Juntech

I picked up a used WRX STi last weekend. It was a pretty good deal but i got screwed because the car was previously damaged. Anyway, i might still trade it in for a Stang GT later on down the road...because that's still what i really want. Anyone know if it is possible to trade in to a dealership even if the car isnt completely paid off?

tdappleman

You can always trade in a car with a balance due on the loan or lease. The residual amounts are either paid off by you or rolled into the next vehicle you purchase. Depending on the amount of damage they find on the car will obviously determine how much you get on the trade itself. Hopefully it's not enough to warrant the 25% damge disclosure most states have. Good luck.

Juntech

thanks man, actually the damage is very minimal and it passed the certified used car inspections...so i shouldnt be too far in the hole once i step up to a stang.

So essentially the bank that Ford dealer deals with will pay off the loan that the other bank financed with me? And then i will pay the ford dealer's bank? If the value of the STi is more than a mustang, will they just give me the car?

hammeron

Don't sweat it, you didn't betray all of us you betrayed yourself...j/k
-
Someday if you really want one, you will have your stang. Nothing wrong with
the WRX's, they are fine cars.

Herknav

If you owe more on the car than what the trade-in value is, you are upside-down on the loan. Some banks will let you roll the difference into the loan for the new vehicle. If you are not upside-down, the positive difference is subtracted from the total amount of the loan on the new car.

But, congrats on the STi, that is a very sweet ride. I wouldn't mind having one myself...

saud alzaabi

naah you havent betrayed us... u said it man ... it's just a temprorary car ...


I always wanted to test drive those turboed AWD'S and see how could they handle ...

Patience?!?

They won't just give you the car ... essentially what will happen is they will offer you a quote of what they think your car is worth (generally they will pull these numbers from what the latest dealer auctions are getting for the car ... and it's ALWAYS LESS than what you think you will get) ... if you take that offer ... that will go towards what you owe on the car ... and pay off that part of the loan ... if you get back more than what you owe ... say you owe 22,000 on a car you bought for 26,000 ... and they offer you 24,000 ... you will have 2,000 left over to go towards the stang ... but, as you can see you still lost 2,000 on a car you had a short amount of time ... you will be LUCKY to break even when you trade in the car ... trading in is always worse than trying to sell the car on your own (it's just convenience that trading in is for) ... truthfully if you intended on getting a stang soon ... you might have wanted to wait ... but, if you don't for a while ... then you will be fine ... anyways ... i'm just babbling now ... congrats on the STI ... they are definitely a decent car except for that hideous wing

mikewillsmith

I traded my 2005 Sti on my 2006 GT vert. I loved the STI, but it was just WAY too fast and handled too well.
I know that sounds stupid, but it was like having a missle. Anything you asked, any corner, any speed and the damn little thing would do it without issue. Great fun and it was also a 4x4 (great here in Maine).

I do like the Mustang better though...
More comfortable and the top comes off.

Andys06GT

it also helps if you can put money down. the dealership is more inclined to offer you a better trade in on a car you owe money on, and knock less off the car than you might get without a trade in. but it helps you even out the amount that will be ADDED to the car your purchasing now. i was upside down on a truck that got valued at 13500, and they offered me 17200 on a trade in because i put a substantial amount down. it helped finance less, and create a lower interest rate because they had faith in me paying right off the bat. dont let them try to muscle you on a bad trade in value, unless they plan to lower the amount of the car an equal amount.

Herknav

They are pretty fun

*points to his avatar* 02 WRX Cobb Stage 2