Quote:
Originally Posted by darklocust
I went to a dealer in Folsom, CA and they offered me 12K trade-in and the rest on 12.95% APR because of my short sale. I told them that I'm selling the car for ~$16500 on Craigslist and wanted me to sign the loan. They said they were doing me a favor because 1) I was able to qualify for the loan given my situation and 2) they would give me 5 days to sell my car or they take it in. I walked away at that point. Keep in mind my 03 350Z has about $10K of stuff in it and KBB is about $14K IF stock.
Damn stealerships... trying to get my car for $12K. F no.
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If you're upside down on your current loan then they aren't going to deal. If your credit is decent then sign up with PenFed and get a second loan at 3.99% for the new car and sell the current one over the next 30 days.
The $12K trade-in sounds about right for a loaded 03 350Z, mods don't apply well to resale unless you can find the right buyer unfortunately. You could potentially do better with a private sale, however a private buyer may be concerned that you don't have enough cash to clear the title. Even if they write their check directly to the loan holder they need to know that you can pay the balance in cash.