Ok long story short, i have a sedan and i really would like to get out of it. i rushed into getting a car as i needed one. Its a 05 LS loaded leather everything you can get with a 5speed and has 42k. I owe jsut under 8700. If im lucky ill get that from the dealer as a trade in. According to KBB its work 9100. I was wondering if anyone had any opinions on GM's smart buy option. What exactly is it. Me being in college i dont work during school so i work my ass off (50-80 hrs a week when possible) to have my carpayments paid off till the next summer. Im looking into a Orange SS or SS/SC or even a Orange coupe. I was wondering if this would be the best option for me. thanks

 

jsut remember

for the sunburst orange, you will have to go used, or a vhicle sitting on the lot for a llooonnnggggg time..

they discontinued the color for 07's

 

i know, im in between from orange, blue or silver. ill never get a black car again.

 

black is very difficult. pain in the ****, but lets face it when its clean looks the best in the whole world, thats a documented fact! as far as the smart buy option i am not familiar with it so cant help you there. but i say hey if the dealer is going to give you what the car is worth and it happens to be less then what you owe, go for it. that means you wouldnt be upside down in the car and you payments would not go up drastically. depending on what you get though. but if you have to work like that to pay for the car you have do you really want to increase a payment? it might be better just to ride it out.

 

Check the Chevy website. I know its on there..

 

You owe over $8000, they say they will payoff your car and they will, but they then add it onto the price of the new car. So if the new SS costs $22,000 you will be paying over $30,000 because you will still be paying on both cars. Every dealer in the world does that, it's how people get upside down in cars and eventually can't afford them. If you can wait, pay down the LS at least to where it's $3,000 or less, that much you could afford to have tacked onto the price of the new car.....or at least go in with $8,000 as a down payment, then you will just have the entire price of the new car to pay on and not paying on two cars.

Remember, they say they will pay off your trade, but in the end you end up paying on your trade as well as the new car.

 

that's not true at all... if that ever happened to you it was because you got royally screwed over... if he owes about 8,000 and gets 8,000 for trade in, then he's dead even... he would only be upside down if he owed more than the car was worth

 

You obviously never traded a a car in that you owed thousands on still. Try trading in your 05 or 06 cobalt on a 07 and see how much you get taken for. It's what ALL dealers do, thats how they make money. They may no tell you that;s what they are doing but if you look at the contract you will see it there. Guaranteed.

 

if they give you 9,000 for trade in, and you owe 8,000, that's 1,000 to put towards making you ss/sc CHEAPER. how does this make sense? like i said, you only go upside down if you owe more than the trade in value.

 

Because you still owe 8,000 on the car. Do some research and ask around. That;s just how things work when you owe tons of money on a car still.

cant tell you how many times I had used cars that I owed $2000 still and when I traded them in, they added that $2000 onto the price of the new car. It happens on all cars no matter what you owe.

Like I said, that's how people get upside down in new loans. The dealers gotta make their money, it;s like selling the car twice. That's how they can get away with saying they will pay off your car no matter how much you owe, because you will still pay for that trade.

 

no, again, that's not how it works... yes, you owe 8,000. but they're GIVING YOU 9,000 FOR YOUR TRADE IN!! you have been getting ripped off if that's what happens to you... if you owe 2,000 and your car is worth 6,000, you're walking away with 4,000. you're not 2,000 in the hole like you think. if your car was worth more than you owe, and the dealer ripped you off, you could have either done simple math to realize that they're ripping you off, or you could have sold it privately. either way, don't EVER let the dealer tell you that again. was it the same dealer? once they did it to you they probably realized that now you think it's the norm, so they kept doing it. if this is true, and you're not just messing around, i would get a lawyer and get your money back. because the dealer bent you over, hard

 

I'm willing to bet $1000 right now that if yu went in and traded your SS/SC for a brand new one, you would see that this is how ot will work. Go ahead, try it. Hell I got $2000 sitting there and my 06 which is paid off waiting here for you. Try it.

And yeah, everyone who trades in a car who still owes money is getting ripped off, thats the way it works.

 

she obviously doesn't get it. anyone else want to chime in? answer me this ONE question. If you owe 8,000, and the dealer is giving you 9,000 for the car, how does it make sense for them to tack on the 8,000 to your new car? answer that one question.

at this point, i have to think that you're just trying to annoy me, because nobody can really be this ignorant after something was clearly explained using real numbers and a little big of logic.

again, they ONLY tack on money from your current car is you OWE MORE THAN THE TRADE IN.

so let me get this straight, you've been basically giving your car to the dealer for free?

 

and you obviously dont know how to read. the guy said they are giving him around 8 or something and thats about what he owes. there is no adding on thousands. thats only if he owed more then it was worth and he was upside down in his trade. so before you go off talking to people like that and start telling them they dont know what they are talking about see if you can pass the special Olympics entrance exam. if your 06/07 balt is payed down below actual value of trade, you get value of trade. what does that mean? it means you have no negative equity in your car, therefor it will cost you 22k. guaranteed

 

thank you!! finally someone that gets this beyond simple concept!!

 

you got it man thats how it works. its not for free really it just means he payed quickly so the car has not depreciated as much as if he would have taken his sweet time paying. its one advantage of paying more then required on a car

send me my damn check in the mail then. you have absolutely no idea what your friggin talking about! you are sorely confused. you would be correct if he was getting only 6 for a trade and he owed 8. then he would be paying 24 rather then 22. everyone knows that.

 

the free thing was to her... she said she owed 2,000 on a car so that 2,000 got tacked on to the price of her new car... which means she got zero for trade in

 

I used to sell cars for a GM dealership. You're wrong, everyone else is right. Get over yourself and don't ever buy a car by yourself because you'll get bent over.

I'll take that $1,000 bet, I could use the money right now. If you're trade-in value is $8,000, then the dealership will use it for the $8,000 pay-off. When you hand the car over to them, you hand over the title as well, which means they would be responsible for the payments. They will pay off the car and you would be financing the whole shot, $22,000, plus tax, title and fees if you don't have a down payment...

 

^^ LOL BakNblack and D4u2s0t, thanks i know what you guys are talking about, i wouldnt be trading my car in if i couldnt get at least what i owe on it back. i owe 8700 KBB says 9100 so ill get prob 8700 from the dealer. no one has yet to explain the smart buy for me

 

if you have an 06 that is paid off, i'm guessing you have some money... so the dealer probably thought since you have money you wouldn't question why they were tacking the money on... seriously, get a lawyer, and get your money back.

 

yeah i totally understand but thats not what she was initially saying ya know. that is correct, thats how they do it, thats how they make extra money. but thats not what she said first. it doesn't even make sense, why would you pay 8k for a car that you are getting 8k for in trade. that only has 8 left on the lien. then she gets all gung ho about it and it just looks like she didnt even read what she was typing. so i am wondering when she is going to deliver my new 06 ss/sc and my check for 2k dollars.

 

a "smart buy" is actully not that smart in the long run... your initial payments are very low, but you're mostly paying interest... so as an example, with made up numbers, your car is 22,000. if you financed, your payments would probably be somewhere around 400/month or so depending on the down payment you make. so for 3 years or whatever, instead of paying 400/month, you'll pay much less. sounds great, right? but then you'll have a "balloon" payment that will be really high. so basically you'll be paying MUCH more than the 22,000. you can again finance that last payment, and then you have to figure in finance charges all over again. it's nice for now, but in the long run you'll be paying thousands more. it's pretty much a legal scam, and you'll be paying your car off for 8 years or more if you follow the normal schedule.

 

If you plan to modify the vehicle, don't do a smart buy. Smart-Buy's were established by GM because of vicarious liability. When a vehicle is leased, it is titled in the auto-manufacturer's name. If you got in an accident while drunk driving; technically, in states like NY, someone you hit could sue GM also because it's their name on the title. Which means, they own the car.

A smart buy puts the title in your name. Payments are made small like a lease by creating a balloon payment for the final payment, which you can choose to pay or not to pay. Basically, a 48 month smart-buy would include 47 payments of say $299 plus an optional 48th payment of $12,995. If you don't make or refinance the final payment, you forfeit the vehicle back to GM just like the end of a lease. That means, any damage, modifications or over-milage would be charged. It's up to you, but in the end you'll pay much more than a purchase with higher payments...

Beat me to it, lol. You explained it well...

 

ok, so down right financing the whole this im best off. I at least wanna get into a coupe.

 

it would be better off in the long run, yea... your payments would be a little higher, but it would be paid off quicker, and you'll pay less overall. plus, it's your car... what happens if you can't afford the 17,000 last payment? you can just give it back to them, and then like said pay for miles over 12,000/year, any damage, repairs, etc. not worth it in my opinino.