Update on my 4Runner....

[AMISLANDER]

I am sending a check next week to my trustee in my ch. 7 for $1,500.00, the agreed upon amount so that I can keep my 2000 4Runner...once this is accomplished I am taking the car in to see what really needs attention: catalytic converters, brakes, starter, etc...and see if any of it is worth fixing...

Carmax had given me a wholesale trade in figure of $5K right before Xmas.
That's cash in had walkaway money, but I'd be in Tampa with no ride back to my home, 65 miles away...lol!

I figure on a trade in, it's probably going to be around 6,500 to 7,500....now that should get me something paid off in either an older mitsubishi or toyota family....

I have not done the car trade in since 2003 .... I want to make it as un-stressful as possible...any suggestions?

when I pay off this darn car...I will be broke but not credit card debt...I do owe the IRS for 2004 but that's been hanging over my head since the bk...that will wait...I just don't want to have them try to seize my vehicle next...the trustee thing was enough!!

[HHM]

Car dealers rarely, if ever, do straight trades; so if you are thinking you can walk into a dealership and simply hand over your car and get another without laying down some cash or taking a loan, you are being unrealistic.

And even if they agree to a straight trade, the dealer will still want cash for tax, title, and documentation.

There have been some informative posts recently about this. If you think you will need to finance some amount, you want to talk directly to the dealerships finance managers before anyone else, either over the phone, or make an appointment to meet with a finance manager directly.

[AMISLANDER]

Car dealers rarely, if ever, do straight trades; so if you are thinking you can walk into a dealership and simply hand over your car and get another without laying down some cash or taking a loan, you are being unrealistic.

And even if they agree to a straight trade, the dealer will still want cash for tax, title, and documentation.

There have been some informative posts recently about this. If you think you will need to finance some amount, you want to talk directly to the dealerships finance managers before anyone else, either over the phone, or make an appointment to meet with a finance manager directly.

...and you know I was looking for a straight trade

ok, getting back to the real world, I'd probably like to go no more than a $5K loan...in conjunction with the trade and then see what the tax, title , docs situation could be...is that realistic?

I don't want to have more than a $100 car payment....???

[FilingOnMyOwn]

First of all, you need to understand what kind of trade-in value you're expecting. A 2000 4Runner should be fetching 7k or so, trade-in value.

Then, you need to decide what kind of car you're looking to get.

Then I would say there is no reason any dealer worth working with would not do a straight trade given the amount of equity you are dealing with. The ball is in your court, not theirs.

That being said, remember what a dealer will do with your trade in. Spruce it up and sell it. So spruce it up yourself and get a higher trade in value. Spend a saturday washing, waxing and polishing, vacuuming, armor all the interior/exterior, and do a basic full service oil change to have everything appear up to par.

As far as the catalytic converters go, if they are causing the check engine light to come on, heres a trick before you trade it in. Disconnect the negative battery terminal for 30 seconds, reconnect it, and the engine computer will be reset. The check engine light will go off. Any mechanical problems will become the dealers responsibility to fix before they resell the car. Do not tell them about any problems the car may have. Let them do their own independent trade in analysis.

Then, maybe walk away after the first offer or two. Shop around. Your first dealer may try to low ball you with a 6k trade in offer. I can tell you thats ridiculous. I know someone who just traded in a 98 4Runner limited with 200k miles for 6k. To a toyota dealer.

Shop around, get the best trade in offer, the best car price, and the best overall deal.

[AMISLANDER]

First of all, you need to understand what kind of trade-in value you're expecting. A 2000 4Runner should be fetching 7k or so, trade-in value.

Then, you need to decide what kind of car you're looking to get.

Then I would say there is no reason any dealer worth working with would not do a straight trade given the amount of equity you are dealing with. The ball is in your court, not theirs.

That being said, remember what a dealer will do with your trade in. Spruce it up and sell it. So spruce it up yourself and get a higher trade in value. Spend a saturday washing, waxing and polishing, vacuuming, armor all the interior/exterior, and do a basic full service oil change to have everything appear up to par.

As far as the catalytic converters go, if they are causing the check engine light to come on, heres a trick before you trade it in. Disconnect the negative battery terminal for 30 seconds, reconnect it, and the engine computer will be reset. The check engine light will go off. Any mechanical problems will become the dealers responsibility to fix before they resell the car. Do not tell them about any problems the car may have. Let them do their own independent trade in analysis.

Then, maybe walk away after the first offer or two. Shop around. Your first dealer may try to low ball you with a 6k trade in offer. I can tell you thats ridiculous. I know someone who just traded in a 98 4Runner limited with 200k miles for 6k. To a toyota dealer.

Shop around, get the best trade in offer, the best car price, and the best overall deal.

Thank you for all the thought put into that...

I will have one of my guys at work wash the car & vacuum inside & do the armoralling at home...(I can't tell you how many 4runners I've traded in w/toyota...back in the day but, I know they will give me a better price if the car is looking good.

I'll do that battery action with the check engine light...(codes read point to the converters/oxygen sensors)

I had taken it in and my Toyota dealer (which means all of them) can pick up my name, check my 4Runner status and they'll find the converter issue...ok...no biggie

but as long as it starts up at least I won't have the starter issue...lol...

Thursday is payoff day for trustee; I know he'll be jumping up and down...

[HHM]

FOMO makes some good points (although I disagree about the straight trade, dealerships simply don't do it that much regardless of the equity in the vehicle). You want to get a good idea of what your trade is worth. But keep in mind one aspect of trade in...dealerships can usually SHOW a customer a higher trade in value when negotiating a new car, vs. a used car. Reason being, dealerships can use manufacturer incentive money to inflate the trade-in value of a car when negotiating a new car purchase. (you ever see those commercials, $4,000 on any trade, or the tow it in and we'll give you $3,000, the dealer is using their manufacture incentive money).

Thus, you need to establish a trade-in value range that you can accept, and realize that since you are trading in on a used vehicle, the Trade in value will likely be on the lower end of that range.

[FilingOnMyOwn]

Why do they not do straight trades? If I were to go out and finance a car I can say with utmost certainty I would not have to put down a dime. If they wanted money from me to take a trade-in, than forget about it, I'd just sell my used car outright for more money anyways.

[AMISLANDER]

FOMO makes some good points (although I disagree about the straight trade, dealerships simply don't do it that much regardless of the equity in the vehicle). You want to get a good idea of what your trade is worth. But keep in mind one aspect of trade in...dealerships can usually SHOW a customer a higher trade in value when negotiating a new car, vs. a used car. Reason being, dealerships can use manufacturer incentive money to inflate the trade-in value of a car when negotiating a new car purchase. (you ever see those commercials, $4,000 on any trade, or the tow it in and we'll give you $3,000, the dealer is using their manufacture incentive money).

Thus, you need to establish a trade-in value range that you can accept, and realize that since you are trading in on a used vehicle, the Trade in value will likely be on the lower end of that range.

Exactly....if I do the trade they're going to up my vechicle a bit as well as what I'm purchasing...I just don't want anything more than a $5K note....