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Hey guys, my name is Jim I am 20yrs old will be 21 next month and I currently have 2010 Nissan Maxima SV and will be trading in for a 370z soon. I'm still learning how the trading stuff goes and loans. I will explain what I am wanting to do and hopefully you guys can help me out. Anyways my dad co-signed the loan for me to get the Maxima and now I am wanting to trade it in for a 370z.

Here's the part I am still learning, I still owe about $27K on my loan and should I trade it for a newer Z that way I wont be losing too much money? Say I'm looking at a 2012 370z for $42K and if I do get $22K or little bit more for my Maxima for trade in from the Nissan dealership, will I be owing $20K(for the 2012 370z) plus $5K from the $27K I owe on my loans so then I'll be owning $25K for the 2012 Z? is that how it goes??? Anyone that can help I would be really appreciated. Thanks!

So, if I have this correct, you still owe $27k on your loan, right? And, you are thinking that you will get $22k for your Maxima, right? If so, then, you will be sitting at $47k (total loan). Plus, the insurance will be very high for you.

Yes that's how it goes. They will roll the overages (5k) from your current vehicle into the Z's cost. However they can more than likely get you the same payments that you have on your current vehicle even though you will owe more on the Z just by lengthening the terms and possibly getting lower interest rates, which is how they get you! All the sudden your making the same payments living life in a brand new Z and BAM, $5k more debt in a matter of minutes after signing those papers!

Yeah I owe $27k on my Maxima. So it wouldn't actually take off 20K off the 370z? Damn it. Better off to get 09-10 370z? Lets say what if I can get 2009 370z for around 20K or little bit more, would that better than getting the newer Z?

I am under my parents insurance, Idk if that will go up a lot. I pay $407 every 6 months full coverage on my Maxima.

I'm 20 also. And Nepali you're correct. 47k would be total that's with out interest etc. sell maxima privately to try to get 27k and buy a used 09 or 10 z.

I purchased my 09 z last May with help from my dad. I paid 26,700 with tax, tag, and title out the door. The car only had 3k miles on it, so I got lucky. It also had sports package and touring package so the price was a bargain.

Also, I purchased the z and sold my old car (BMW 328i) the next day for exactly what I owed on it.

I'm on my parents insurance also. Idk the exact payment but they have me on my dads Toyota Tacoma because I'm younger. I've never been pulled over for anything thank god!

But where would my trade in go to? I know it goes to the 370z but it wouldnt knock out 20K off the new Z?

Think of it this way. Say you had no car to trade in and you were just buying a brand new Z. Your total cost would be $42k, correct? So, now, you already have $27k loan. Dealer agreed to give you $22k. You pay $22k on your existing loan leaving you with $5k. Now, add $5k to $42k, and you have $47k. Does that help? What you are doing is forgetting your existing loan.

Wrong!!

That 22k you MAY get would go towards paying off your 27k you owe currently. Leaving you -5k going into the Z which will put you at 47k total for the Z. Not a good idea to be 20 or 25 for that matter 50k in debt

Exactly. And thats before taxes which you will have to pay within 30 days of purchase if they dont just roll into the payments as well, and it's safe to say they will be around 3k meaning your paying right at $50,000 for the Z, before warranty options, them comes insurance.

Really man I'm 20 too? Your payoff on the maxima is 27k, correct? If you can't sell it for 27k then you will owe the finance company the difference if you sell privately or if you trade in the difference will be applied to the cost of the new car.

Just my opinion but rolling over negative equity into a new auto loan is not a smart financial decision. You are just setting yourself up for a downward spiral of depreciation that is extremely hard to recover from without making substantially higher monthly payments.

Ahh okay, now I get it. Thanks! Guess it would be better to sell my Maxima privately and then get a 2009 Z.

Ah that makes sense. Thanks guys for answering my questions! Guess its time to sell my Maxima and pay off the loan! My parents may take the Maxima off my hands and I'll be trading my civic for a Z to give me a fresh start hopefully.

Since I owe $27K I could sell it for little bit more to make little profit? or Do I have to sell it what I owe on my loan?

You could try to get more than what you on it, depending on what the car is worth. Mileage, equipment, etc

Well I got the Maxima 11 months ago and its gonna be a year old next month. I got it off the show room its 2010 SV with cold/monitor package, Bose system. Car only have 5,100 miles on it(it had 74 miles whenever I took it off the lot) How much you guys think I could sell my Max for?

Hi