Advice on something?

[23kidd]

Sup fellas?

So about 2 months ago I bought an Infiniti FX35. The car had 70k miles on it and i got it for 21k. Payment plan is 350/month for the next 6 years.

Now my plan is when it reaches 100k miles, im thinking of trading it in for the newer model w/ fewer mileage. How does that work? I just take it it and tell them i want to trade it in even though it hasnt been paid off yet?

And heres another thing, my mother is the co-signer of this car. If the car is not paid off, can that hurt her credit?

 

[degenerate423]

Sup fellas?

So about 2 months ago I bought an Infiniti FX35. The car had 70k miles on it and i got it for 21k. Payment plan is 350/month for the next 6 years.

Now my plan is when it reaches 100k miles, im thinking of trading it in for the newer model w/ fewer mileage. How does that work? I just take it it and tell them i want to trade it in even though it hasnt been paid off yet?

And heres another thing, my mother is the co-signer of this car. If the car is not paid off, can that hurt her credit?

Is your loan through a bank?  If it's through a bank/credit union then I'm pretty sure you can just take it in and tell them you want to trade it in for a newer model.  You'll just have to take out another loan on-top of your existing one for the new car.  So basically, you'd be paying for 2 car notes, or you might be able to consolidate the loans if they're from the same bank.  As long as you make the payments on-time then it shouldn't affect her credit, but the fact that she co-signed the loan might affect it.

Side note: If you can, try to sell it yourself through Craigslist and use some of the money to pay off the loan versus getting less for trade-in value and them knocking down the price on the new car.  You don't really want 2 car loans, especially for a car you don't own anymore...