[Quadz]

Owe 9-10k on Fiesta S and want to trade it/refinance for a Focus ST.

What is the best way not to lose too much and get ok deal with keeping 0% Apr I also have up to 3k to put down.

Should I wait until end of year deals or try now is it worth going about. I wanted a fiesta st or focus ST since I finances mine.

 

[xrayruester]

From a financial standpoint, you should pay your car down to the point that you have positive equity or until it's paid off. You owe 10k on a base car, and chances are your trade in is maybe worth 6-7k. That'd mean you'd have to add 3-4k on top of what you finance, which with the best deals would mean anywhere from 22k-30k financed (350+ a month in car payments).

I'd actually suggest getting a year or 2 old car. The amount you'd save over new would make up for the 0%. Plus if your credit is good enough to get 0% through Ford, you should be able to get financing well into the 2-3% range from a local credit union.

Good luck

 

[DookieShoes]

With the 2017s around the corner for some models, This IS the end of year for car sales. But as xrayruester said, you'll likely be upside down. If your comfortable with your down payment basically being moot and negating the bad equity, then you could be o.k. It's not a great financial move, though. Good luck, and good deals are out there to be had.

 

[Quadz]

Do you think I could get away selling someone would buy my fiesta for 7 to 9k and I just pay the left over 1-3k give them the title and just start over with new finance on the st?

 

[DookieShoes]

Do you think I could get away selling someone would buy my fiesta for 7 to 9k and I just pay the left over 1-3k give them the title and just start over with new finance on the st?

Yes. At this point if you want an ST now, and to lose the least on your car.

 

[StBeast]

Do you think I could get away selling someone would buy my fiesta for 7 to 9k and I just pay the left over 1-3k give them the title and just start over with new finance on the st?

I actually had a lancer with 30k miles on it and owed 12k on it. Ford gave me 9 and I gave 3 down but I'm paying 400 a month but I only did that cause I can afford 400 a month. It's up to you. When I went in I didn't negotiate the price of the car I told them I can 400 max monthly and from there they did the rest. So when you go in just tell them you want to only pay a certain amount monthly.

 

[Darkdayz23]

I traded my focus SE 2013 for my focus ST but same situation as StBeast, but i pay 450 a month. With that my insurance dropped, not sure why and so did my APR; went from22% to 1.9%. I can afford 450 a month so thats how that happened. It just comes down to what you can afford, and how much patience you have.

 

[Anitor]

I traded my focus SE 2013 for my focus ST but same situation as StBeast, but i pay 450 a month. With that my insurance dropped, not sure why and so did my APR; went from22% to 1.9%. I can afford 450 a month so thats how that happened. It just comes down to what you can afford, and how much patience you have.

Wait what!? You were paying 22% apr? That is insanely high.

 

[Darkdayz23]

Wait what!? You were paying 22% apr? That is insanely high.

Yea, fell victim to that dealership. needless to say i went to a different dealership for the ST

 

[Evitzee]

I actually had a lancer with 30k miles on it and owed 12k on it. Ford gave me 9 and I gave 3 down but I'm paying 400 a month but I only did that cause I can afford 400 a month. It's up to you. When I went in I didn't negotiate the price of the car I told them I can 400 max monthly and from there they did the rest. So when you go in just tell them you want to only pay a certain amount monthly.

Going into a dealership with a plan to buy a car for "X dollars per month" payment is the WORST way to buy a vehicle. You will almost certainly overpay because the dealer will just stretch out the loan length to bring your monthly payment down to your level. If that is the way you want to do it that is up to you, but the right way to approach it is to get the LOWEST bottom line cash price for the vehicle FIRST, and then worry about the financing arrangements.

 

[StBeast]

I actually had a lancer with 30k miles on it and owed 12k on it. Ford gave me 9 and I gave 3 down but I'm paying 400 a month but I only did that cause I can afford 400 a month. It's up to you. When I went in I didn't negotiate the price of the car I told them I can 400 max monthly and from there they did the rest. So when you go in just tell them you want to only pay a certain amount monthly.

Going into a dealership with a plan to buy a car for "X dollars per month" payment is the WORST way to buy a vehicle. You will almost certainly overpay because the dealer will just stretch out the loan length to bring your monthly payment down to your level. If that is the way you want to do it that is up to you, but the right way to approach it is to get the LOWEST bottom line cash price for the vehicle FIRST, and then worry about the financing arrangements.

I thought of that actually. But when I went in we were talking about prices of the car and the monthly payments. Before I mention I'm only paying 400 max a month they were telling me since I'm only getting 9 for the car and the st it self was around 25 they wanted me to pay close to 500. That's when I told them I'm not paying more than 400 a month for the car. So i started to leave but the manager came over and asked what was the issue and he was the one that gave me the deal for 400 a month with 1.9 apr. I know its a high payment but with my lancer I was paying 350 a month.

 

[Bryman13]

Buying a car, especially a sports car of sorts, is never a good financial move on paper, so you can't really think of it like that. What you need to figure out, and you may have already, is how much do you want to spend (total or per month is up to you but most people look at payments when they budget) then go to a dealer with a car you are interested in and see what you can get for your car and see what they'll do on theirs and if you like it and it makes sense, then do it. If not, keep looking for other cars, or sell yours privately, or make payments on yours until you owe less and then try again. Good luck!