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Chili Bigot
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Discussion Starter · #1 ·
I need to trade in my 06 MX-5 for something with a backseat. I have found a CPO'd '04 Lincoln LS V8 w/ 47,000 miles for just under $18K. The payoff on my car is just over $1K.
I would be satisfied to break as even as possible with a trade since I am having a hard time selling my car privately and time is not my ally here. I have an A credit score and a finance rate from my CU for between $1K and $3K (depending on what I could get on trade) would be 6.0% for 35 mos. I can get an additional %.01 off for doing a direct draw from my CU savings account, and my savings account nets me 0.5 % mo.
Am I correct that my out of pocket reality is actually 5.4% when it's all said and done? Any advice on doing this deal? The sales people won't be happy because there's very little cash coming into them as a result of this deal. What kind of funny business might they try? And if they find someone who is able to offer me a lower APR, do I need to watch out for hidden finance fees that they will try to role into the cost? That's not worth it since my CU charges no such fees.
Any advice is appreciated.



Modified by Seabird at 11:48 AM 5-11-2007
 

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Chili Bigot
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21,496 Posts
Discussion Starter · #3 ·
Re: Can someone tell me what to expect with this deal? (sethgood)

I won't be paying for that long. I could actually pay for it all without financing, but I need some liquid cash in reserve for a little while until my personal situation settles down a bit.
 

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Chili Bigot
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Discussion Starter · #5 ·
Re: (dubbluvr)

Quote, originally posted by dubbluvr »
How far under 18K for the Lincoln? The resale on Lincolns is not that good.

Like $17,900.
It was a $40K car three years ago. I'm not too worried about the depreciation at this point.
 

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Chili Bigot
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21,496 Posts
Discussion Starter · #6 ·
Re: (Seabird)

Update...
I went in to drive the car and dicker around a bit - I feel like they are low-balling me on my trade (of course ['06 MX-5 Sport w/ 8900 miles]). The LS is$17,991 - internet price (sticker is $18,995).
According to the NADA sheet that I can get on-line, trade-in on my car is $17,650. Their NADA sheet claims it's worth $16,500. I am trying to get them to $17,000.
At $17,000 for my trade, that would get me out the door (including "fees") at around $1,200.
Couple of things about the LS. The left and right blinker works intermittently. It could be a loose switch on the mult-function stalk because I can get the blinker to work or not work by jiggling it a little. Or, it could be a short which would be a deal breaker for me. I don't want that headache, even if they claim they could fix it. Also, the headliner in the back is drooping. Not that tent like effect you see on old cars, but like it the backing the fabric is attached to came loose and needs to be reclipped. Also, the interior needs a serious detailing. They said that they would fix all of that before letting it go out the door.
Finally, a "bee ess" (as vwlarry would call it) item is that on the NADA sheet the GSM gave me, actual trade value is $16,850. When I asked him why he's offering me less than his sheet says, he said he has to knock a couple of hundred off for inspection and conditioning so that he can flip the car. I told him that should be considered part of the retail cost of the car to him, not the trade-in value out of my pocket. I hate to be a grinder over $500, but where I come from, that's a lot of money.
Any thoughts?


Modified by Seabird at 12:18 PM 5-12-2007
 

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Stick to your guns. You've got a very nice, clean car right in convertible season. They don't need to do jack squat to condition your car for flipping it. Plus, they've not even readied their damn car. They gotta be kidding?
Sounds like they don't really want to do business.
 
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