There's a local European Import dealer about 5 minutes down the road from my house. They have this:
http://www.cars.com/go/search/detail...eadExists=true
Now, here's my question. I'm currently paying off my car now. I've had it for a about a year and a half, maybe a little more. It's on a 5 year loan. How does it work if I want to trade in a car I'm paying for in exchange for this? Do they buy it from the bank and give me trade in price or what? It's a great deal for the year, mileage, and condition. Oh, and the blower. Going slow is fun when you have the handling but I'd trade a little handling for some more speed. Until the runflats leave and a rear bar goes on.

 

Pretty simple. They offer you a price for your current car as a trade in.
If that price pays off the note on the current car, then they will most likely handle all the paperwork. If their offer doesn't pay off your note, then you'll have to either make up the difference, or roll the balance into the new loan. You need to be very careful here and make sure you aren't getting screwed. You should know the exact payoff amount of your loan before you start haggling. You should also never ever reveal what your payoff is, otherwise the dealer will simply tell you that they will pay off your note and send you on your way. If you play your cards closer you may get them to pay off your car and bring down the new car price a little.
If you are only 1.5 years into your current note I'm thinking that you'll probably end up upside down unless you got a great deal on your current car.

 

Their car is close to 19k. The sticker on my car was 14.5 and that was a year and a half ago so the trade in covering the new car won't fly. KBB says my car's trade in somewhere between $9500 and 10,500. Should I see if they'll pay off my car and offer me a good deal on theirs or what? I know I would end up needing a new loan because I don't have the remaining cash sitting around. But, I do have good credit. What the exact number is, I don't know but I know it's decent. Let's say they'll give me 9500 as a trade in for my car and they drop their's to say, 18k. That means I need a loan to cover the remaining 8500, right?

 

I just did a little math here. According to my insurance company's website, my premuim wouldn't really change. If anything, it's the same. This is looking better and better.

 

You're willing to take a $5k hit on your car after only owning it for 18 months (assuming they'll offer you $9500 for it)? You'd do a little better if you sold your car outright then bought this one............

 

No, if they gave you $9500 for your trade-in, and let's just say you owe $11000 on your car. Then $11000 minus $9500 is $1500. If you get the MINI for $18000 then they would add the $1500 to it to bring it to $19500 and that is the amount you would finance.

 

I just talked to the guy. He said without any hard numbers, my pay off is roughly 9500. Its acutally 10.7k. I'm gonna check NADA and KBB and see what its actually worth as a trade in and see what he says.
Update: KBB says 10.8 to 11.5 as a trade in in good to excellent condition. NADA says 11.2 to 12.5 as a trade in so it seems to be worth more than what I owe and what he wants to give me for it.

 

He pulled out the typical used car guy BS. "Well, this car is below KBB ratings. You check and see what they say. Blah, blah, blah". I guarantee you he paid way less than what he wants and is just trying to get from money from someone who he thinks is some ******* kid. He's waiting for a reply from his boss. As is, payments would be about 375/month with my trade in which is about $100 more per month than I pay now. I told im make them 300/month and he's got a deal.