MoFocker

just out of curiosity (bc im actually considering this); How does the process work if I wanted to trade in my 04 tsx for a new mdx? im financing, not leasing. also, if i had been leasing, what happens if you want to trade in the car before the 3 or 4 years is up? is that possible/smart to do?

btw, i love the tsx, but have been in need of an suv more recently...

iamhomin

Okay.

The process is quite sophisticated, but think of it this way. You'd have to re-finance however much you have left over and add that amount to the MDX.

Your best bet is to privately sell your TSX, or see if anyone's interested in taking over your payments.


And for leasing problems, click to link below.

https://acurazine.com/forums/showthr...hlight=leasing

MoFocker

thanks. that link to that topic doesnt say anything about trading in your lease early. is that a possibility? anyone know any drawbacks off the top of your head?

thanks

txathlete

Well, you first start with how much you owe on the current car and how much you can get for it. Do you want to do a trade-in with the dealer and roll everything into one loan, do you want to sell it to a private party, do you want to sell it to Carmax? Do some research about how much you can get your TSX for given it's current condition, mileage, etc. Do your research about how much the MDX costs (invoice, dealer's cost). You can use an Auto Broker to get you the best trade-in and the lowest price for the MDX, but it will cost you $200-500, but you might save over $2000.

The good thing about rolling everything into a dealer's financing is that if you don't have any money to put down or pay off your negative equity (if you have any), you can roll it into the loan. Most banks will only give you a loan equal to the invoice (most, but some banks will do 110% financing), so if you have negative equity or any extras thrown into the deal that doesn't add value to the vehicle for resale, the banks will not cover it and you will have to come up with the extra cash. The downside with a dealer financing, you might get a higher interest rate than from your bank or a credit union.

Know your credit score and shop around for interest rates (so you can negotiate with the finance manager). Know the invoice price, dealer's cost, and what other people are paying for the MDX and how much other people (in your general area) are getting for their TSX so you can negotiate with the sales manager. Then get a few internet quotes from several dealership's internet managers and pricewar with them until you get the lowest price that they will honor and you are happy with. Don't forget to ask them to throw in some free stuff (mats, trunk tray, wheel locks, etc...)

It would be a smart trade in if after you factor everything in when making this deal, like how much will your TSX be worth in 3-4 years, what is the gap between your trade-in (if you trade in versus selling it privately) and the cost of the MDX <--- you'll be paying sales tax on the difference only if you do dealer trade-in, is it a lease or finance, interest rates, length of payment, forceeable expenses in the next year or two, current income, how long will you keep this vehicle, how hot the MDX is selling, how long the vehicle has been sitting on their lots, mileage on the new car, and I am sure there are other intangibles I may be forgetting so the rest of you guys help me out, and at the end, if the opportunity cost of getting out of the TSX and getting into the new MDX is better for you, than if you waited the 3-4 years when the car's value and what you owe is at an equilibrium, then go for the deal. If not, then wait.

You should read the thread "TSX no more." There I explained why I got out of my TSX after 6 months and 6231 miles.

The most important rule of all: If you don't like the deal, walk. Don't ever feel pressured in buying a vehicle if you are uncomfortable with the terms no matter how long you have been in the dealership. If the dealership wants your business, they will take your offer.

I hope this helps. And if I left anything out or gave any bad info, please correct me. Thanks. I am happy with my deal and got the car that I want at a reasonable price.