what would you do????

[juanito]

what would you do??

i have a 97 z28 that i financed 1 and 1/2 years ago!! i pay 250 a month plus 120 insurance. when i was looking for an fbody i really wanted a ls1 ws6 trans am!! but the amount of money i was making wouldnt cover all my bills! so i settled for an lt1 z. now im a suppervisor at work and im making more money.. i think enought to cover the difference in payments between the two and still have some left over. so my question is should i trade in?? can i trade in?? i still owe 5000 on my Z .. how would the dealer do it?? any advise?? the WS6 is my dream car. also a corvette but ill wait for that one when i have a midlife crisis. any advise is appreciated!! thanks --juan

[95 Camaro Z28]

yikes, if you still owe 5g's on a car that prolly will barely sell for that...there is no way the dealer will give you the 5g's you owe so i dunno how that will work..

[Phantompooper]

Well, you're not gonna get the $5000 from the dealership for trading in. That's just the case. You may get about $2000-3000 and they'll tack the rest of what you owe onto the loan for the new LS1. That's because you're upside-down on this loan, you owe more than the car is worth to the dealership.

You could also sell it privately, with the condition that once it's paid for, you will send them the title. Most people are pretty understanding about this. You may get your $5000 that way. That's probably your best option, that way you don't owe anything more than the loan for the LS1.

Good luck bro! You will LOVE your LS1, regardless of the model. It's a bitchin' engine and the cars ain't bad either!

[juanito]

whats a 2000 ws6 selling for these days?? and yeah i didnt expect the dealer to give me the 5 g's but then if they give me 3 gs and just add 2 to the loan i think id be ok depending on the cost of the ws6. pretty much i can afford 400 a month for the payment.. pooper how much might my insurence jump?? ive been driving for 5 years.. clean record! i now pay 120 full coverage on the 97 through allstate. i blame all this on my friend.. he just bought a 98z for 8.5 and he let me drive it.... thats when i got to thinking.... thanks for the fast responses!

[Phantompooper]

The jump won't be too bad. It's only a few years newer and already a high-performance car. Check with your company, just tell them you'd like a quote on your policy for a different vehicle.

A 2000 WS6? Probably could be had for around $13,000-18,000.

[juanito]

wow not bad!! imma pay off my debts first .. i only owe like 600 to creditcards(i just payed half today) and am planning on paying the rest off in a month. save a couple thousand for the WS6 and BAM!!!!! picture me rollin' . lol im so freaken excited.. imma mod the heck outta that car!! cant wait!! thakns for the replys and i guess youll see me and a black WS6 m6 in abouth 4 to 5 months!! peace out!!

[juanito]

i guess i better start visiting the LS1 threads more often now!!

[98Z]

i have a 98z vert with LS1 and my monthly payment is $257 and insurance alil higher than yours due to vert. So you COULD find a deal if your credit isnt bad and you shop around..As far as what you owe on your current ride, ya, it would turn ya upside down

[juanito]

yeah i think i have good credit!! atleast better than when i financed this car! but yeah ill keep looking for that deal out there!! guess i better start learning how to drive stick too huh?

[dnm12]

in california if your smart you will get isurance for a show-car or basically tell them you are only going to drive XXXX miles for instance I wont put more then 5,000 miles on the camaro this year i pay ~$700 a year for full coverage and I am 23

[dnm12]

oh yeah then with your LS1 and a few mods you can do this:

http://media.putfile.com/Tire-View-Burnout

[VETTEpwrdZ28]

save cashola, pay off LT1, sell LT1 to a private party, down payment on dream car,

[juanito]

you know what erick... thats just what i might do if i can hold off that long! itll help my credit and il get my moneys worth .. ohh and nice burnout dude.. sweet!!!

[Delicious D]

my credit is badd ass 790 im 23 (my dad bought a house under my name when I was 21) , iam going to give you the same advise my dad gave me dude, pay off your debt, start paying more on you car payment is , example--- payment 250 send in 500 if you can )so you fnish off paying your LT1 when you sell your car u will probably make a little money....on it. with that money you make it will be your down payment for your new car..... its better that trying to save money because ur paying intrest on your car right now , if you put it in a savings the most you will get back is like 3 % in a year. its not the same paying 21% on 5000 than 3000 dollars.........

sincerely
Credit advisor of the World

[juanito]

wow 790??? dayyuuuum!! thats some good advice bro! thanks!