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INeedCredit · #1 04-01-2006, 08:07 PM

WHats up?

I went down to purchase a car. It took a couple days, but they approved me!!!! It was only up to a specific amount. So I went with a decent car. The day after I drove the car off the lot, it would not start!!!! So I took it to get serviced. What my question is............Can I trade the car in for another car of my choice? I made 1 payment on the car already. Is it possible to trade the car in and get a brand new car? The car I bought is a 2002 Nissan Maxima. I want to trade it in for a Scion XB 2006. I feel as though the car I purchase is going to give me problems. So i would rather much trade it in now, and enjoy a car I really want. Any suggestions? I dont want to put any more milage on the car. It has 76,xxx already. Any suggestions would help. very much appreciated. Thanks

DonM · #2 04-01-2006, 08:57 PM

You can do whatever you want but you will only get trade in value for the car--not what you have left to pay on it.

ex. if you owe 10,000 and you trade it in and the trade in value is only 6,000, you are responsible for the difference (4,000). You might be able to roll that amount over into the new car being purchased but it isnt the best idea to do so..

INeedCredit · #3 04-01-2006, 09:00 PM

Why isnt a good idea to roll over the difference? Thanks

jrmoro · #4 04-02-2006, 10:51 AM

Quote:

Originally Posted by INeedCredit

Why isnt a good idea to roll over the difference? Thanks

Hello:

When someone purchases a car and makes a decision to trade-in or sell before the loan is paid off, it's normally going to caught you a lot of money.

Based on the example of trading the car in and having a value of $6,000 and you owe $10,000... is a loss of $4,000 in a matter of one month!

Most new car lenders will not let you borrow more than 125% of the original window sticker... or known as MSRP. So if the new car's MSRP is $15,000, you will be able to borrow up to $18,750.00 including tax, title, license plates (tags) etc. but only if you have great credit.

I would strongly suggest that you take your Nissan back to the auto dealer that you purchase your car from and talk to the General manager about your dissatisfaction with your car. Let them know that it has had starting problems from day one and that you believe that the car should be repaired at their expense.

Make sure that you go in there with a smile and let them know that you need their help. Most places are going to help you... but only if you don't go in there with your "Guns a Blazing".

Please don't put yourself more in debt! You'll be paying the price financially for a long, long time if you make a decision based on your emotions, rather than you stepping back, using your mind, and making the right decision.

Best of luck... you can do this!

INeedCredit · #5 04-02-2006, 11:04 AM

I already took it to get serviced. It took about 2 weeks to fix, but its done. What are my best options? The car already has 77,000 miles on it already. I know if I keep the car for another 2 months......the milage is going to sky rocket. Then i would be stuck paying off a car that has very high milage. Im trying to avoid that. What are my chances of getting the other car I want? They approved us for $12,000 for this maxima. The Scion XB is $14,570. I really want to get rid of this car. To tell you the truth, I rather be paying for brand new car for $18,000, then a car with high milage at $14,000 or what ever i end up paying.

jrmoro · #6 04-02-2006, 11:09 AM

Quote:

Originally Posted by INeedCredit

I already took it to get serviced. It took about 2 weeks to fix, but its done. What are my best options? The car already has 77,000 miles on it already. I know if I keep the car for another 2 months......the milage is going to sky rocket. Then i would be stuck paying off a car that has very high milage. Im trying to avoid that. What are my chances of getting the other car I want? They approved us for $12,000 for this maxima. The Scion XB is $14,570. I really want to get rid of this car. To tell you the truth, I rather be paying for brand new car for $18,000, then a car with high milage at $14,000 or what ever i end up paying.

Only you can make that decision. The most cost effective way to own a car is to hang on to it as long as possible.

No one can change the way you feel about your car, but you just bought this car and already you want to dump it. That's my concern.

I have been helping people with their automobile financing for more than 15 years... I'm just trying to keep you from making a costly error!

INeedCredit · #7 04-02-2006, 11:13 AM

I guess I dont want to make a costly error. I just got happy at the moment of the purchase when i got approved. Now im realizing that it wasnt the best move or car for me. Plus i dont even have the title yet. So i couldnt trade it in untill I have that correct?

jrmoro · #8 04-03-2006, 12:56 AM

Quote:

Originally Posted by INeedCredit

I guess I dont want to make a costly error. I just got happy at the moment of the purchase when i got approved. Now im realizing that it wasnt the best move or car for me. Plus i dont even have the title yet. So i couldnt trade it in untill I have that correct?

Some dealers will take a personal check and hold it hostage until you receive your proper title.

Most Department of Motor Vehicles (DMV) in each state have a back log and many times it could take 8 to 10 weeks or longer to receive your title.

Most States will retain the title until the car is completely paid off.

Maybe the time you're forced to wait will be a good thing? Just make sure you have checked out all options before you make another decision you'll regret.

DonM · #9 04-03-2006, 08:10 AM

you can still trade it in if you dont have the title. the dealer will have to pay your loan off before the finance company that is holding it will release it to them. Your situation doesnt look good though. you are upside down on your loan and you will lose quite a bit of cash if you trade it in.
Nissans run forever though. I know several people who have over 200,000 miles on them and never put any money into the drive train.
All they really put into it was normal wear and tear items....tires,brakes,oil change, filters, hoses,etc...
You really do have a good car even with 77,000 miles...

shnrbckman · #10 01-09-2007, 01:19 AM

Quote:

Originally Posted by INeedCredit

WHats up?

I went down to purchase a car. It took a couple days, but they approved me!!!! It was only up to a specific amount. So I went with a decent car. The day after I drove the car off the lot, it would not start!!!! So I took it to get serviced. What my question is............Can I trade the car in for another car of my choice? I made 1 payment on the car already. Is it possible to trade the car in and get a brand new car? The car I bought is a 2002 Nissan Maxima. I want to trade it in for a Scion XB 2006. I feel as though the car I purchase is going to give me problems. So i would rather much trade it in now, and enjoy a car I really want. Any suggestions? I dont want to put any more milage on the car. It has 76,xxx already. Any suggestions would help. very much appreciated. Thanks

I know this is a late post as this thread was old, but you have 72hrs in most cases for buyers remorse. You pay some in milage and wear and tear, but you can get out. If you buy from the same dealer the "swap" vehicle, could come out with no money out of pocket