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Trading in my 2012 Challenger for a 2015 SXT Plus

4K views 18 replies 10 participants last post by  DJ Hemi 
#1 ·
Hey everyone, so I went to my dealership today to trade in my 2012 Challenger SXT Plus that I purchased on May 31st, 2012. I have a negative balance of about $2000 on my car. On top of that, there are a couple of large dents and many small ones. They are willing to fix that and also pay off my loan for the 2012 Challenger.

However, I was able to work out a deal for a 2015 SXT Plus with the Super Track Pack and the Driver Convenience Package. With no down payment, I will be making payments of $200 bi-weekly for 8 years. This is well below the MSRP. I am heading over to the dealership soon. They are going to try and bring the payments down a little bit more.

What do you think of this deal?

P.S. I am purchasing my vehicle from Woodbine Chrysler in Markham, Ontario.
 
#6 ·
8 years of payments? Ouch. Comes to $41,600 for an SXT.
Well from a logical standpoint I'd say no, but 400 a month isn't much...still, you're going to be upside down for almost 5 years. What are they giving you for your car and how many km on it?
Keep your car and pay it off
Remember guys, I live in Canada. It is significantly more expensive here. I also don't plan on keeping the car too long. I am hoping there is a more fuel-efficient Challenger coming in the near future.
 
#4 ·
Well from a logical standpoint I'd say no, but 400 a month isn't much...still, you're going to be upside down for almost 5 years. What are they giving you for your car and how many km on it?
 
#9 ·
Be careful, friend. Negative equity in your current vehicle means rolling-over that amount into your new car loan, and stretching the term of the new loan to 8 years means that you are going to be drowning/underwater/upside down for at least 5-6 of those years.

While the monthly payment amount in this deal may be affordable, the total exposure (loan value) will be very difficult to get out from under because it will take a long, long time to convert from negative to positive equity.

I respectfully suggest that you should take this deal only if you intend to be in this car for at least 5 years, if not more. Otherwise, you're very likely to remain in a significantly negative-equity position.

Good luck.
 
#15 ·
Why did you even post this thread? Several members have tried to gently steer you away from doing this. IMHO this is a very bad move. DJ Hemi was spot on in his advice to you concerning negative equity. Your responds was that Dodge is paying off your current loan. Are you kidding???? Do you not understand that offering you an 8 year loan is their way of saying they are not paying off your loan?

Car dealerships love people like you.

Go do what you want to.

Good luck.............You're gonna need it.............. :5:


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#17 ·
I already signed the agreement before people posted here. I only got to come home and check what people had to say. My car come up to $36,000 after taxes which is a really good ideal. The only thing is the 5 grand interest over the 8 years but like I've said. I probably wont need all 8 years to pay it off. I just cant afford to make large payments right now. I am also planning on using the line of credit my parents have to pay off the car and then make payments towards the line of credit.
 
#16 ·
Agreed. Any car dealer will pay off the loan on your trade, they just add the extra on to your new loan. I can't seem to hang on to the same car for more than 2 years. Already on my third challenger - I'm in negative equity hell right now. For what I am paying for my RT, I should be driving a scat pack!
 
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