Thinking about buying a tl but i still own money
02-28-2009, 12:10 AM
#1
Thinking about buying a tl but i still own money
HI ive been eyeing the tl for a very long time currently i have an 06 civic that i still own 15 grand on. i want the tl can i trade in the civic even though i own 15 grand will the dealership pay that off? thanks.
02-28-2009, 12:13 AM
#2
Depends how much the dealer will give you. if they offer more then what you owe. They just give you the balance towards the new car and take your Civic and pay off the remaining amount you owe on it. If less then you stil have to pay the difference.
Last edited by HenryNYC; 02-28-2009 at 12:15 AM.
02-28-2009, 04:15 AM
#5
Pro
if you have a civic si with low miles and in excellent condition you might be ok, but prolly not. just sell it out right first, then go to the dealership. dealers like to rape you on trade ins, unless the dealer needs a sale which 99.9 do right now
02-28-2009, 11:17 AM
#6
Burning Brakes
Set aside the instant gratification for now, and get yourself on the positive side of things. I can't think of any 2006 Civic I'd pay $15k for.
Stacking value of a previous car onto a new car that you don't put any money down on is financial insanity, IMO.
You won't listen to me, of course.
Stacking value of a previous car onto a new car that you don't put any money down on is financial insanity, IMO.
You won't listen to me, of course.
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02-28-2009, 12:13 PM
#8
Slythslyr
i paid 18k for an 09 civic LX for the wife.. i doubt they will give you 15k for and 06 but they did give me 10 for my 05 when i traded it in. you might get 12k but thats about it. Good luck
02-28-2009, 12:37 PM
#9
Young buck, I would say, keep the Civic and pay it off. Then when you are established you will be able to get a NICE car. Also, seems as though you may be getting ready to graduate college, based on current economy, its gonna be difficult to find a job if you haven't secured one yet. If that happens then it will be even more difficult to make payments, and worst case scenario you will lose your car, and be then be jobless, carless... You get the point
HOLD ONTO THE CIVIC
HOLD ONTO THE CIVIC
02-28-2009, 01:04 PM
#10
Pro
is "owning" $15k anything like owing it? cuz owning $15k would be a GOOD thing. at first i gave you the benefit of the doubt and figured ok, just a typo...but you said it twice. i think you have more pressing issues than getting a new car.
02-28-2009, 02:41 PM
#11
Burning Brakes
----------------
Listening to: Goldfrapp - Paperbag
via FoxyTunes
02-28-2009, 04:20 PM
#13
Dealer will never give you what you owe. If I had to guess, I would say if you trade the car you'll be about 5k upside down.
The smart thing to do would be to keep the Civic and try and pay down the principal. I use to have a friend that owed like 28k on a 2001 Expedition XLT (in 2005) that was worth like 14k because he traded two cars before it that he was upside down on.
Once you start racking up debt, it's a slippery slope
The smart thing to do would be to keep the Civic and try and pay down the principal. I use to have a friend that owed like 28k on a 2001 Expedition XLT (in 2005) that was worth like 14k because he traded two cars before it that he was upside down on.
Once you start racking up debt, it's a slippery slope
02-28-2009, 07:06 PM
#15
Suzuka Master
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Keep the Civic or you will be behind the curve forever.
02-28-2009, 09:39 PM
#16
Drifting
02-28-2009, 10:04 PM
#17
Cruisin'
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Impatience, lack of self-control & the allure of a nicer car is a good mix for trouble.
Use some fiscal responsibility and keep the Civic. (I've ALWAYS paid off my previous cars before I even THINK of a new car).
Use some fiscal responsibility and keep the Civic. (I've ALWAYS paid off my previous cars before I even THINK of a new car).
02-28-2009, 10:11 PM
#18
Drifting
If the car is worth more than you owe, then you can pay it off, but then they will just give it back to you when you trade it in.. So really there is no point in paying it off. But if you want to avoid finance charges then sure pay it off. I wonder if "keepitclean" is showing fiscal responsibility in the purchase of his house.. ha! just pay it off homer. pay off your house before you trade it up to a nicer one. sure makes sense to me. pff
02-28-2009, 10:34 PM
#20
Drifting
02-28-2009, 11:53 PM
#21
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If OP trades up every 2 years with $3K in negative equity on each trade, he'll be an additional $15K behind in 10 years (in addition to whatever he owes on the car at that time) -- not a very sunny or smart scenario to me. 
03-01-2009, 12:12 AM
#22
Cruisin'
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If the car is worth more than you owe, then you can pay it off, but then they will just give it back to you when you trade it in.. So really there is no point in paying it off. But if you want to avoid finance charges then sure pay it off. I wonder if "keepitclean" is showing fiscal responsibility in the purchase of his house.. ha! just pay it off homer. pay off your house before you trade it up to a nicer one. sure makes sense to me. pff
I'm simply trying to point out the same kind of thinking that got this country into financial trouble: Trying to buy something that one can't really afford (yet). What's wrong with good old-fashioned saving money and paying down a debt until something you want is more affordable???
03-01-2009, 11:53 AM
#26
Racer
Not a smart move man. I rolled over $1,500 from my Accord to the TL and I still to this day regret doing it. I'm $2500 in negative equity and would be almost on top of it if I held on to it longer. I was 23 at the time and just got excited about having lower interest rate and a newer car.
Say they give you $6,000, for trade in. That leaves you with 7,500 to roll over onto the TL that you might purchase for 32,000. So 32,000+ $7,500= 39,500 without T,T,&L fees which would then put you over 42000. New cars lose value fast so unless you keep the TL until its paid off do even think about trading into something else. Another big mistake people do is when they roll over the excess debt they extend their loan to 84 months to lower their monthly payment. At 22 years old that would put at Age 29 before car is paid off.
Say they give you $6,000, for trade in. That leaves you with 7,500 to roll over onto the TL that you might purchase for 32,000. So 32,000+ $7,500= 39,500 without T,T,&L fees which would then put you over 42000. New cars lose value fast so unless you keep the TL until its paid off do even think about trading into something else. Another big mistake people do is when they roll over the excess debt they extend their loan to 84 months to lower their monthly payment. At 22 years old that would put at Age 29 before car is paid off.
03-01-2009, 01:48 PM
#28
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Not a smart move man. I rolled over $1,500 from my Accord to the TL and I still to this day regret doing it. I'm $2500 in negative equity and would be almost on top of it if I held on to it longer. I was 23 at the time and just got excited about having lower interest rate and a newer car.
Say they give you $6,000, for trade in. That leaves you with 7,500 to roll over onto the TL that you might purchase for 32,000. So 32,000+ $7,500= 39,500 without T,T,&L fees which would then put you over 42000. New cars lose value fast so unless you keep the TL until its paid off do even think about trading into something else. Another big mistake people do is when they roll over the excess debt they extend their loan to 84 months to lower their monthly payment. At 22 years old that would put at Age 29 before car is paid off.
Say they give you $6,000, for trade in. That leaves you with 7,500 to roll over onto the TL that you might purchase for 32,000. So 32,000+ $7,500= 39,500 without T,T,&L fees which would then put you over 42000. New cars lose value fast so unless you keep the TL until its paid off do even think about trading into something else. Another big mistake people do is when they roll over the excess debt they extend their loan to 84 months to lower their monthly payment. At 22 years old that would put at Age 29 before car is paid off.
That's what I'm planning on and hope to be paid off in 2 years if I save aggresively. Then again, I'd rather pay off my student loans first since that's higher interest and not something I can sell like a car if need be.
03-08-2009, 04:56 AM
#29
yeah you guys are right thanks for the advice hopefully one day i will soon be a tl owner well i didnt get the tl the first time because it was to expensive at the time. i didnt have the money my range was 17-23k i ended up getting the 06 civic ex fully loaded with navigation. Heres the picture of her i spent a lot of money on it.
03-08-2009, 12:31 PM
#30
Drifting
Nice car. At least you have the best civic around. (best color, best tail lights, can't go wrong with navi, and they last a long time, and parking it is easier than a TL, haha)
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