bottom of my bumper all scratched up, and ideas?
I am thinking about taking my car and trading in for something much cheaper, and cut my monthly payments in half. I have one problem though, my car is not what I would consider in excellent condition. Don't get my wrong the car runs great its just dirty and a little used.
My driver side carpet, has a hole in it. IDk why those carpets don't hold up, but I guess the bottom of my shoe just tore that thing up. To fix the carpet I am planning to go and buy some cheap once from wal-mart and just simply replace the Toyota patch. Does anyone advise that?
My tires are pretty worn out, I should probably replace them before taking it in, otherwise they will charge that against me. Where should I get tires cheap?
Now the big one, my windows are tinted. How do you remove the tint? anyone?
And lastly the bottom of my bumper all scratched up, and ideas?
As ej063090 says, get your bumper buffed. A full detail will add hundreds to your resale value. Also get inexpensive new mats mats and new tires are a huge plus. That is one of the first things an appraiser looks at.
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Wont the cost of new tires be more then the value of them added to your car on trade in?
Made up numbers too help describe what I am talking about
Trade-in with out good tires $7500
Tires 500
Trade-in with good tires $7700 ($300 loss)
I agree. But if you're replacing the tires strictly for trade-in value, a set would cost more like $250 for a cheap set.
You should also find out your exact pay-off so you will know if you can even consider this move. There's no room to roll negative equity into an inexpensive used car. Good luck.
May I ask how much are you paying monthly? Cutting the payment in half sounds tough, especially corolla is not an expensive car to begin with. If you are going to the used car route and hope to finance it, keep in mind interest rate for an used car will always be higher than a new one.
May I ask how much are you paying monthly? Cutting the payment in half sounds tough, especially corolla is not an expensive car to begin with. If you are going to the used car route and hope to finance it, keep in mind interest rate for an used car will always be higher than a new one.
Actually, I always buy used and get the same rate as on a new car. My 2010 Corolla S I got 4.9% for 60 Months, I could have got 3.9% if I financed only 80%. I also refinanced my 2001 Tundra at the same rate for 48 months to pay off some credit cards that were raising their rates.
(Got to be careful with always)
But usually the rate is higher on used and on older cheaper cars the term is usually shorter. So the note remains about the same, just not for as long.
RussianBadBoyLB:
If you trade a detail will be a must. Leave the tint, unless it is darker than legal, it should increase the value. And get new cheap tires.
Not sure your situation, but you might be able to refi and lower the note and/or rate.
I use Digital Federal Credit Union, dcu.org, and they have a "trade your note, keep your car" option.
Joining is simple. Click on the link on their homepage and scroll to the bottom to see a list of organizations you can donate to and be eligable to join DCU. I choose to give $15 to AAPD – American Association of People with Disabilities several years ago.
I agree. But if you're replacing the tires strictly for trade-in value, a set would cost more like $250 for a cheap set.
You should also find out your exact pay-off so you will know if you can even consider this move. There's no room to roll negative equity into an inexpensive used car. Good luck.
negative equity is probably going to be the case. Its just the matter of negotiation. When I am speaking of a used vehicle, I am speaking of a USED vehicle, no newer than 7-8 years. Used 1999 Camry will make me happy, they go around here between $3,000-$5,000. So if the difference would just roll on top of the the used car, I would indeed end up loosing some money, but that's just what happens when you dealing with new cars, especially leased cars. Hey its better to roll $2,000 on top of a used car then have the damn things repossessed and pay all sorts of fees, and penalties, not to mention 100 to 150 points on your credit score for 7 years. I am planning to go in there first negotiate the price on the used car, not even mention the trade in or how I will pay for it. Just negotiate the lowest price possible. Then I will bring up the trade in and negotiate on that as well, usually there is not much negotiation on the trade in, they upraise it based on fair market value, and look at your buy out, and roll those over. I am hopping it will all go well, my car is a Japanese make, so I am guessing they are still allowed to sell those, and I am sure they would love to make some profit from this one.
When I said that there is no room to roll negative equity into a used car, it means that banks generally won't approve that much over the retail price of the car. You're talking about overfinancing a used car by 30% to 60%, and most banks won't go for that (assuming your $2k is accurate). Keeping your trade-in a secret won't help you, IMHO. If you beat up the dealer for rock bottom price on their car, they will return the favor when apprasing your car. It's always worth a shot though, considering the alternative. If this doesn't work, talk to the bank where you have the Corolla financed, they may be able to work with you.
May I ask how much are you paying monthly? Cutting the payment in half sounds tough, especially corolla is not an expensive car to begin with. If you are going to the used car route and hope to finance it, keep in mind interest rate for an used car will always be higher than a new one.
My payments are $243 a month at 4.6% Interest Rate, somewhere in that vicinity. My current buy out is $13,141, and based on KBB my trade in value is $10,100 with 26,000 miles, and private party value of $12,040. So yes I am upside down on this one. The car I am interested in is a 1996 Toyota Camry with 130,000 miles for $2,996, however that price also depends on negotiation, but lets assume that its final. I figured this:
($13,141 Buy out) - ($10,100 Trade In) = ($3,041 Dept)
($2,996 Used Car) + ($3,041 Dept) = ($6,037 Auto Loan)
($6,037 Auto Loan) x (1.085 Tax) = ($6,550 Value)
So roughly around $100 a month, no I am not saying that's exactly how much its going to be, it all depends on negotiations and how long I am planning to finance it for. 72 months is not practical since the car looses its value faster than what your paying for it. Look at it this way, I am currently in school its gonna take me about 5-6 years to complete, once I graduate this car will be paid for.
In conclusion cutting the payment in half in not very difficult, its just depends on what car your looking for. You cant expect to trade in for a 2006 and cut your payments in half. Cutting the value in half will however show you what car you can afford if you want to go that route.
Last edited by RussianBadBoyLB; 02-05-2010 at 06:34 PM.
When I said that there is no room to roll negative equity into a used car, it means that banks generally won't approve that much over the retail price of the car. You're talking about overfinancing a used car by 30% to 60%, and most banks won't go for that (assuming your $2k is accurate). Keeping your trade-in a secret won't help you, IMHO. If you beat up the dealer for rock bottom price on their car, they will return the favor when apprasing your car. It's always worth a shot though, considering the alternative. If this doesn't work, talk to the bank where you have the Corolla financed, they may be able to work with you.
Your right about banks not wanting to finance a car for $6,000 when its only worth $3,000. It all comes down to numbers, I might even just finance the car, and the remaining will just be a number, separate from the vehicle. I might do that and just do a consolidation and go for one bill, so that I don't have two separate bills one for the car and one for credit. I have excellent credit, so hopefully they will be more than happy to negotiate with me.
My payments are $243 a month at 4.6% Interest Rate, somewhere in that vicinity. My current buy out is $13,141, and based on KBB my trade in value is $10,100 with 26,000 miles, and private party value of $12,040. So yes I am upside down on this one. The car I am interested in is a 1996 Toyota Camry with 130,000 miles for $2,996, however that price also depends on negotiation, but lets assume that its final. I figured this:
($13,141 Buy out) - ($10,100 Trade In) = ($3,041 Dept)
($2,996 Used Car) + ($3,041 Dept) = ($6,037 Auto Loan)
($6,037 Auto Loan) x (1.085 Tax) = ($6,550 Value)
So roughly around $100 a month, no I am not saying that's exactly how much its going to be, it all depends on negotiations and how long I am planning to finance it for. 72 months is not practical since the car looses its value faster than what your paying for it. Look at it this way, I am currently in school its gonna take me about 5-6 years to complete, once I graduate this car will be paid for.
In conclusion cutting the payment in half in not very difficult, its just depends on what car your looking for. You cant expect to trade in for a 2006 and cut your payments in half. Cutting the value in half will however show you what car you can afford if you want to go that route.
$243/month is cheap for a new car. Most people pay a lot more than that. I'm paying $417/month but my loan is only 36 months 0% interest & I only owe $9k now.
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