Im thinking of trading in my max because it is having engine work done under warranty, and it only has 30k miles. I just got the car 4 months ago, so can someone please tell me how does the whole trade in process work. I still owe a lot of money on my max of course and I don't know how the whole payment process goes. I might just get another max, I love my car, but Im scared something else will happen after warranty is up.
P.S. Does the powertrain warranty cover the engine? Thanks.

 

you're trading it because it's being fixed under warranty? That's a new one.

my suggestion (if you're really going to get rid of it) is private sale. You'll get more money for it and still being under warranty is a big plus in the eyes of the buyer.

 

not to be rude, by how old are you?? you must be 17 or 18!! how do you not know how trade in and payment process works?? especially when you have a car?!?!?!?

 

True but he is asking us so lets just help him out. Sell your car privately or you will have the negative equity also know as upside down (the diffence in the amount you owe for the car and what the dealer is giving you for trade value of the car) added to your next car purchase. If you are getting another car with a rebate or you are willing to make a down payment then you won't have to carry the upside down amount into your next car purchase. However if you really want the car you have now you can buy an extended warranty that is tranferable incase you choose to sell the car in the future.

 

Well Im 23 and this is my first car. I just want to know will my payments be higher than what I am paying now on the max? When I trade it in they are not gonna give me the 20,000 I paid for it, not to mention the interest rate payments I have to make. Are they gonna pay the whole thing off or what? Some one with a serious detailed answer please help.

 

Thanks a lot Perrymaxima.

 

Well dude, unless the dealer or whoever is hard up to buy that particular model of car, NEVER expect to get back what you paid for it.

As for your request for detailed answers, it would be nice if you gave detailed facts:

- current car: length of loan, amount of loan, rate of loan, condition, mileage, etc.

-next car: what the heck are you planning on getting??, rate on that car, as said (rebates, etc.), negotiated price, and so on, and so on, and so on,...

You can't come here expecting a magic answer if your question is not VERY specific.

 

like perrymaxima said
if you sell your car for $14,000 but you owe $17,000 and you buy a car that is $18,000. you would be financing $21,000 (the price of the new car plus amount left over from old car) and yes your payments would go up. the only way to keep the same payments would be to buy a car that is $14,000 which would make the total loan the same as your current one ($17,000). i was going to sell my car but decided it was stupid. i would have to get a far inferior (and cheaper) car to have the same payments so it is cheaper in the long run to keep it. make sense? hope that helps.
and yes the power train covers the engine AND transmission, drive shafts, and axles.

 

if i were you, i'd wait at least another year, the depreciation is really going to kick you in the *** if you do it now (still will later, just not as much) -- basically what everyone else already said, if you want your payments to be the same due to the negative equity you'd be looking at a much cheaper car...

 

Thanks a lot. I don't want a cheaper car with the same payments, was actually thinking of going up, maybe to the Lexus GS. But now I will probably keep it. I think they are putting a new engine in. Will my car still be the same?

 

if you go up then the payments will go WAY UP since you have to add the cost of the lexus and what you owe on the max.
the car will be the same as it is supposed to be. it may be better then it is now but you never said what was actually wrong with it.

 

doesn't powertrain cover up to 60k miles? so, you've got a while to make up your mind

or you could buy an extended warranty.. granted nobody wants to have to keep taking their car in, but at least you're covered.

just remember, you can get a loaded 2k3 for less than $25k now with no miles. Your 2k2 with 30k miles will be worth far less than that. (my loaded 2k2 with 22k miles is worth $19000 to private party according to kbb.org)

check your loan statement for a payout amount, or give them a call (NMAC prints it on every statement). Take that amount, subtract what you'll get from selling it (dealer or private party) and that's how much you'll either have to tack on to the loan of your new car or put down cash.

 

Yes they will pay the whole thing off however they may only give you lets just say$17,000 for your max but they did pay off the whole balance of $20,000. The extra $3,000 is tacked on to the car that will be buying.What they give you and what you owe will be different because remember what you owe includes interest that you financed.Pretty much there is no way around it, ur going to get screwed a little because you had the car for such a short time you dont have enough equity into it to knock down some of the finance charges .Good luck

 

also keep in mind, your payoff is different from your payment amount times # of payments left due to interest, so make sure to call your lender and find out the payoff

i just bought my max last week, traded in my cavalier that i was 4 grand upside down on...that's why i paid 22k for my jawn instead of about 17.2k (saved some tax on the trade-in cuz they gave me 8k to payoff loan)...simple process but, you wont get a better car that way, stay with the max for at least a year and then start looking....(and save some cash in the meantime)...good luck

 

U will get *** raped if you trade it in...
I wouldn't do it