What is needed?... down payment?...

How does it work when I have a trade in?.. get my car appraised... then do the number crunching to see if it'll work... then order it?.... Also how long did it take from when you ordered it to recieve it?...

I need to know this stuff before I goto the dealer.. being that it's 320 miles away.

 

This is the approach I took to ordering my tC.

1. Submitted about 7 online quotes. Selected the dealer with the lowest "processing fee".

2. Got my credit score from Equifax: Helps to know before you step foot in the financing office.

3. I determined what amount I wanted my loan to be. I then subtracted it from my quoted price to determine my down payment.

4. I agreed on the APR the dealer quoted me. I then put down a $500 deposit on my ordered tC

5. I waited about a month, then got a call to pick up the car. I was in the dealership signing papers for 45 minutes. Then drove off the lot.

Hope this may help out

 

you don't really need to know all that. i went to the dealer and asked about most of that and he answered my questions for me. they won't pressure you into buying THAT day. if they do, go somewhere else. Keep in mind the Pure Price policy. they will not go down on their prices and chances are when they give you a quote on the trade in, they won't negotiate the amount of the trade in because of the Pure Price. That's what i dealt with, and i have no complaints. a $500 deposit is what i had to put on my car to order it. it's been 1 week and he said 3-4 weeks.

 

Ah so a $500 deposit is required... do youg et that back or is it considered down payment?

 

The down payment is something the dealer may or may not ask for. Some dealers require it, some do not, as they realize that if they order a car for you and you back out, they can easily sell the car anyway - Scions are in high demand.

 

You can either apply the $500 to a down payment, or you can have it refunded to your credit card. I had mine refunded, I just cut a check for down payment. As far as trade, your not going to get that great of a deal. I would try private party first, see what kind of bits you get.

 

Well I HAVE to trade it in.. it's my wifes 04 neon sxt with 20k miles on it....two tone katskin leather interior... lip kit (mopar) .. lowered.. i know mods dont add to the price... but we owe $15,000 on it... and well most dealers we have tried offered like 6-7k... I'd like to get 8k and just add the rest ontop the payment... with a decent down payment it'll cancel each other out for the most part.

 

I told my dealer that i wanted 12,000 for it and that's what i got out of it. Just tell them you want to get 8 out of it and see if they'll give in....if they need to make a sale they'll give you 8 for it. they wanted to give me 11,000 for my matrix but i told them i wanted at least 12,000 and that's what i got.

 

LowNSlow is there something wrong with the SXT? I cannot believe the value dropped that much. You should try and sell it privately. You will have time to do so because it will take a few weeks to get your tC. It can't hurt to put it in the local newspaper or on cars.com. If the car is clean and some one wants it they will pay more then 8K for it. The dealer is going to make a killing off of you. They will make money on your trade bigtime and also on your tC sale.

If you decide to put the 7K that you owe on the neon that will be at least 125 dollars a month you are paying for 5 years on a car you don't own. (considering 4.9% financing at $18 per 1000 dollars financed).

If you decide to put down 2 grand on the scion with no mods with about 5% interest you are looking somewhere at around 300 dollars, tack on the 125 from the neon, and you are up to 425 a month.

My numbers may be off a bit, but I know you are going to get killed rolling over payments from another loan into a new loan. Think it through before you strap yourself with a huge payment on a $17K car

 

they're gonna make a killing off of my 99 corolla..quoted for $4500, car is pretty clean, but less than 50k mi..checked it out and it said they'd sell it for like 8k+.

 

The SXT is in perfect condition... no paint problems.. no motor problems.. nada.. Just the values on dodges suck..

I'd sell it privately .. but then what?.. someone gives me 8k for it.. and I still owe the rest.. what would I do for that ?... I'm paying $375 a month on the SXT... I wouldn't mind going to $450 a month for the TC.... my insurance is dropping and I can afford it....Here is the situation though.. I will have little to none to put down.. so I was just gonna finance 24ish on the TC... and when I go over seas and come back.. put that chunk of money I got towards the TC so it'll put me back ontop of it.. I'm going to get raped no matter what I do.. it's weather I want to get raped and stick with my SXT or get raped on a nicer car (TC).. lol....

 

i think the best thing is get to know your scion dealer. work with them to find out what the best thing to do is. they have ways of getting most things taken care of over the phone. offer to send them pictures of you trade and perhaps they can get you a price that way. check out financing options at a credit union or your bank. try to sell your car private party. or visit car max in your area if possible.

we usually like to see tax and licence as a down payment. but, that doesn't mean you can give more, or less. you may want to think about it because you don't have too much time in the credit world.

This is how it would work if you were to get a car from me.

take information for credit over the phone.
take information for you trade over the phone.

i would take that information process it and report back to you.

if you find everything to you liking, I would order the car you are asking for. I would also, make sure we get everything installed befor you come in so, it would be ready to go. I would probibly need a deposit depending on what you want on the car. small things (ie shift ****, security, shift pedals), no big deal. but, if you wanted all kinds of big things (ie. lowering, iPod upgrade, leather, tint, rims, interior lighting. or any big dollar or hard to sell items) I would ask for a deposit.

then i order the car. get it in. call you. you come in sign everything, tell me how hard i rock. and you go away a happy scion owner.

hope that helps. btw, if you are in the sacramento area I would love to help you out.

 

That would be a hell of a drive for me to goto CA to trade in the neon then turn around and drive the scion back..

Alaska is quite a ways..

I hope not wanting a lot of things is going to make it easier.. I just want a basic flint mica scion tc / 5 speed...

btw: We have 1 Scion dealer in the state Sucks they are 300 miles away.. but I will call them and talk to them. See if we can do the trade in thing over the phone and what not... thanks for the info.

It takes about a month to come in after ordering?

 

I just ordered mine today. $500 bucks to order it and they told me to wait about 3 weeks so hopefully i'll get my nb soon.

 

Well good luck. As long as you can afford it. It sounds like you know what you are getting into. I know the feeling of wanting to dump a car. I tried to get rid of my jetta, but was going to take about a 4K loss because I had so many miles. I changed jobs, my milage usage dropped and finally I was able to break even when I traded it for the scion. Let us know how it goes with your purchase

 

people often give bad advice....so let me add mine (jk)

you are "upside down" in the neon. this means you owe more than the car is worth (because it is an 04, and a dodge). this is a tough situation in that by selling to a private party, you still would have to pay the lender more than you get in the sale just to clear the title to the new owner.

you can trade it in and buy a tC, but you need to understand that the amount above what the neon is worth and what you owe will have to be added to your loan on the tC (this is "burying the upside down"). instead of paying $18,000 or so for the tC, the dealer will have to add your "upside down" on the neon to the tC loan, making your purchase price more than the actual price of the car. this can only be done if your credit is good, you have a significant down payment or the tC's value on the lender market is such that a lender will lend more than the tC is worth.

it can be done but you appear to be pretty "upside down" in that neon. imo, a tough loan package to sell to a lender without a significant down payment.

 

Yep.... knew all this info... but thanks for it.. ;0

It'll be in my wife's name.. (good credit) and co signed by my madre' .... since I have a sprint collections on me

Hopefully it'll be enough credit... in the end it would be financing around 23k or so for the tC... which will put me upside down on the TC.. but I'd rather be upside down on a TC than a SXT.. and like I said.. when we come across denero.. pay it off early. =)