Future SRT4 Owner?!
Thread Starter
Joined: Apr 2007
Posts: 35
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From: El Paso, TX
Future SRT4 Owner?!
Well, Im currently looking into getting myself an SRT-4, but I own a 05 Neon SXT and am still paying on it. I was wondering how dealerships would work that out? I want to get all the info I can before I jump into doing this and make myself look like an idiot trying to get this done. Thanks doods and doodettes!!
All Star
Joined: Dec 2006
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RE: Future SRT4 Owner?!
so what info do you need?not all dealerships are the same.If you owe a lot on the sxt you'll prob end up paying a lot more than most of us payed for ours, it all depends on your credit and down payment
Rookie
Joined: Jun 2006
Posts: 82
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From: Yorktown,Va
RE: Future SRT4 Owner?!
well if you owe more than they will give you for trade-in, then they will just tack that on to your loan. if the srt is used then the interest rate will most likely be higher than if it was a new car loan. best thing to do is take it to the dealer and see what they'll give you. if you can get more on the street selling it yourself (at least the payoff on your loan) then do that and start from scratch with a new loan,hopefully with some downpayment from selling your 05. good luck and remember the dealers are out to screw you and make a buck- no offense to the "honest salesman" if you don't believe me watch King of Cars on A&E and you will soon hate dealers.
R.I.P. Dusty (Retired Moderator
Joined: Dec 2003
Posts: 24,471
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From: Alamosa, Colorado (200 yards from the Rio Grande)
RE: Future SRT4 Owner?!
If you are upside down in your trade and wish to purchase a new or used car you should find a car with inherent positive equity in it. That is to say a vehicle has a higher value to the lender than its current market value. Examples include new cars with high cash rebates and used cars that are in high supply and low demand.
Regardless of the amount of the cash rebate, lenders base the value of the new car on the invoice or MSRP amount. So if a new car has a $3,000cash rebate, you can apply the $3,000 towards your negative equity. An example of a used car in low demand used car would be a new convertible in the winter time. Such a vehicle would have a much lower market value that it’s book value.
You should also know that if you have negative equity and trade in your car expect to pay $20 to $30 per month higher for the new car for every $1,000 you are upside down. In other words if you have $5,000 in negative equity and see a new car advertised for $250 per month you should expect to pay from $350 to $400 per month for the same vehicle.
Dusty
Regardless of the amount of the cash rebate, lenders base the value of the new car on the invoice or MSRP amount. So if a new car has a $3,000cash rebate, you can apply the $3,000 towards your negative equity. An example of a used car in low demand used car would be a new convertible in the winter time. Such a vehicle would have a much lower market value that it’s book value.
You should also know that if you have negative equity and trade in your car expect to pay $20 to $30 per month higher for the new car for every $1,000 you are upside down. In other words if you have $5,000 in negative equity and see a new car advertised for $250 per month you should expect to pay from $350 to $400 per month for the same vehicle.
Dusty