Finessing a Dealership on a Trade-In?

[feeninlikejodeci]

I'm at 95k miles on 2016 HRV. Stellar right? However, this model has had quite a few trans failures at 100k. And I'm already getting symptoms it's about to go (gears slipping, wild revving, pounding etc)

I had my eyes on either the 22 Passport or Pilot, but then again...if I'm going to a Honda dealership they're straight off the bat going to know how common the trans issue is, whereas if I go Ford, or Nissan I might get a more favorable valuation. Does it really matter?

2nd question is, when trading in most people go for a car that is 1.5 or at most double the value of their current car. Since what I'm looking at is Triple to Quadruple, how sizeable is my down payment gonna have to be? The HRV is fully paid off btw.

Also, would having a co-signer make a difference if their FICO is mid500s? I'm low 600 myself.

 

[oidreez]

Why dont you use those online calculators and also check the KBB value of your current car

 

[05fordgt]

Honda will give more for your car only because it's their own brand, even if they know about the issues. They will give more than a Ford dealer, Chevy dealer, etc. It's rare for those places to outbid the dealer of the make your trading in.

If you want, I can run a Manheim Market Report to see what the estimate auction value is today. Just PM me the VIN and actually mileage and condition and I can shoot you a screen shot.

As for down payment. All depends on credit. If your golden, you won't need any. Is this a new car you want? If so, with a new car, you can finance the whole thing as all the value is there, where as a used car, it's always good to put down at least tax and tags. But more put down 10%-20%.

Credit. If your low 600 score, but with your trade being paid off, that's a good thing. Your rate won't be the best thought as those rates are for 720+. But your trade value will help. Having a co-signer with a lower score won't do a thing (may actually hurt). If they have a low 500 score, they shouldn't co-sign. Try it yourself first and see.

But that being said, don't rely on dealer sourced financing. Find a few online credit unions (Penn Fed is one). Always try to get it on your own as you may be able to beat the dealer rates.

 

[Mark Antony]

You don't even have to leave your crib to get an online assessment like kbb or CarMax etc.

 

[suchafraud23]

Kelly blue book offer dealerships is where I was really seeing the “finesse” , most dealers paying out of their own pocket couldn’t beat that(or didn’t want to)

 

[finessence]

Whatever the online quote is, subtract like $4000.

Got a 2016 Nissan Maxima with 65000 miles, Nissan said $11000 cash. Told them EAD. The car is immaculate too.

So if you get a quote for $8000, subtract like $3000. Dealerships gone lowball always

 

[executive76]

A cosigner with a score less than yours?

I don't understand buying a new car that you probably can't afford especially when you have one that's paid off with a low 600 credit score.

Pay to get the transmission taken care of and drive it to 200k+

 

[rrlegend]

Better hit carvana while their still around , they were cashing folks out for anything.

 

[tr1ll]

Unless you’re not able to get approval for the entire amount of the vehicle, a down payment is NEVER NECESSARY. It just lowers your payment a bit, as you’re financing less and putting cash in the dealer’s pocket on top of what they’ve probably added on. I HATE these commercials make it sound like down payments are necessary in auto financing. You not buying a house.

If you’re trading something in, THATS your down payment.

 

[Xennial]

Better hit carvana while their still around , they were cashing folks out for anything.

Aren't they outa money by now?

 

[iDon’tRead]

Should’ve just kept this car instead of getting that fusion ..