Not Sure if this is a good idea

[FiredUp]

Hi guys (and or girls) I joined the forum because i am about to purchase (currently looking) for a z. im currently talking to someone about taking over thier payments (25k left) but the owner wants me to give her her down payment which is 7k. that means id be paying about 35-36k (including registration fees and etc) i am trying to get them to just hand over the payments to me because they said that they are not able to pay anymore. so my question is this: is it a good idea to just take over the payments, or am i being too unreasonable ( i have a co-signer with perfect credit so i am 110% that i can take over payments).

[dP3NGU1N]

Why would you give some 36k for a used car when you can buy a new one for the same price? Unless it's a brand new touring + sport there's no reason to give her her down.

On a side note I always love seeing threads that start with "Not sure if it's a good idea...." I don't think there has been one that ended in everyone saying "Great idea!".

[FiredUp]

haha yea i know, what i told the owner was that thye basically payed their interest and taxes with the 7k downpayment, and they have not even started paying for the true value of the car (its a touring + sport fully loaded 30k miles) and they didnt understand what i was talking about

[dP3NGU1N]

Maybe some others would be kind enough to chime in on how much a touring + sport is worth right now. What year is it?

[FiredUp]

09, kbb lists at 25k but theres always the hassle of getting it to a mechanic to get it checked out and to go through the bank to get it refinanced under me

[dP3NGU1N]

Yeah, particularly with the first model year of the car. If she's not willing to let go of that 7k then you should let that car go.

[FiredUp]

well im going to give it one last try this week, if not then i guess she will have bad credit. haha ;D

[PaulZ370]

Originally Posted by FiredUp

well im going to give it one last try this week, if not then i guess she will have bad credit. haha ;D

Bought mine brand new, 3 miles on the ODO, Touring + Sports, 2011, for $36.5K just to give you an idea...

The price does not go down significantly for the 370Z for a used older model year. I tried getting a used one with some miles, but by the time I incurred shipping or me going to get it cross country etc, I would have ended up paying about the same. The dealer, after trying for a month to find one, offered me a brand new for about $3K more than I would have paid for the older, with miles, that somebody I didn't know might have abused, 370Z. So I opted to go brand new - at that price, I haven't looked back since...

[Ubetit]

Tell her to take it to Carmax or any dealer that will buy used cars not on a trade. When they shock her with their offer and laugh at her as she explains she also wants her deposit back, then you tell her you'll give her $1,000 more than they offered... but of course she'll need to come up with the difference to pay off the loan

My DD is a 2006 Honda Civic Si. I paid $21k In cash when i bought it. I'd like to sell it now with 56k miles and want my $21k "down payment" back to whoever buys it. Any takers?

[Ubetit]

Originally Posted by dP3NGU1N

Maybe some others would be kind enough to chime in on how much a touring + sport is worth right now. What year is it?

Nice red one 09 Red Touring 6sp Sport Non Navi
09 370Z Touring Sport Pkg 14,000 mi $27500
2009 Pearl White/Auto/ Touring/ Fully loaded

[6MT]

Hi

[FiredUp]

Originally Posted by Ubetit

Tell her to take it to Carmax or any dealer that will buy used cars not on a trade. When they shock her with their offer and laugh at her as she explains she also wants her deposit back, then you tell her you'll give her $1,000 more than they offered... but of course she'll need to come up with the difference to pay off the loan

My DD is a 2006 Honda Civic Si. I paid $21k In cash when i bought it. I'd like to sell it now with 56k miles and want my $21k "down payment" back to whoever buys it. Any takers?

i would do that, but she does not have title, and will not have it untill the car is fully paid off. My parents want to just give 25k cash for the car and i would pay them back over time, but for this instance, its a good way for me to build credit because she already paid the interest for the loan, the only extra thing i have to pay for is the registration. and yeah, when i heard her say she was trying to do that i was laughing.

[LakeShow]

Welcome...

[m4a1mustang]

Not to be rude but it sounds like you should do a bit of research about vehicle financing.

1) Without us knowing the full details of the vehicle (You say touring + sport w/ 30k, but what year?) there's no way we can estimate the current value of the car

2) Giving the current owner their down payment AND assuming her current payments is absolutely ridiculous. You should only consider buying out her loan if it is less than or equal to what the car is actually worth.

3) If you are even remotely willing to take over a $25k note and give her $7k, you're far better off just buying a new Z.

4) When you're dealing with a seller making ridiculous demands like, "buy out my loan AND give me the $7k I put down on the car" you need to just walk away. This seller is unreasonable and either has no concept about how anything works or is trying to take advantage of you.

[OMGiGOTaZ]

With 7k down, go buy a 2013

as far as the other idea, Scrap that! Plenty more sellers where they came from! It's unfortunate they are in a bind, but don't go handing over 7K down on a used car when you have a CoSigner with perfect credit, BAD IDEA!