NEED HELP WITH AUTO LOAN!! NEED HELP!!!!

[7DayThoery]

WHats up?

 

I went down to purchase a car. It took a couple days, but they approved me!!!! It was only up to a specific amount. So I went with a decent car. The day after I drove the car off the lot, it would not start!!!! So I took it to get serviced. What my question is............Can I trade the car in for another car of my choice? I made 1 payment on the car already. Is it possible to trade the car in and get a brand new car? The car I bought is a 2002 Nissan Maxima. I want to trade it in for a Scion XB 2006. I feel as though the car I purchase is going to give me problems. So i would rather much trade it in now, and enjoy a car I really want. Any suggestions? I dont want to put any more milage on the car. It has 76,xxx already. Any suggestions would help. very much appreciated. Thanks

[Rickyracer]

If you're credit supports the amount you want to finance, sure, you can do another deal. Just find another car, trade yours and finance the difference. I wouldn't recommed it though if you're already upside down very much with the Maxima.

[7DayThoery]

Would it matter if I only made one payment? Also, I dont mind paying my payments. I just want to make my payments on a newer car and one that I really want. Whats happens when I trade in my car? Who pays for the remaining balance on the maxima if I trade it in? Since I already got approved, would It be a problem getting the scion XB 2006 i want?

[zx10 guy]

Since you already made a payment, the loan is probably funded now and you're stuck with the car. If you turn around and trade it in, you'll need to find out what trade in value is on the car. If you didn't put anything down, you're probably already upside down on the car.

 

Did the dealership correct the no start condition? Why didn't you get the car inspected before purchasing?

[7DayThoery]

I didnt make any payments yet. When I said I made a payment, I meant I have the money for the payment and have to send it out monday. Its due April 6th. So what are my options? I really wanted to trade it in for the scion XB. I put down $1000 cash. Let me know. Thanks

[7DayThoery]

Can anybody help me out? I havent made any payments yet. Whats my best chances of trading the car? Will my payments go up? I also did not get the title yet in the mail. is that another problem? Do I need If i wanted to trade my car?

Edited April 2, 2006 by 7DayThoery

[francie]

Can anybody help me out? I havent made any payments yet. Whats my best chances of trading the car? Will my payments go up? I also did not get the title yet in the mail. is that another problem? Do I need If i wanted to trade my car?

 

 

 

I think you only get the title to a vehicle once it's paid off. Somebody correct me if I'm wrong please.

[azdj]

I wish I could say that you had options that would definatley solve your situation. There are not. Having said that there may be somethings you can try.

My first question in how serious are you about getting rid of the Maxima?

I ask because one way or the other it will most likely cost you money to do so.

Secondly did you purchase the car from a franchised (New Car) car store? If yes then is that the same store you want to purchase the Scion from?

Thirdly go to Kelly Blue Book. www.kbb.com and follow the prompts to establish the trade in value of your car. Be realistic and do not over rate the cars condition. Subtract this amount from the amount you paid from the car. What is the difference?

Lastly how long have you had the car?

Please answer these questions and I may be able to explain some options that you may attempt.

 

 

 

Can anybody help me out? I havent made any payments yet. Whats my best chances of trading the car? Will my payments go up? I also did not get the title yet in the mail. is that another problem? Do I need If i wanted to trade my car?

 

 

 

I think you only get the title to a vehicle once it's paid off. Somebody correct me if I'm wrong please.

[Fico679]

WHats up?

 

I went down to purchase a car. It took a couple days, but they approved me!!!! It was only up to a specific amount. So I went with a decent car. The day after I drove the car off the lot, it would not start!!!! So I took it to get serviced. What my question is............Can I trade the car in for another car of my choice? I made 1 payment on the car already. Is it possible to trade the car in and get a brand new car? The car I bought is a 2002 Nissan Maxima. I want to trade it in for a Scion XB 2006. I feel as though the car I purchase is going to give me problems. So i would rather much trade it in now, and enjoy a car I really want. Any suggestions? I dont want to put any more milage on the car. It has 76,xxx already. Any suggestions would help. very much appreciated. Thanks

 

 

 

In your own words you said you were approved for a "specific amount" an 02 Maxima with 76k if good condition is probably worth between 11-12k, your scion is close to 19k out the door, PLUS any negative equity you may have now in that maxima to roll over onto the Scion loan that being said..will your credit hold a loan up to that amount?? if so, your good to go.

[7DayThoery]

Im very serious about getting rid of the maxima. I purchase this car from a new car store. The car I really want is at toyota. I purchase the maxima from a nissan dealership. I checked kBB.com and my trade in value is worth $7,200. I bought the car for $10,000. I had the car for little over a week. Please explain some options I have.

 

P.S

 

The scion XB I want starts at $14,570.......thats no where near 19. The most would be $16,000. Also, I did not get my title yet. Does that have any effect if I try and trade it in?

Edited April 2, 2006 by 7DayThoery

[zx10 guy]

Im very serious about getting rid of the maxima. I purchase this car from a new car store. The car I really want is at toyota. I purchase the maxima from a nissan dealership. I checked kBB.com and my trade in value is worth $7,200. I bought the car for $10,000. I had the car for little over a week. Please explain some options I have.

 

P.S

 

The scion XB I want starts at $14,570.......thats no where near 19. The most would be $16,000. Also, I did not get my title yet. Does that have any effect if I try and trade it in?

 

Using your numbers, here's what I think your option is if you are still bent on buying the XB. The Maxima sold for $10k. The trade value you indicate is $7200 (which isn't locked down until the dealership actually appraises the car.) So you have a difference of $2800. Factoring in your $1k down, you have a short fall of $1800. You have two choices at this point. Either pay out of pocket the $1800 shortfall (this is the amount you are upside down on) or you can get the Toyota dealership to roll the negative equity into the new loan for the XB. So picking your high number of $16k, you'll be financing $17,800. These numbers are done for the sake of simplicity. I assume you've included things like taxes and title/registration fees in your totals. Also this calculation doesn't take into account the pay off amount from the finance company. The time between when the loan went into effect and you pay it off, you have interest accruing. If you have a simple daily interest loan, you can figure out the number of days you've had the vehicle and get the interest that has accrued since you took possession of the car.

 

Also, you will not receive the title upfront ever if you finance the vehicle. The finance company holds the title until you've paid off the loan. Holding title by the finance company secures their financial interests in the vehicle. The only time you will ever get the title upfront via any form of financing is if you've financed through an unsecured loan.

 

You don't have to answer this but you still haven't given a reason why you would want to dump a car you only had for a short time. You said the car had a problem when you took delivery of it. Was the problem fixed? Unless the car is a real lemon, you are better served by holding on to it and pay it down enough to not have negative equity to roll into another vehicle. Again assuming you don't have any additional money to pay down the negative equity.

[7DayThoery]

The car was fixed. it took about 2 weeks to get it done, but its done. The reason why I want to trade in is because this car already has 77,xxx miles on it. In the next few months, the milage is going to sky rocket. Then I really have no chance of trading the car in. I would rather much get it over and done with now. Also, people are saying i dont get the title untill I payoff the car. Well, the lady who was working with the banks trying to get me approved said that we should have our title within 6 weeks. Do I need that if I decide to trade in the car?

[zx10 guy]

The car was fixed. it took about 2 weeks to get it done, but its done. The reason why I want to trade in is because this car already has 77,xxx miles on it. In the next few months, the milage is going to sky rocket. Then I really have no chance of trading the car in. I would rather much get it over and done with now. Also, people are saying i dont get the title untill I payoff the car. Well, the lady who was working with the banks trying to get me approved said that we should have our title within 6 weeks. Do I need that if I decide to trade in the car?

 

I guess this was an impulse buy. Anyways, if the car has been well maintained, there's no reason why it won't last another 100k miles or more.

 

Again, I don't know what kind of loan you have but if it's a traditional auto/secured loan, the title you get is not the full title. It will have you as the owner but will list the bank your loan is through as having a lien on it. You will need to get the other copy of the title the bank has signed off saying you have paid off the loan. With both documents, you will then be able to sign over the car free and clear. At least that is how it works in my state. Like I mentioned, if you do not have enough to pay off the shortfall in the loan, you will have to make up for it somewhere which is to roll the negative equity into your new loan. There is no way around this. The dealer isn't going to absorb this negative equity for you and your current lien holder won't just forgive the balance short fall. You can still trade in the vehicle without having full title as the dealer will see if they can work it out so your negative equity will be accounted for and the lienholder for the Maxima will be paid in full.

[MarvBear]

You would need to

 

#1 pick out a specific vehicle.

#2 have your vehicle's value appraised by whomever you are trading it to.

#3 apply for a loan amount equal to whatever those #'s are.

#4 hopefully get an approval.

 

would be willing to bet the payments go up.

[Sunnigirl26]

Im very serious about getting rid of the maxima. I purchase this car from a new car store. The car I really want is at toyota. I purchase the maxima from a nissan dealership. I checked kBB.com and my trade in value is worth $7,200. I bought the car for $10,000. I had the car for little over a week. Please explain some options I have.

 

P.S

 

The scion XB I want starts at $14,570.......thats no where near 19. The most would be $16,000. Also, I did not get my title yet. Does that have any effect if I try and trade it in?

 

Using your numbers, here's what I think your option is if you are still bent on buying the XB. The Maxima sold for $10k. The trade value you indicate is $7200 (which isn't locked down until the dealership actually appraises the car.) So you have a difference of $2800. Factoring in your $1k down, you have a short fall of $1800. You have two choices at this point. Either pay out of pocket the $1800 shortfall (this is the amount you are upside down on) or you can get the Toyota dealership to roll the negative equity into the new loan for the XB. So picking your high number of $16k, you'll be financing $17,800. These numbers are done for the sake of simplicity. I assume you've included things like taxes and title/registration fees in your totals. Also this calculation doesn't take into account the pay off amount from the finance company. The time between when the loan went into effect and you pay it off, you have interest accruing. If you have a simple daily interest loan, you can figure out the number of days you've had the vehicle and get the interest that has accrued since you took possession of the car.

 

Also, you will not receive the title upfront ever if you finance the vehicle. The finance company holds the title until you've paid off the loan. Holding title by the finance company secures their financial interests in the vehicle. The only time you will ever get the title upfront via any form of financing is if you've financed through an unsecured loan.

 

 

That's not true at all. Maybe it varies by state, but in NY and in MI you get the title in the mail with the bank being listed as the lienholder.

[zx10 guy]

Im very serious about getting rid of the maxima. I purchase this car from a new car store. The car I really want is at toyota. I purchase the maxima from a nissan dealership. I checked kBB.com and my trade in value is worth $7,200. I bought the car for $10,000. I had the car for little over a week. Please explain some options I have.

 

P.S

 

The scion XB I want starts at $14,570.......thats no where near 19. The most would be $16,000. Also, I did not get my title yet. Does that have any effect if I try and trade it in?

 

Using your numbers, here's what I think your option is if you are still bent on buying the XB. The Maxima sold for $10k. The trade value you indicate is $7200 (which isn't locked down until the dealership actually appraises the car.) So you have a difference of $2800. Factoring in your $1k down, you have a short fall of $1800. You have two choices at this point. Either pay out of pocket the $1800 shortfall (this is the amount you are upside down on) or you can get the Toyota dealership to roll the negative equity into the new loan for the XB. So picking your high number of $16k, you'll be financing $17,800. These numbers are done for the sake of simplicity. I assume you've included things like taxes and title/registration fees in your totals. Also this calculation doesn't take into account the pay off amount from the finance company. The time between when the loan went into effect and you pay it off, you have interest accruing. If you have a simple daily interest loan, you can figure out the number of days you've had the vehicle and get the interest that has accrued since you took possession of the car.

 

Also, you will not receive the title upfront ever if you finance the vehicle. The finance company holds the title until you've paid off the loan. Holding title by the finance company secures their financial interests in the vehicle. The only time you will ever get the title upfront via any form of financing is if you've financed through an unsecured loan.

 

 

That's not true at all. Maybe it varies by state, but in NY and in MI you get the title in the mail with the bank being listed as the lienholder.

 

In my state, to legally sell a vehicle that has a lien there are two parts of the title that needs to be presented. The one I have that is sent to me after I take possession of the car and the one the lienholder holds on to. Both list the finance company as the lienholder. To sell the car, I would have to have the copy the lienholder has to be signed off to me. Either way, what I said is true. You cannot sell a vehicle that lists a lienholder without the lienholder signing off the vehicle. So I don't see what I've said as untrue at all just symantecs depending on how you deal with vehicle sales in your state.

[shasta]

GMAC did not send me the title until the loan was paid in full. Texas.

[MarvBear]

The lienholder would have to sign a lien release or physically stamp/hand sign the actual title document.

 

Of course you can trade a vehicle without having the actual title, people do it all the time, especially in the cases where the vehicle is encumbered by a lien.

 

The dealership the consumer is working with should have all the appropriate paperwork on hand to make the title transition transparent without overly burdening the consumer.