I Tried to Buying New Camaro

[gtwss]

Originally Posted by aborrego

i went to my local dealer today and tried to see what happened if i traded in my 2008 impala with 6600 miles and they that a V6 Camaro would comeout to be 25k PLUS 10k to the traded in since it was on Fin. so the total i would have to pay for a V6 LS 2010 Camaro is 35k Plus Intrest.
2010 V6 LS Camaro 25K
Trade cost +10k
Intrest +10K

Sorry Guys/ Girls But I don't think I'll get one this Year!
What do you Guys think i can do?

Not this year.... not next year..... maybe...............

[Betterthanbad]

I might be Canadian..............but didn't anybody tell you......................negotiate the entire transaction and then ....at the end after you have a good price......throw in the old car for a trade!!!!!!!!!!

[shockandawe]

I think it's a good deal,go for it!

[Verio]

I'm upside down also... but I'm paying cash out of my pocket to essentially pay off the vehicle. My dealer offered me a really good deal on the vehicle, so I couldn't refuse. I ended up having to shell out 6K for both downpayment/pay-off of my tradein.

However, I weighed my pro's and con's, and since Im going to have to replace the Timing Belt on my Passat, along with a few other high maintenance items, equally around 3-4K, it was worth it for me to trade it in now.

[nards444]

yeah its your fauly not dealers.

[The Viz]

...and no bank is gonna loan you $35k+ for a $25k car either. Your LTV ratio would be waaaaay off

[LSP2010]

Originally Posted by Supermans

Dude, keep the impala and use it.. Unless you have money to throw away..which in this economy few people do...

i agree or shop around to other dealers

[RPO_Z28]

If you owe 25K on a 2008 Impala, sounds like you need to trash the dealer that sold you the Impala. Unless it's a lease then it's understandable.

[aborrego]

i was trying to say was that a regular LS 2010 Camaro and not a loaded one on their site sells for 23k and cahnge. but the girl was trying to sell it for 25k plus add what ever i'm upside down on the Impala. i'm just so mad that i jumped the gun and got a car for my wife and then she go's telling me that i should of got the Camaro in the first place. i'm just fustrated. sorry for all the missunderstangings.

[Treadstone]

Yay for not being upside down on any vehicles. I'm even on my TB, and was even on the cobalt till I sold it.

That is until the Camaro comes.

[ffrcobra_65]

sounds like the dealer is willing to let the V6 go for MSRP but you are upside down on your trade so the $10k added on to the price of the Camaro to pay off the Impala, tax, lic, etc = $35k. Sounds right to me.

[Treadstone]

If you make enough money, finance the camaro with out a trade in. Then sell your Impala to private seller.

[SWHCPA]

Originally Posted by valleybacker

If you make enough money, finance the camaro with out a trade in. Then sell your Impala to private seller.

doesn't matter...upside down on the value of the impala to the outstanding loan balance is still upside down - no matter who you sell it to.

just a bad business decision and time will heal the situation. just have to wait for the impala's value to equalize with the principal balance. sounds like there's a note with a really long term in play that put the payment low; but, keeps you out of the money for a long, long time.

financing rule # 1 - big down payment - 15-20% or more.
financing rule # 2 - don't finance based on the payment you tell the salesperson you can afford. NEVER disclose this information to anyone other than your spouse and leave him/her at home.
financing rule #3 - never go longer than 48 months. calculate the amount financed by working backwards from a term of 48 months and the payment you can afford. This will give you the downpayment that you have to bring to the table.
financing rule #4 - you are in control. shop financing everywhere...your bank, your friend's bank, your credit union, dealer financing sources, local Tony Soprano, etc.
financing rule #5 - once you sign, shut up, don't look back and be happy with your decision for at least 24 months before you allow any new car bug to be within 10 miles of you.
purchasing rule #1 - deal only, when possible, with the fleet department. These people are generally on salary and not commission and have a different motivation for closing the sale. Bought all of my vehicles since 1984 through fleet salespersons, never had a problem, always got a better deal than the floor guys could do and always walked out happy.

[SRVFAN]

Originally Posted by aborrego

i was trying to say was that a regular LS 2010 Camaro and not a loaded one on their site sells for 23k and cahnge. but the girl was trying to sell it for 25k plus add what ever i'm upside down on the Impala. i'm just so mad that i jumped the gun and got a car for my wife and then she go's telling me that i should of got the Camaro in the first place. i'm just fustrated. sorry for all the missunderstangings.

From my experience in buying new cars & trading them in being upside down .... it has taken me 4 years to get my current ride "right side up" in the loan for trade in time!! 4 years!! You are only paying interest at this point on your loan... and for a few years to come. Good luck!!