In Memory of Mazdas247 Member "1338"
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Thread: How does trade-in work when your car is not pay up yet?

  1. #1
    bleh.... Jliao's Avatar

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    How does trade-in work when your car is not pay up yet?

    I'v search through the forum, but I don't think anybody actually discuss this before. Seems like it's a common sense, but I dunno how it works :P

    Anyway, I currently have a P5 that is not yet pay up (maybe 1.5 years will be done). How does the payment work if I trade in for a new one? like trade in for a mp3 or MSP or even a stick shift P5?
    Currently I pay about $289 per month, and if I trade the car in for a new one, do I need to finish paying this old one? or it carrys over to the new one so I just need to pay whatever is left on the new car?

    Anyway, I'd appriate if anyone can help me out.

    Thanks

  2. #2
    Pickle Pickle 1sty's Avatar
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    Say you owe $5000 on your car and you buy a new car for $20,000. Now if they dealer give you 10,000 for your car then you have:
    $5000(left on your old loan)
    +
    $20,000(the new cars buying price)
    -
    $10,000(the trade in the dealer gives you for your car)
    =
    15,000(the amount of the new loan)
    MECP certified Installer, Infocomm CTS-D certified System Designer

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  3. #3
    Registered Member Performance's Avatar


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    You almost had it. Take the new price of the car $20000 (eg)
    minus trade $10000
    plus taxes 15% Ontario
    equals $11500
    plus owed amount on trade $5000
    total new loan is $16500 plus any interest on the new loan

  4. #4
    Pickle Pickle 1sty's Avatar
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    HOw do you know he's in Ontario?
    IN NH, no Tax.
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  5. #5
    eh? MinnowGT's Avatar


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    also try to negotiate the price of the new car separate from
    the value of the trade-in. Cause if you don't know that much
    and try to do it together the dealer's gonna screw you.
    2002 Silver Protoge5 - Tinted - Injen CAI, RB Catback, Billet Antenna, ADR Stage IIs with Parada Spec2s

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  6. #6
    Pickle Pickle 1sty's Avatar
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    Originally posted by MinnowGT
    also try to negotiate the price of the new car separate from
    the value of the trade-in. Cause if you don't know that much
    and try to do it together the dealer's gonna screw you.
    HELL YES!
    Great Point!
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  7. #7
    bleh.... Jliao's Avatar

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    I'm in CA.

    I wonder how many people have done this....
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  8. #8
    eh? MinnowGT's Avatar


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    I know JPBlackMP5 traded his new P5 for a new MSP.

    the bum..... I don't know if he owed on it or not.
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  9. #9
    bleh.... Jliao's Avatar

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    Nice..that's what I'm thinking doing. *sigh* it's always the money part that gets people stuck! :mad:
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  10. #10
    2002 protege5


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    suggestion..

    heres another way you can atleast find out the best prince for the car (not that you could necessarily qualify for it).

    Tell the dealer your works for Ford as a consultant. For Mazda, you would then qualify for what is the 'S PLAN'. this is pretty much invoice - holdback - flooring costs + 4%.
    for example, a 2002 with a sticker of ~16,8 would sell for ~15k.
    The key to this is they usually show the invoice because the price is negociated and not negociable.

    They may ask for your pin number - just bs your way around this and say you dont get the pin until you find the car - by that time most salesmen are to busy writing the paperwork to bother getting the info. (i never got a pin on the last mazda i bought). or you could simply say that you cant get the price if you dont qualify and they usually show you.

    ps - the same works for :

    Ford - Volvo, Aston Martin, Land Rover, Lincoln, Mercury -- A plan (employees only), X plan (Ford suppliers - A plan price + 4%)

    and if you're interested in GM products (too many to list)- mention you qualify for 'GMS'....

    a little lengthy and maybe a little off base - but whatever edge you can get when buying helps

  11. #11
    bleh.... Jliao's Avatar

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    What if they ask you some technical question? like who's the head manager of the consultant? etc..

    Though, it does sound nice tho..hahah
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  12. #12
    2002 protege5


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    just play dumb at that point..besides most slaesmen are pretty dumb when it comes to that stuff. all they know is they have an easy sell. they dont have to fight you over price because its the best price you could get... below invoice plus you get any rebates.. i dont know of anyone who would argue with a deal like that.

    the only technical question they could ask is "do you have a PIN?" to which you reply either "I have to call to get it" or if youre not good at lying, " My dad works for Ford, and I need to use his info to get the PIN"

  13. #13
    Registered Member dj5tyle5's Avatar


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    i traded my 98 2.2 s10 for my p5 and they gave me 7k for it...i owed 10 on the damn thing so its negative equity or whatever you call it...that got added to the p5....all that equals one damn high payment
    2003 silver Protege 5
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  14. #14
    bleh.... Jliao's Avatar

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    Ya, I was calculating. If I were to trade in for a stick P5, I would end of paying about 10k more w/o negoiating the window price. For the MSP, I'd be paying somewhere around 11-12k. Man, I'm not sure if I even have the money for it, and I doubt my parents will help me out.
    Reason I'm asking because I'm trying to decide if I should mod my car with and auto-auto... .\_/.
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  15. #15
    Registered Member choke on words's Avatar


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    I'm the same way to Jliao. I wanna trade in my 2002 Protege Sedan in for a MazdaSpeed. I'm not really worried about the money I'll be losing. The only thing that really matters are the monthly payments. I'm going to the dealership on Friday and see whats up.

    Right now my monthly payments are $351...for those that know, will my monthly payments go up alot? I really dont wanna pay above $450 a month.

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