to SS/SC, yes there are a crap load of posts about doing this, BUT no one has explained what happens in the process

was wondering how the dealer handles your current loan, the difference between the two cars, and your new loan

thanks

 

i may be mistaken, but i believe they put what you still owe on the new loan... but like i said i may be wrong.

 

Well it all depends if you have negitive equity. I will do a quick break down with random numbers.

You owe - 13,000
Dealer will give you 10,000
Price of new car - 20,000
Plus the remaing balance from your loan - 3000 <<that is negitive equity (because the dealership only gave you 10k when u owe 13k)
so total price would be 23,000 plus tax title and all that other jazz.

Mike

 

Then they turn around and sell it for 14,000.

 

^^ They gotta make money some how man! lol

 

It's called "Negative Equity" and just get a turbo kit for your 2.4L.

 

that'd be spending the same amount of money to get the turbo that it would cost to swap for the sc

 

2.4L > LSJ

 

but its easier for someone to loan you the money on the new car, than to save up the money to turbo it.

 

The dealer will "find out" the value of your current car. This amount they will pay for it. Whatever else you owe on it will be added onto the sticker price of the new car. The only way to really make this work is to do it when one of those 0% interest deals is going on. That's how I pulled off a 2.4 to SS/SC swap and still ended up paying the same amount.

 

just swap it man thats what im doing..u dont want to do it u will get negative equity and it will rollover onto ur new loan cause it happen to me and its the worst thing to do cause i was thinkikng of doing the same and i had to put down atleast 4k to break even with my current payment and they said that would be my last loan on a car till i paid it in full...so u dont want to go through that enless u have the cash to put it down

 

Listen: There are a couple of really, really BAD things about negative equity you should consider.

1) If you get in a wreck and total your car, your insurance company - even with gap insurance - will only pay the value of the car. You could be stuck paying off a loan for a car you don't have... that extra $3-5k you rolled into the loan.

2) Your payments could go WAY up. If you're in a bad spot, i.e., you owe $5 grand more than the car is worth they could also rape you with a bad interest rate. Watch this, don't bite off more than you can chew. Also, make sure they don't f*ck you on trade-in.. if they know you really want the car, and don't have many left.. etc

3) A big chunk credit is based on how much money versus what you have. If you owe $24,000 on $20,000 worth of car that don't look good to other creditors.

My advice - either sell your car and pay off your current loan, then buy a new one out right; or do as some of the other members have said and turbo charge your car.

The only time I'd say it's a good idea to do what you are talking about is if you owe LESS than your car is worth (you owe $8 and its worth $13 on trade-in) or if you can get a great interest rate and your payments will stay almost the same (you were at 8%, but now you can get 2.9%). Otherwise, you are asking for disaster.

 

thanks for the help guys, decided not to do this until my amount owed is less than the cars worth (13k)

maybe save up for that turbo

+rep

 

Turbo ftw