This past July I took advantage (who didn't?!? ) of 's 0-0-0 sales event and got my '02 Lancer OZ. At the time of purchase I desperately needed a car, and this deal was too tough to pass up.

I'm going to be graduating college in March '03. While I love my Lancer, it's not the car I really want, so I am thinking about trading it in on the of my choice come summertime next year.

My question is - how would this work? I have a pretty good feeling that I will take it up the *** financially when I do this, but by how much I don't really know. Do you guys have some thoughts on what might happen when I do this? I'd be good having some idea of what to expect before I do the deed.

Thanks ya'll.

 

you would have a unbelievable amount of negative equity, not to mention they might penalize you for breaking an agreement. have fun

 

People trade their cars in all the time when they still owe money on them...

Is the payment deferrment that big of an issue?

 

Right now the lancers book value regardless of mileage is about 11,500 and 13k at mitsu dealerships. I was told my car along with most depreciate in value about 150 a month after the initial loss at pick up. Youre gonna have to make up most of the loss out of pocket if you trade it in as u cant finance a 5000 loss on with a new car.

 

damn, that's why I'm taking good care of my Lancer!
I knew there was a huge drawback on that 0-0-0 deal!

Now they are offering 0% financing along with it!
I wonder if there is any way to take advantage on that offer?

 

Cant see why anybody would wanna take that hit or trade in this car unless they got terrible financing like me. I love my car, nothings quite as comfortable, stylish or fun to drive as my lancer that ive tested out.

 

i haven't done it, but i've looked into it, since in a year i want to be in either a wrx, a wrx sti or an evo...

you need to pay off whatever car loan you have. so if you got a loan for 15k, kept it for a year and paid off $3Kt, you'd have $12K left to pay. if you sell the car for $10K, you need to come up with $2K...

i'm just hoping the dealer ate most of the depreciation on my car already and that i have a chance of getting either payoff, or close.

good luck!

-bd

 

I plan on doing the same thing in about a year.
I am going to trade in my car save $10,000 and tell the dealer he has to pay off the rest of my loan or I won't buy a new car from him.
Usually a dealer will break down if you got cash in hand.
Don't give him an option just tell him how you want it to be done, your the one with the money.

 

The first part of this statement is true. You've been driving a car and not making any payments on it, so you still owe the same amount as one that hasn't left the lot yet, plus your tax, title and fees. The last part is not though, it is a simple interest loan with no penalty for early payoff, so trading it in at a Mitsubishi dealer or any other dealer is no problem.

No drawback, its just not designed for someone who wants to trade cars every couple of years, especially if your buying a car that you admit that you don't really want. Probably should have done a 36 month lease.

Well yeah, as long as you take a 36 month term. How many of you would want a note in the high 4's?

Yeah, if you walk in with 10G's there's usually not much we can't do, unless you have negative equity of about 15K or more which is unlikely on a Lancer. Anytime somebody has 5K or so more negative equity it will make it impossible to trade unless they are looking at a car whose total value makes 5K only a five-ten percent over advance. In other words, nothing under 30K or so.

 

My next car will be a Nissan 350Z Track which is right over that $30K mark so I should be alright with a $10K down payment.