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Old 11-12-2003, 07:48 PM   #1
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would this work?

i have never bout my own car really yet so i am not sure how it really works yet(grandparents got me the neon, i just make the payments lol), but i was wondering something and hopfully you guys can help me out here.

i owe i a lil over 7,000 on my neon, and the book price for it is like, 4,5-5,500. the local ford dealer has this deal going on an all the focuses on the lot say it has a 4000$ rebate on it, and i was wondering if i could trade in my car, still owing on it, get the focus with the rebate, and come out with out being realy upside-down in the long run? i also get a lil discount from working at taco bell from what i understand, plus the conquest dicount for changing from dodge to ford(i think that is what i was told). i didn't have a chance to go over and really look them yet, i noticed it while i was looking at the celica gt-4(awwwwwgod it was nice) across the street.


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Old 11-12-2003, 09:02 PM   #2
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that 4k rebate is going to depend on the specific deal. a lot of those are WAC or With Approved Credit. you can always talk a dealership into paying more than blue book on the car though. go in there telling them they need to pay it off or else you wont do anything and that will get you somewhere. how old are you and how much do u make? whats ur credit like? u could try and talk mom n pops into financing it for u
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Old 11-13-2003, 06:01 AM   #3
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actually i was gunna get the grandparents to help me again, and i would actully try getting my name on part of it this time. with the neon, i was only 17 so i could not be on the loan or anything, but i am 18, soon to be 19 in febuary. my grandparents have amazing credit(they got a new dodge truck last truck, when the guy ran the credit check he came back and asked if they were driving it home that day, same as when we got the car) though, so i would think that they would be able to fall under quailified buyers.

with my last raise(.30c woo woo) i am making about 1,000-1,200 a month before taxes; not much i know.
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Old 11-13-2003, 07:00 AM   #4
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here is a link to the focus i am really digging here

how much do you ppl think i may be able to get the price down too, or what a good number is to shoot for?

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Old 11-13-2003, 11:27 AM   #5
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I bought my '03 ZX5 for 13K, I think you should be able to get it down a bit.. : /
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Old 11-13-2003, 12:36 PM   #6
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In my opinion, you should pay down the debt on the Neon b4 buying a new car.
If you don't, make sure that you get gap insurance.
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Old 11-13-2003, 12:44 PM   #7
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I also think ford has some insentives for first time buyers, check into that, try to find a good local ford dealer that will not try to jack you and talk to them about it and see what they will do..I know right now they really want your business..Good luck on that new focus, much nicer than the neon in my opinion!
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Old 11-13-2003, 12:55 PM   #8
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The First Time Buyers program isn't going to help ya, in fact, they will try to get you into a lease, thus, the "First Time Buyer has low or no credit program". The mark up on the new Focus is roughly 2,500-3,200, deprending on the make, so try to wheel & deal and see if they will go so far as to pay off your existing loan. Drive a hard bargain with the dealership because dealerships are mostly "volume" driven and #'s mean everything. I would just wait and pay down the loan first, cause comin' Feb and March dealerships introduce new cars and new low prices on lot cars. So, hold off, or wheel & deal til ya break even!!!
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Old 11-13-2003, 01:08 PM   #9
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I don't think they'll trade with you. Since it depends on credit approval, they would have a hard time getting you approved with an "upside down trade" (meaning you owe more than your car is worth). If you had the car paid down a little, I'd say maybe you could trade, but you'd get screwed. So, I say don't even waste your time trying. A reputable dealership won't trade, and may laugh at you for trying, but a sleezy place may reem you for not being up on car sales/trade knowledge and accept the trade at some awful kind of a deal.

Without completely "choppin' your head" (a phrase for REALLY rippin' somebody off), the dealership would have to take a loss on your trade, and I know of absolutely NO dealerships that would do that (unless they had a buster to buy the car for mega $$$). It would have to be on Ford Credit too because no bank will touch this loan...even if your co-signers have gold credit. To be honest, you don't want them to accept the loan anyways.

(I can't believe I'm saying this)...keep the neon... drive it easy (low miles), keep it clean, and when you have it paid down below what it's worth, sell it in the classifieds for $2000 more than what it's worth. Take that money and pay off your loan, and with the extra $$$, put a down payment on another car.

and like focusonthis said... buy a car in clearance season, and pick one that's new or a demo that's 1-2 years old (most will have less than 5-10,000 miles and will have a significant discount if you don't accept a crazy deal).
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Old 11-13-2003, 03:35 PM   #10
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I would talk to them and see what they can do for you with a trade-in, the deals right now on the 2003 Focuses are too good to pass up and if your grandparents are going to be on line 1 of the loan you might squeek away with 3.9% for 60 months and no down payment or use whatever is left over after the rebate for a down.
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