Trade-In question

[SzMchFrLv]

Hi po. just want to gain knowledge about trading in car. first, a little background lang po, My family owns a Mistusbishi Montero MT. We acquired via financing. this is our first car and so newbie pa lang po ako about transactions and car knowledge. We dont miss naman po our monthly payments. but now we are deciding to purchase an AT. But since our car is not fully paid yet and still have atleast 3 years to pay. I wanted to ask if its possible for a trade-in kahit hindi pa siya fully paid to purchase or avail a new car. and if possible pwede ba siya for other brand? We are really looking at Geely. Thanks po in advance for your help and apologies on my ignorance. Thanks!

[dr. d]

Hi po. just want to gain knowledge about trading in car. first, a little background lang po, My family owns a Mistusbishi Montero MT. We acquired via financing. this is our first car and so newbie pa lang po ako about transactions and car knowledge. We dont miss naman po our monthly payments. but now we are deciding to purchase an AT. But since our car is not fully paid yet and still have atleast 3 years to pay. I wanted to ask if its possible for a trade-in kahit hindi pa siya fully paid to purchase or avail a new car. and if possible pwede ba siya for other brand? We are really looking at Geely. Thanks po in advance for your help and apologies on my ignorance. Thanks!

OT.
not to insult geely, but
why do you want to replace your monty with a geely?

[EQAddict]

The Geely Okavango (spelling not sure) looks much more luxurious than a Monty at 3/5 the price. Heck it looks like a BMW x5. Not out of place in an executive's garage. Its also a 48v hybrid. Ive seen one up close. Very impressive.

And Geely is 10x larger than Mitsubishi with a much more impressive roadmap. Heck they own Volvo.

Gotta take off our made in China blinders off when it comes to cars nowadays.

If Tesla doesnt come to the Philippines soon, my first EV will most likely be Chinese.





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[Egan101]

The Geely Okavango (spelling not sure) looks much more luxurious than a Monty at 3/5 the price. Heck it looks like a BMW x5. Not out of place in an executive's garage. Its also a 48v hybrid. Ive seen one up close. Very impressive.

And Geely is 10x larger than Mitsubishi with a much more impressive roadmap. Heck they own Volvo.

Gotta take off our made in China blinders off when it comes to cars nowadays.

If Tesla doesnt come to the Philippines soon, my first EV will most likely be Chinese.





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I have seen a couple of Okavangos within BF Homes. They are about as big as the Forester SJ but they have a 3rd row seat. At 1.3M, you get value for money for what it offers.


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[EQAddict]

Bro probably larger than the Forester . I could be wrong but they looked definitely larger and longer.

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[jut703]

Okavango definitely larger. Interior space beats the PPVs and 3rd row is actually spacious even with full-sized seats instead of the typical jump seat.


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[thearsenal1205]

Hi po. just want to gain knowledge about trading in car. first, a little background lang po, My family owns a Mistusbishi Montero MT. We acquired via financing. this is our first car and so newbie pa lang po ako about transactions and car knowledge. We dont miss naman po our monthly payments. but now we are deciding to purchase an AT. But since our car is not fully paid yet and still have atleast 3 years to pay. I wanted to ask if its possible for a trade-in kahit hindi pa siya fully paid to purchase or avail a new car. and if possible pwede ba siya for other brand? We are really looking at Geely. Thanks po in advance for your help and apologies on my ignorance. Thanks!

i'm on a same league with dr. d. Not insulting or bashing geely.
and why considering a geely okavango and not a Toyota Innova?

MPV Spec Check: Toyota Innova vs. Geely Okavango


Actually if you test drive an okavango at geely dealers, you might win some geely's prizes. Unfortunately not a new okavango though.
Test drive a Geely Okavango, get a chance to win prizes

[SzMchFrLv]

It is actually my brother's choice (the actual owner of our montero). I believe hes looking at the Geely because of its features (like the 360 camera, spacious interior, adjustable headlights) with its price range. not final naman po na Geely talaga if ever. Thanks po for all your replies, sorry but medyo parang lumalayo po duon sa inquiry ko about trade-in. hehe though your replies po are really helpful with those additional knowledge and added perspective. If you have any idea lang po about the trade-in process or its possible. will highly appreciate po your help. Thanks!

[Egan101]

It is actually my brother's choice (the actual owner of our montero). I believe hes looking at the Geely because of its features (like the 360 camera, spacious interior, adjustable headlights) with its price range. not final naman po na Geely talaga if ever. Thanks po for all your replies, sorry but medyo parang lumalayo po duon sa inquiry ko about trade-in. hehe though your replies po are really helpful with those additional knowledge and added perspective. If you have any idea lang po about the trade-in process or its possible. will highly appreciate po your help. Thanks!

Wala ata trade-in among local dealers except for the European car dealers. What happens is that a dealer works with a partner buy&sell. The buy&sell offers you a price for your car and you can use the proceeds to pay partially the car that you like from the dealer.

In some European car dealers, they do purchase back some models and they refurbish them to factory specifications. Then the dealer would sell the car as “certified pre-owned”.


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[dr. d]

It is actually my brother's choice (the actual owner of our montero). I believe hes looking at the Geely because of its features (like the 360 camera, spacious interior, adjustable headlights) with its price range. not final naman po na Geely talaga if ever. Thanks po for all your replies, sorry but medyo parang lumalayo po duon sa inquiry ko about trade-in. hehe though your replies po are really helpful with those additional knowledge and added perspective. If you have any idea lang po about the trade-in process or its possible. will highly appreciate po your help. Thanks!

i do not think mitsubishi will accommodate you in purchasing from the competition.

but if your mortgage provider is a bank...
talk to the bank.
perhaps they can help you.
after all, they stand to earn more from you in your next car purchase...
good luck.

[SzMchFrLv]

Wala ata trade-in among local dealers except for the European car dealers. What happens is that a dealer works with a partner buy&sell. The buy&sell offers you a price for your car and you can use the proceeds to pay partially the car that you like from the dealer.

In some European car dealers, they do purchase back some models and they refurbish them to factory specifications. Then the dealer would sell the car as “certified pre-owned”.


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Thank you po for the response. I see. noted po here. I happen to see lang din po yung program ng Toyota na TCUV (Trading Up - Toyota Certified Used Vehicles - YouTube) but I dont know if the program only accepts a toyota car as well. Also, my other concern. if there is a trade-in po na available, would there be an issue since under financing pa siya and not fully paid pa yung auto (we still have 3 years to pay). Thanks again!

[SzMchFrLv]

i do not think mitsubishi will accommodate you in purchasing from the competition.

but if your mortgage provider is a bank...
talk to the bank.
perhaps they can help you.
after all, they stand to earn more from you in your next car purchase...
good luck.

Noted here po as well. Yes po, its under BDO actually. I guess I will try to contact the bank to see their side.. Thank you!

[dr. d]

Thank you po for the response. I see. noted po here. I happen to see lang din po yung program ng Toyota na TCUV (Trading Up - Toyota Certified Used Vehicles - YouTube) but I dont know if the program only accepts a toyota car as well. Also, my other concern. if there is a trade-in po na available, would there be an issue since under financing pa siya and not fully paid pa yung auto (we still have 3 years to pay). Thanks again!

since the bank technically owns your vehicle na hinuhulugan pa ninyo,
they should be in on your negotiations from the start.

[Egan101]

Thank you po for the response. I see. noted po here. I happen to see lang din po yung program ng Toyota na TCUV (Trading Up - Toyota Certified Used Vehicles - YouTube) but I dont know if the program only accepts a toyota car as well. Also, my other concern. if there is a trade-in po na available, would there be an issue since under financing pa siya and not fully paid pa yung auto (we still have 3 years to pay). Thanks again!

After the dealer or buy&sell offers you a price and you choose to accept it, you will have to contact the bank to settle the loan. Hopefully, you still have enough left from the offer less the remaining principal to get you to pay the down payment of the new car you like.


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[EQAddict]

After the dealer or buy&sell offers you a price and you choose to accept it, you will have to contact the bank to settle the loan. Hopefully, you still have enough left from the offer less the remaining principal to get you to pay the down payment of the new car you like.


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This.

You have to pay off your loan in full first. And then if there is any money left from the sale, you can use that as DP for the new car.

Personally, i think its a very bad financial decision and it seems very impulsive . Whatever equity you have in your montero will be wiped out due to depreciation, interest, fees, predatory buy and sell valuation, etc.

Keep the montero...finish the 3 years and then get another car.




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[Egan101]

Within the same boat as EQ. Just finish the loan and get a new car after.

If you can’t wait for your brother to sell the Monty yet you have the means, then just buy the Okavango on your own.


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[SzMchFrLv]

Thanks po for all the responses. Really big help po and gaining a lot of knowledge! Yes we are actually thinking about it naman. might just an impulse just like what was mentioned, as there is nothing really wrong naman with our montero. (just the fact that I am the only one who knows how to drive stick in our household here in PH, so whenever im not available, they need to hire a driver,) I even said it is kind of like spoiled as we are not really well-off. Not everything is final naman po. We still looking for the pros and cons. Just need to gain some information we need when we decide what to really do in the future. Thank you po again for all your advice!

[istan]

Keep the montero till paid off. Cheaper to teach another person to drive.
Or just buy a cheap used AT car. Kahit mirage. Yun tipong presyong downpayment.

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[carxynogen]

I was on the same boat as you but its a 10 yr old car, not loaned one.
Toyota won't offer trade-in for old cars and what the appraiser did is to contact their buy n sell partner and negotiated a price.
At that time, malaki offer para ma trade ko into Innova G AT (Im eyeing this unit at that time).
But my heart was rooting for Montero, was trying to find way to check sino na contact niya na buy n sell but to no avail, failed.

Sa case nyo po, I think the best is to let someone assume the unit for you with a loss of course (possibly bye-bye downpayment).
Not sure though if ma affected ba credit rating nyo rito.
Then if done, kuha nalang new unit via bank pa din if hindi maaffected credit rating nyo sa assume transaction.

[SzMchFrLv]

I was on the same boat as you but its a 10 yr old car, not loaned one.
Toyota won't offer trade-in for old cars and what the appraiser did is to contact their buy n sell partner and negotiated a price.
At that time, malaki offer para ma trade ko into Innova G AT (Im eyeing this unit at that time).
But my heart was rooting for Montero, was trying to find way to check sino na contact niya na buy n sell but to no avail, failed.

Sa case nyo po, I think the best is to let someone assume the unit for you with a loss of course (possibly bye-bye downpayment).
Not sure though if ma affected ba credit rating nyo rito.
Then if done, kuha nalang new unit via bank pa din if hindi maaffected credit rating nyo sa assume transaction.

Thanks for the info. Yes I believe yung program ni Toyota is for 5yr old car and below.

That is actually our first option, as per my brother, kahit mabenta niya daw na pang DP kahit konting sobra for the new car his eyeing for, I said nga na sayang naman yung 2 years na binayad mo. Actually may tropa ako na account officer sa bank and he said na medyo risky daw if hindi mo kilala or hindi ka tiwalang tiwala dun sa buyer as kapag daw hindi nakapagbayad yung buyer or tumakbo is sa amin pa din ang habol ng bank, medyo rare din daw na pumayag si bank sa ganyang transactions-something like breach of contract. and new approval daw yun for the buyer if incase they approve.

Thanks anyway. I hope you get the montero!