Just curious if anyone rolled in any kind of negative equity onto their Scion? I am pretty upside down on my trade and my credit is good, but just wonder if someone has rolled in a lot of extra on their new loan.

 

I just got done trading in my matrix and lost 2,000 in the deal....I also have good credit and everything....but i don't think it was to bad of a loss...it couldn't of been worse

 

mine would be much more than that.

 

have you gotten a trade-in price from the dealer yet?

 

You can carry over some negative equity onto a scion or any car fro that matter. BUT a Finance company will only finance up 125% of the actual value of the vehicle. So if you figure a tC is worth about 16,500-17000 before any mark up you could carry about 4K onto it. But it you're one of the people who get capped off at a certain payment that figure goes down. The whole scion financing thing is still based on credit just like everything else. Most ppl i've talked to didn't get their loans through toyota they went to an outside lender and gto a better rate. Hope this helps

 

My Scion dealer will not roll any negative equity onto a new car, I tried to trade my beemer in a month ago and no deal, my only option was to sell it... which I did and I still ate some of the loan but not nearly what I would have had I traded it in. As far as their financing, their rates look a little high to me, try a credit union for lending, they are usualy better than conventional banks. One more thing... if you are going to roll that negative equity into your new car, be sure to check into gap coverage on the old insurance policy, in the event that the car is totalled the insurance company will just pay it off... done deal, 100% coverage and it is not expensive, in CA it is about $15 per year.

 

I got a buy-bid on my trade. We were approved for 5.45% on the tC, but did not get enough of the advance needed. I went through E-Loans and got the advance, but the rate was about 1% higher. NOt sure if I like the e-loan thing.

 

tsullivan has got it right.

Financial institutions can lend you any where from 100% - 125% for the purchase of a car. How upside down are you?

An easy way to find out of you would get enough financing is calculate how much you will be paying out-the-door(including tax, liscense, GAP, extended, etc) for the scion and then tack on your negative equity. If the total is more than 125% of the value of the scion, then you mostly likely going to have to put a larger down-payment.

Go visit your local credit union and talk to a loan specialist about getting a loan. Most tend to offer loan rates lower than banks. Just make sure you qualify for their field of membership.

If you planning to roll over your negative equity into the scion, i would highly recommend GAP insurance. GAP is offered by most dealerships, but you can typically find it cheaper elsewhere. i.e. Insurance companies or financial institutions. My credit union offers it for $300, whereas most dealers sell it for $500. Hope that helps.