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      02-19-2013, 01:41 PM   #1
py0413
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Financing options

Helle folks,

I have a question that came cross my mind last night regarding to financing. Normally, I pay cash for buying cars new/used unless if some very low interest rate offers such as 0% or 0.9%. Here's a situation I don't know if it's possible, but I am sure some of you would know better.


Let's say I am buying a new car which sells for $65000 and my trade is worth $50000. Regular, you would finance the $15000 difference (of course plus tax and fees). Now, I wonder if it's possible to ask $20000 cash back from the dealer so I can finance $35000 instead of $15000 on a lower interesting rate? I never heard or dealt with this myself and I am curious if this can happen.

What do you guys think?
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      02-19-2013, 02:08 PM   #2
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Never heard of this. But certainly, you can ask your dealer. In any case, the newer car title will have lien on it anyway.
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      02-19-2013, 02:14 PM   #3
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Quote:
Originally Posted by bobblehead View Post
Never heard of this. But certainly, you can ask your dealer. In any case, the newer car title will have lien on it anyway.
I just made a call the the dealer and none of their people in the finance department is free at the moment. I will try again later.
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      02-19-2013, 02:47 PM   #4
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I just did my trade this way recently, bought my wife an X5 gave them my paid off MDX and asked good chunk of money back and only some for downpayment. Hope that answers your question
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      02-19-2013, 03:32 PM   #5
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Quote:
Originally Posted by YUN
I just did my trade this way recently, bought my wife an X5 gave them my paid off MDX and asked good chunk of money back and only some for downpayment. Hope that answers your question
YUN,

thanks for this info. It will be very helpful. I will contact the dealer's finance department regarding to revising my finance scenario.

Cheers,
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      02-19-2013, 07:12 PM   #6
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Okay guys, I can confirm that this way we are discussing here is DOABLE. I just ended pick the process picking up my MCB/Silverstone from the dealer. Got a big chunk of my cash paid for the 911 back. I will post another thread later tonight or tomorrow with more detail and some pictures. Thanks guys! Really appreciate that.
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      02-19-2013, 07:18 PM   #7
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Nice to hear your dealer worked out the deal with your trade.
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      02-19-2013, 08:45 PM   #8
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Quote:
Originally Posted by bobblehead
Nice to hear your dealer worked out the deal with your trade.
The last dealer who quoted my trade in december was a joke. Not only the trade was undervalued, it had to be a cash deal. Now, I managed to get $8000 more on my trade compare to 2 months ago and the trade also had quite a bit more mileage. Best of all is I can enjoy very low interest so now my cash can work somewhere else.
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      02-21-2013, 11:59 AM   #9
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Glad it worked out, now on to pics
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      02-24-2013, 07:45 PM   #10
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Quote:
Originally Posted by py0413 View Post
The last dealer who quoted my trade in december was a joke. Not only the trade was undervalued, it had to be a cash deal. Now, I managed to get $8000 more on my trade compare to 2 months ago and the trade also had quite a bit more mileage. Best of all is I can enjoy very low interest so now my cash can work somewhere else.
Congratulations - I take it you had to go out of town to purchase. We should meet up if you have some time.
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      02-26-2013, 05:14 AM   #11
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YUN,

I can't wait to take some pics to share but the weather was real bad over last 4-5 days. I hope tomorrow will be different as I plan to take it for a wash.

Terrym,

Thank you! I am glad that I made the trip because it was totally worth the same with a wonderful buying experience. unfortunately, our local dealer hasn't been competitive at all and with the experience, I am pretty certain my future car shopping will again be done in Vancouver.

We should gather for a cup of coffee or tea when we figure out a proper time. Also maybe some other local Vancouver island owners want to join.
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