Waiting to Carmax my Genesis to lease a Stinger

[jrhodes87]

So my plan is to sell my Genesis to carmax and lease a stinger, I don't own the title out right yet, still paying on loan. My only gripe is the little miles I'll add waiting for the Stinger!

We are still thinking December for us USA folks right??

 

[Chris]

So my plan is to sell my Genesis to carmax and lease a stinger, I don't own the title out right yet, still paying on loan. My only gripe is the little miles I'll add waiting for the Stinger!

We are still thinking December for us USA folks right??

I would at least take the Genesis to the Kia dealer first and see what they would give you for it on a trade in, CarMax isn't exactly known for giving top dollar on trade in. They will however give you a quote that's good for 2 days or 3 days or something like that. Take it to the CarMax, get your quote, and then drive it over to the Kia dealer and work your trade-in. Imo don't tell the dealer you have a trade-in until you have a price on the new car...

 

[jrhodes87]

I would at least take the Genesis to the Kia dealer first and see what they would give you for it on a trade in, CarMax isn't exactly known for giving top dollar on trade in. They will however give you a quote that's good for 2 days or 3 days or something like that. Take it to the CarMax, get your quote, and then drive it over to the Kia dealer and work your trade-in. Imo don't tell the dealer you have a trade-in until you have a price on the new car...

SO i'm all pretty new to this, the genesis was the first car I purchased, so my query is if I'm still paying the loan off how would that work with doing a trade in? say I owe about 24k on the loan. Would I trade in the car and get the kia for a really good lease price and still end up having to pay on the genesis loan? Or would they roll over my negative equity into the lease payment?

I figured try to sell the car straight up in private deal or carmax, pay the loan off as much as I could then lease the stinger. According to where I stand on my loan and kbb value of the genesis i'm only under water about 2-3k. My whole goal is to lease a GT Stinger for under 500 (what I pay on my genesis each month)

That's why I'm telling myself keep my current car loan separate from the lease payment, I don't want them to roll over the negative equity into a lease payment I'm stuck with. I'd rather just bite the bullet, sell the car, leave the difference with Chase at the low interest rate and pay it off while I lease. Of course I'll have 2 payments for a while but I'll have to live with that for a few months

Any info on the best way to do this would be appreciated

 

[Chris]

Chase isn't going to let you sell the car and still have any amount left over on the loan. They will force you to come up with the difference, or make you take out a new signature loan to pay it off. The car secures the loan. If the car is not yours any more it can't secure the loan. A signature loan will most likely not carry as low an interest rate as a secured loan. (I don't know your current rate or how your credit is so maybe but doubtful)

This is why I mentioned to not tell the dealer you have a trade in until you have the terms set in stone on the new car.

So go to CarMax get a quote from them. This will 90% likely be lower than what the dealer will give you.

Go to the dealer. The first words out of their mouth will be do you have a trade-in? TELL THEM NO! Work out the best deal you can on the new car. Get it in writing. Then tell them you do have a trade-in. Tell them in order to get the new car they have to pay off the balance of the loan on the old car. They will probably tell you no way
Don't be afraid to walk away! Let them know that is the only way you can get the new car, and you would be happy to have them call you if they change their mind. You may have to go to several dealers to get one to agree. They may never agree if they are selling the stingers as soon as they get them in.

It is helpful if you do this at the end of the month, and even better is to do it and the end of the quarter. 99% of car salesman work on commission and have certain bars to hit for sales. These are not only quotas they have to sell but commission levels. (Sell 5 cars a month make 500 per car, sell 10 a month make 1000 per car) at the end of the month and quarter the sales guys are trying to hit their numbers and it might make sense for them to g even lose money selling you your car if they can make more money because of a quotas or commission level.

Good luck!

 

[jrhodes87]

Chase isn't going to let you sell the car and still have any amount left over on the loan. They will force you to come up with the difference, or make you take out a new signature loan to pay it off. The car secures the loan. If the car is not yours any more it can't secure the loan. A signature loan will most likely not carry as low an interest rate as a secured loan. (I don't know your current rate or how your credit is so maybe but doubtful)

This is why I mentioned to not tell the dealer you have a trade in until you have the terms set in stone on the new car.

So go to CarMax get a quote from them. This will 90% likely be lower than what the dealer will give you.

Go to the dealer. The first words out of their mouth will be do you have a trade-in? TELL THEM NO! Work out the best deal you can on the new car. Get it in writing. Then tell them you do have a trade-in. Tell them in order to get the new car they have to pay off the balance of the loan on the old car. They will probably tell you no way
Don't be afraid to walk away! Let them know that is the only way you can get the new car, and you would be happy to have them call you if they change their mind. You may have to go to several dealers to get one to agree. They may never agree if they are selling the stingers as soon as they get them in.

It is helpful if you do this at the end of the month, and even better is to do it and the end of the quarter. 99% of car salesman work on commission and have certain bars to hit for sales. These are not only quotas they have to sell but commission levels. (Sell 5 cars a month make 500 per car, sell 10 a month make 1000 per car) at the end of the month and quarter the sales guys are trying to hit their numbers and it might make sense for them to g even lose money selling you your car if they can make more money because of a quotas or commission level.

Good luck!

Thank you I appreciate the response. I will probably wait until the stingers are actually available here in the US.

But from my research over the past week online it seems that just about 99% of everywhere else I've read everyone says Carmax always offers more then a dealer will, you're the 1% telling me otherwise. Not saying you're wrong, those are just the stats from what I've come to find.

Now hypothetically speaking, what if I were to take it to carmax in a couple of months. They offer me 2k less then what I owe on the loan. Can I sell to carmax and then immediately pay off that remaining 2k to chase and be all squared up?

 

[Chris]

Yes as long as you pay off whatever CarMax doesn't you'll be good. Be prepared to write the check that day.. CarMax can't get the title until you are square with the bank.

As for who will pay more, the dealer or CarMax, all depends how hard up the dealer is to make the deal. CarMax doesn't care if you walk away, you're not buying a car from them. The dealer/sales guy has more invested in the deal. I can tell you I took my optima to the Jag dealer and CarMax. CarMax was originally higher but after working with the dealer I got him to offer 500 more than CarMax. I think the whole point is to never rely on one quoute. Getting multiple quotes is your best friend...

 

[jrhodes87]

Yes as long as you pay off whatever CarMax doesn't you'll be good. Be prepared to write the check that day.. CarMax can't get the title until you are square with the bank.

As for who will pay more, the dealer or CarMax, all depends how hard up the dealer is to make the deal. CarMax doesn't care if you walk away, you're not buying a car from them. The dealer/sales guy has more invested in the deal. I can tell you I took my optima to the Jag dealer and CarMax. CarMax was originally higher but after working with the dealer I got him to offer 500 more than CarMax. I think the whole point is to never rely on one quoute. Getting multiple quotes is your best friend...

Ok that makes sense, thanks for all you help man!

 

[Kia Stinger]

Awesome advice, @Chris! Thank you for taking the time to write that all out.

 

[Armen212]

SO i'm all pretty new to this, the genesis was the first car I purchased, so my query is if I'm still paying the loan off how would that work with doing a trade in? say I owe about 24k on the loan. Would I trade in the car and get the kia for a really good lease price and still end up having to pay on the genesis loan? Or would they roll over my negative equity into the lease payment?

I figured try to sell the car straight up in private deal or carmax, pay the loan off as much as I could then lease the stinger. According to where I stand on my loan and kbb value of the genesis i'm only under water about 2-3k. My whole goal is to lease a GT Stinger for under 500 (what I pay on my genesis each month)

That's why I'm telling myself keep my current car loan separate from the lease payment, I don't want them to roll over the negative equity into a lease payment I'm stuck with. I'd rather just bite the bullet, sell the car, leave the difference with Chase at the low interest rate and pay it off while I lease. Of course I'll have 2 payments for a while but I'll have to live with that for a few months

Any info on the best way to do this would be appreciated

if u dont mind me asking what year and trim is your genesis. the only way I see carmax being able to pay your car off is if you got a really low sale price or a rip off deal ex. base genesis for 500 a month( which i hope doesnt apply to you).ps carmax keeps your quote for 7 days.

 

[jrhodes87]

if u dont mind me asking what year and trim is your genesis. the only way I see carmax being able to pay your car off is if you got a really low sale price or a rip off deal ex. base genesis for 500 a month( which i hope doesnt apply to you).ps carmax keeps your quote for 7 days.

I have a 2016 base trim 3.8 rwd. I got the cheapest cpo in the country at that time, 14k miles out the door at 28k. I researched for a while and watched this one on a lot 3 miles from my place keep dropping and dropping and dropping until they were advertising it for 26 something, it was a steal. 10 mins after I started the paper work 2 other people came in to buy it. No down payment, my monthly is around 430 but I just pay the flat 500 cuz that's what I budgeted for.

But thinking I can lease a 3.3 stinger for around the same price or less has me wanting to sell. I'm in love with hatchbacks. Would suit my lifestyle so well. And where I live everyone and their mother drives audis, beamers, I want something different. Hence why I went after the genesis.

 

[Armen212]

I got a 2016 base trim 3.8 rwd. I got the cheapest cpo in the country at that time, out the door at 28k. I researched for a while and watched this one on a lot 3 miles from my place keep dropping and dropping and dropping until they were advertising it for 26 something. No down payment, my monthly is around 430 but I just pay the flat 500 cuz that's what I budgeted for.

my bad i was talking as if it was a lease. if thats the case you should be fine. it should come out to 18-20k i think

 

[jrhodes87]

my bad i was talking as if it was a lease. if thats the case you should be fine. it should come out to 18-20k i think

That would leave me with a little more overage then I would like but that's how it goes with no down payment. Kbb placed it at a trade in value of 23-24. But we will find out in a month

 

[Armen212]

That would leave me with a little more overage then I would like but that's how it goes with no down payment. Kbb placed it at a trade in value of 23-24. But we will find out in a month

only reason i gave that figure was because at my time there they used edmunds

 

[jrhodes87]

only reason i gave that figure was because at my time there they used edmunds

I'll check Edmunds when I get back to a computer. Thanks for the info!