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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

Look it up on kbb.com ;) it'll show you approx. numbers

Not that I am disrespecting your choice, but, why not enjoy your practically brand new Maxima for few more years and then look into getting a Z or another sports car when you are financially well off on your own?

Its all cool, Well 370z has been my dream car before I got the Maxima, since my parents keeps telling me to get a 4 door car or they wouldnt help co sign the loan. I just love the 370z, so sporty looking. RWD and fast. I want a car to have fun in also. But the Maximas CVT is gay and not fast enough lol. Not only that I want to go fast but I want a car I would love to drive in everyday.

Idk if its too early for me to join here but I would love to learn more about the 370z from you guys even though I dont have one yet lol.

Oh and thank you guys for helping me understanding the loan stuff! Was very helpful!

Almost forgot about asking this too, Since my dad co-signed the loan for my Maxima and he didnt put my name in there with him and now I'm not earning any credits. Can I go refinance my loan and have my name on there with my dads? if I can will my payments go up more since I dont have any credits?

Good luck man and try to find you a nice used 09-10.

Thanks, you know anything about refinancing the loan? Info I posted above.

I don't know enough to guide you. Sorry. Go talk to a dealer and see if they can help you out.

edited: save your money and build some credit

I went to the dealership the other day to find my dealer that sold me the car and the other dealer told me that he doesn't work there anymore lol I was wtf


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+1......... :iagree: znot smart at all.

+1........ :iagree: You have only had it for 11 months & only have 5,100 miles on it. You can always fix up the Max to your own liking (rims, lower it a bite, ground effects & etc). The Max is not an ugly looking car by any means. If your dad co-sign for you, then you are still building up credit regardless b/c your name is on the document. Now if payments stop & car gets repo, then both of your credit scores will be f**ked. So keep paying the note (you or your parents) & be happy that you have a nice car b/c it is better than not having anything at all.

I agree with you on this. I went to the dealership the other day and I told him what I wanted to do so then he wrote down my info and then went to check my credits. When he came back he said that I didn't have any credits since the loan is in my dads name. But I thought since my dad co-signed the loan I would be getting credits also.

Could I go refinance my loan and then have my name in the loan with my dad?


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Welcome! You will take a hit on the Max to get the Z.

Thanks! Not really get what you are saying lol.


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you will lose money on your maxima to get into a Z if you trade.

+1..... :iagree:

What he is saying is that the dealership will not give you full value of what the Max actually is worth b/c they would need to make money off of the Max for themselves. You still owe 27k on the Max & let's say that the Max is actually worth 28k. The dealership might give you 22k maybe 24k, so you are down 3-5k that would be rolled over into your new car if decided to actually get the Z. This would not be wise or a smart move on your behalf. The goal is to break even or come out ahead, but not be negative & jump into another vehicle. That is just crazy & stupid.

As others have stated & including myself enjoy the effen Max. You can still do a lot to it to make it look cleaner & sexier than before. I would join a Toyota forum for Max's & see what others have done with their Max's. I would love to have either a brand new GT-R, M3, or a Cayman R. I do not want to buy a car that the monthly car payment is an effen mortgage payment..... NOT PRACTICAL. So I am enjoying what I have & I really do like it (my Nismo).

a used 350 is a better option for you.

So what would you guys think, if I keep the Max for awhile till my loan is at $23k?? Then trade for a 09 Z?

I don't want to go too crazy on Max though. And dont want to spend a lot on the car either. I would want is I guess you guys already know is most of Maxima owners want to get 19" Rays from 370z, thats what I want to get For the Max and then maybe lower it on eibach pro kit. I just don't want to do too much to it.


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Bump, guess I'm gonna bump my own thread..

So if everything goes the way I wanted I should be getting a 370z in 7 months. I know that is a long time but cant wait to get one!

There's a 2012 370z touring at the Nissan dealership its brand new and they want $42K for it but it says a sticker saying Hail Sale so I wonder how much I could get the price down to since it has Hail sale on it, but I checked it out and I do not see any hail damage but has been hit by hail. I would say about almost all their cars on the lot even newer cars have Hail Sale on them and some of them says they'll take $8K off. JW how much I could ask to take off on the 2012 370z touring if they want $42K for it and has Hail sale sticker on it.

Dealers...
 

Tbh dealers will try to get as much $$ as possible out of you so if its at 42 for a nismo there not going to lower it to much from my experiances even if it has hail dmg. just go to the dealer sit down and talk with him don't be all excited about the car put on more of a poker face and point out all the flaws like any dents scratches stupid stuff and he may go down a bit. Try to get it to what you would be comfortable paying for it if its to ^high^ let it go remember you can always go to disscuss numbers if its a no go then keep looking or waiting for price drops or save $ .:eekdance: if that helps?

:iagree: talking to dealers and negotiating final prices will get you the best deal :tup:

Ahh true. I'll just wait till they have 2009 or 2010 370z at the price I want to pay. Hopefully the 2010s price will drop soon.


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yeah you still have a couple months the most important thing is to save up your money and make sure you can afford the car when you get it. :tiphat:

I plan on putting $2,000 or $3,000 down payment on a 2009-2010 370z if they go for $25k hope my payments aren't too high.


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