Nitehawk11sv

Aight guys. I know im saying it myself, what the hell is wrong with me. But my local nissan dealer is making me an offer i cant refuse . They want my fully loaded 2011 sv back, and i can get a new nissan of my choice for 0 interest, no money down or out of pocket, two months no payments and registration covered. Righy now ill be honest with you all i pay $530 for this speed boat. What should i do? Im open for all honest answers. Haters. Anything.

Asav

iTrader: (1)

Is your objective to downsize the payment? Whats your APR now and when is your existing coupon finished? how many miles do you have on the existing 11' max? I ask these questions because in my case my car has like 38k on it for a 2011. I wouldn't trade it because I got the car used already. I am finishing the note off this year and the car is running fine so it doesnt make sense for me, but it may make sense for you in you situation.

lexcitement

iTrader: (4)

Mama always said trade up not down lol

saltohio

The down side is that you would have to drive a Altima or :gasp: sentra.

Nihon7GM

I agree with Asav. If you want to have lower payments and what not then really make sure you get something you'll be satisfied with. The Altima 3.5 would be the only way to go IF you wanted an Altima. The new Sentra (b17) is a HUUUGE down grade, only upside to getting that car is the gas mileage. Other than that its smaller and waay slower(I think 138bhp). Only b17 Sentra worth buying would be the Nismo Concept(which they apparently are revealing at Nismo Fiesta in Austin, TX this yr=) ). Thats because it would be turbo'd 240bhp and looks badazz lol. Only other thing I can say is if you're single than a 370z would be a good trade off. Or wait for the new 8gen Maxima in your area and trade/upgrade up=). IMHO

Nitehawk11sv

Appreciate the feedback guys. Ive only had the max for about a year now, so have 62 payments left. I am at 12% APR (it does exist lol). So looking to both down my payment and interest rate both. I dont like thd new altima and the only way id get in one is if it had the 3.5. Im only considering the sentra for lowet payment and fuel consumption reasons. I know the nismo sentra does not exist, but it sure looks bad ***. Idk im so torn because to date i have the top of the line maxima with every single option. To go from 307hp to 128....argh.

Nitehawk11sv

8Th gen max wont be at my dealer until august

Richard66

If I had 33K left to pay for an already 4 year old car I would want to get out of it asap. That interest rate is insane. You didn't say how long the new term for an Altima would be or the monthly payments but I bet it will be half of what you are paying on the Max.

Nihon7GM

you are referring to crank right? just want to make sure because I haven't run across someone with 290whp+ let alone 307......crank hp though would make sense=)...just sayin lol not to harpe on you or anything.

12% APR is really high=/. Only way I could see you trading your car in is to make sure they don't transfer anything over to the new car. Only reason why I traded in my car for a Maxima was because I had $14k left on my Sentra(b16) SeR Spec V and they paid it off. Sentra (b17) would be the best bet to lower costs for you. If none of those work for ya. I don't know how you feel about the Nismo Jukes but I would take the Nismo(hence NISMO) Juke over the b17 Sentra. The Altima(3.5) and Maxima are practically the same besides the maxima looking more badazz and luxurious=).

ghost722

Sheesh at that interest rate, you'll probably pay over 10k just in interest over the life of the loan. I'd be surprised if the dealer doesn't roll the negative equity into your new loan. Have you actually talked to the dealership or is this one of those marketing gimmick mailings they send out? It'd be a waste of time to go through this only to have them tell you that you don't qualify for it. Either way, at the very least I'd try to refinance the loan through a local credit union. (don't know your finances/credit of course)

zoemayne

iTrader: (4)

Its either

a) you dont qualify for 0%..
b) they will roll over the difference on your new loan..

$530 * 72 is over $38K so you paid $40k for a USED maxima.... People are getting NEW ones w 0% interest at $37k the most..

Very bad..

Asav

iTrader: (1)

Well if i were you paying 12% interest for what sounds like a 72month loan on whatever car it was, I would get out of it even though you're rolling over too much negative equity. You would have to weigh the rollover amount on the 0% loan vs what you would pay over the life of a 12% loan with 62 payments left to make.

Man, look at what I'm about to say objectively although you may not like it. If you can get 0% APR on a new Nissan right now, I would just get an altima 2.5 sv with some modest MUST HAVE options AND get similar legroom, 38mi mpg with the 4 cyl engine, and save your money while your doing it on a car with less miles than your used car, full warranty and no immediate maintenance needs for you to deal with. Drive that for a few years, pay it off or far down, stack your money up. Then, your next purchase can be a bigger one when money is cheap and you have more of it to spend/put down. You cannot get out of that $530 note with no money down and buy what you want at all because there will be a lot of negative equity in that used max you are trading in that they will no doubt roll over into your new loan.

Here is the context, in 3 years you will still owe roughly $14k on that max and it will be 7-8 years old. I bought my 2011 sv premium loaded with 22k on it for $22,000 in June. If you buy a reasonably priced altima and they roll in the max money on your old loan, your car will be worth the same amount in 3 years roughly (12-13k) but you will have a much newer vehicle with much less miles and be closer to your equity mark if you are diligent about paying it down. Then if you want to trade it in and you have good credit, you come in with some cash and get the car you really want. I got 11900 from my insurance company when my 06 got totaled in 2012 with 130k on it just to give you that value perspective. Think about how much laon you will have left when your car is 6 years old.

with this maxima, you are setting yourself up to be really upside down on car notes for many years to come. dont do it.

Asav

iTrader: (1)

Well that's the trump card right... IF he can get 0% from nissan, thats tier 1 credit and i doubt he has tier 1 credit if he just closed a 12% loan 1 year ago so obviously they have some sort of promotion or gimmick where they can get him the tier 1 APR or they are BSing. IF it is really not dealer bs, then know you WILL roll over negative equity, but it is still worth it to get out from under the 12% loan. I would just be careful to ensure that is really what is taking place because dealers are slick. I would also buy the minimum amount of car at 0% that will allow the loan to even get funded with the kind of negative equity that will be wrapped up in that deal from the maxima. This is why i say buy the altima. the dealer likely cannot get that kind of deal closed with the finance company on a sentra because they dont book out well at all. In contrast, altimas book out very well, are extremely popular as leases and purchases which would allow the dealer to play games to sell another car and make the deal work especially if they're offering incentives, dealer cash etc. I would research this thoroughly before you get in there. Truthfully, with that kind of negative equity in that maxima, if he can leave out of there with a 5 year note, with the same payment, no money down, and get something he likes to drive, its a win because the other loan was a mistake all the way around.

13Maximasv

Have you thought about refinancing ? If you can qualify for 0% on a new car I'm sure you can get 3% on your current car

What do you owe ? Off the top of my head trade in on a 2011 would be maybe $18k, what are they offering you ? Are you sure the trade in will cover what you owe on the MAX ? As others have said, dealers are slick and if you agreed to a 12% car loan the probably figure you want a car REAL BAD as that's an insane rate

$530 x 62 is $32860

Max2013

You would not be happy with the performance of an Altima (even if it is a 3.5) or a Sentra and you would realize that every time you get behind the wheel... Every single time. I'd suggest finding a way to refinance ASAP.. That rate is beyond insane.

Nitehawk11sv

So update. Had the oil changed in the maxima this morning and apparently i need a battery. Ill look at the threads here to see which ones you all recommend.

So the deal is for an Altima SV 2.5, which i am not at all thrilled for. In the end guys im not gonna come out of the max. Its the top of the line and ill just hold on to it.

Now, i am trading up my 2014 rogue for a 2015, as that loan is also at 11.93% to a 0.9%, no money down, no payments for 90 days, 62 months to 60 month and only a slight increase in monthly payment. So thats gonna happen this weekend.

But glad to say the max is the nicest car ive ever had, and im not ready to part with it after 10 months. So im gonna keep it and pay it down.

Nitehawk11sv

Let me go back to my office and run a amortization calendar and cost approach schedule to really see what im doing lol.

RR5

iTrader: (6)

Cant you refi the car loan? As others have said, join a credit union and try getting pre-approval for a car loan.

240tomax

Hawk, I would go to the bank and get a line of credit, which should put you in the 6% range and then pay off the car with the line of credit to save money. An Altima is a decent car, but it would be pretty hard as a daily driver after your Max.

RCM78

At that interest rate I would do anything to get out of it... You can get into a leftover 2014 max for 0%.

Snapper1978

Good God GET OUT OF THAT CAR, that has to be killing you man. My apr on my 14 was 3%...................work on your credit man. In four years I went from a 14% apr on a pontiac to 3% on a brand new car.