forpinks

Well as with most people who own a vehicle, they are financed...

I'm just wondering if putting non TRD performance parts like turbo in your "not fully paid" car affect (i meant drop) it's resale value at the dealership and will the bank "somehow" tow your car if they found out you added "non smog/street legal" racing parts into it???

I haven't encountered these since I haven't installed a single performance part on my 03 Rolla and I fully paid my tC right out the dealer using my hard earned cash.

So, I am curious on what will happen if you add racing parts on your tC and trade it or maybe if you suddenly lost your job due to hangovers and you can't pay the monthly payments and the banks tows it with your "race tC" and didn't refund your money from the parts they "stole" from you?


I actually tried calling my bank and I tried asking the representative (old lady) about those questions, but, for some reason, she doesn't get what I meant when I said performance parts, she kept telling me stuff about the price of a used Dodge Charger R/T, Mustang GT, and a Corvette Z06! I told her if I bought a Subaru STi and I installed performance parts on it will my money be refunded if I installed new parts into it, then she told me that why would they refund it if it's already financed with the vehicle! I cracked up and hang up!


So can someone here who is "familiar" with these stuff please enlighten me about these things... (someone who works at the bank and knows this is preferred.)

cwayne

What happens if the bank repos your car?

1. You're flucked
2. What you didn't to your car won't matter because all you are LEGALLY liable for is the amount you financed your car. When the bank sells your car, you still need to pay them what you owe from the loan. Even if you put mods in your car and is now worth more than the car itself, kiss it good bye.

All that matters is the loan you took out.


As for resale value of "modded" cars, if you sell it to someone who wants a modded car, then you can charge more. However, big dealerships probably will give you less than a stock car. Not many people are willing to buy a non stock modified car since most of the time the people who mod them are idiots and or the car has been abused.

An engine that has been turboed obviously goes thru more stress than a normal one. More stress = shorter life.

I would NOT buy a modified car.

shadow12one

Yup, modding a car will do nothing to the value but lower it most of the time.

Jiggaman

iTrader: (1)

its tru....as lame as it would sound, but spending and putting all the time and money into you car just results in a bigger loss when you trade it or sell it 95% of the time....

some people buy cars that have work already done...ALOT wont touch it with a 10 foot pole!

shadow12one

Yup, another reason why people dont buy modded cars is because its very hard to find someone with the exact same tastes as you. If you buy a modded car, your most likely gonna be changing things on it anyway. Maybe you dont like the wheels, or exhaust, or what you want out of the car is different than what the previous owner wanted. So usually its alot easier for someone to just fresh and do the work themselves to fit their goals.

cwayne

another misconception is that women take better care of their cars. sure they may clean it more often but I've seen a lot of women only change their oil as many times a year as we have a superbowl game.

my neighbor had me fix her brakes. she said that it was making a grinding sound. of course it would when the whole fricking pad is worn out and she was literally using the metal part of the pads.

nytlemgr

I love that part.

Anyway, dealerships generally do not like sell a currently modded vehicle. Most times they will return the vehicle to stock. So they give you the price your car is worth stock, minus the cost of returning it so. For example, your car is worth 15k used, they have to spend an additional 2k to remove the intake and exhaust (just random numbers here), you may walk away with 13k. We are not even considering you may have easily sunk 5k into your baby. No matter how you cut it, you will lose. Deprecation is just a reality of poor investments.

My two cents, do what makes you happy in the long run. If you spend the money now only to lose it later it may not be worth it. If you can afford to do the things that you enjoy, for example modifying cars, then by all means let no one stop you. I think I went off topic here but oh well.

Chrisb319

iTrader: (1)

What if it's a TRD dealer installed part?

See dealerships are jerks like that, they will offer you less because your car if modified and such but then when they try to resell it they will mark the car UP because of the aftermarket parts. At the Toyota dealership here i've seen it happen a couple of times. They will even advertise it too.

shadow12one

No matter how you look at it, a car is not an investment.

mkaresh

At best you'll get a small percentage of the cost of the mods if you trade it. This is no doubt most likely if they're factory parts (i.e. TRD) and if they don't threaten the reliability of the vehicle (e.g. wheels that are larger but not crazy large).

jurassic1

Yup, why go through all the precious mods if you keep 'worrying' how much you'll get back later....those are for today's pleasure. They're for you, you had them installed for "you" :D . So enjoy them. Like shadow12one said, a car isn't an investment that earns interest as time goes by. Money for mods is money thru the gas tank, thru the engine block, pass the Cat and out the nice shiny exhaust. Us? Just enjoy the ride

On a serious note, if you can't maintain the payments and the bank seizes your car, they seize everything installed in it too---by default. You can either 'sell' the contract/financial commitment to a third party (say a $-loaded college dude), and after a credit check and a bank-approval, he can take over the remaining balance. Or, just re-install the stock parts (like the old intake)---in the unlikely chance you do keep your stock parts kept somewhere. Then again, how many among us keep any of the stock parts? (I do )

jurassic1

(oops, double-clicked )

entropysedge

If the mods are not Toyota/Scion parts and you are trading the car to a Toyota dealersip, if the dealership plans on Toyota/Scion certifying the car, they have to remove those mods in order to do so. They are not going to want to pay you for stuff that they may have to take off anyway.

As someone else earlier said, no one is going to have the exact same taste as you do and you are not going to get back the amount of money you spent on the mods... so when you sell the car, put it back to stock, it will be that much easier to sell and just ebay the mods that you took off.

Cars are not investments.

Ace83

iTrader: (6)

yea put it back to stock, im pretty sure they wont just knock on your door and tow your car without notice... lol if they do, tell them "what happened to my 10K i left in the glove box? you also reposses it?"

shadow12one

haha like Jurassic said, not many people actually keep their stock parts but I believe you should keep everything. Find a space somewhere but keep the parts. If you wanna sell it you got everything u need to just get it back to stock, if something breaks you can replace it with a stock part,

cwayne

Unless ofcourse it's a Chevelle. I've seen those things go as high as $85,000 in auctions. Of course in prestine condition.

shadow12one

Well ya collector cars can bank a decent amount of money. 95% of people dont have anything anywhere near that though.

forpinks

I'm also asking this because I want to buy-(err, finance) a Subaru STi wagon (AE92 fun car replacement) if it comes out of the USDM and mod it to 400+WHP or till I catch up to a Vette Z06 or atleast my 270WHP Scion/Toyota/GReddy "t"urbo"C"harged...

But I'm worried if I lose one of my jobs then I won't be able to pay its monthly and insurance, so I'll have to trade it to a cheap car like a Yaris,Rabbit,Versa, or the 10thgen Rolla.

It seems like modding a financed car isn't such a good idea after all if you have to give it up to a company.


Thanks peepz! (I may just buy an old no engine, 69 Camaro restore it within a year and give it 600WHP and WTQ rich too. seems to be better and much more fun!)

shadow12one

You gotta understand that if you've got a loan out on anything (car, house, etc) you dont own it. The bank or whoever you owe to does since they hold the title to that thing. So if you're still paying off your car and you mod it, your modding the banks car.

rolloutrs1

most of us on here are modding the bank's car. theres nothing wrong with it as long as you pay your monthy and in time, it'll be yours.