Looking at trading in my truck and my wife’s escape and turning two car loans into one.
Car in question is a 2017 Nissan Pathfinder 4WD Platinum, loaded to the brim with options and to boot only has 5,400 miles. It was a manufacturer buy back /repurchase however. I’ve secured Experian Auto Check, CarFax and NVMTIS (National Motor Vehicle Title Information System) with the Nebraska and Michigan DMV’s. I was looking for anything that would state this vehicle had a branded title due to the buy back. The reason for the buy back is the known CVT transmission issues across Subaru/Nissan/Toyota etc. These transmission issues seemed to effect the 2013-2016 models the most. At 640 miles the transmission was replaced in full under warranty, customer was not happy and Nissan bought it back (the dealer had it for 25 days plus trying to fix it), looked this up under Lemon Laws. The in service date of the vehicle was October 2018; we still have the remaining balance on the 3 year / 36,000 mile bumper to bumper. We also have the remainder of the 5 year / 60,000 mile power train warranty.
The vehicle books using black book/KBB/NADA at $30,000 - $33,000; confirmed myself and through our bank and insurance guy; they started at $31,508 and I was able to get them to drop to $31,000. The trade ins started at $14,000 and we got them up to $16,000.00
Reason for purchasing this vehicle - it can tow 6,000 lbs (we have jet skis), my wife’s 2012 Limited Ford Escape as you know is rusting pretty good at 131K -otherwise a great vehicle (but with continued rust trade will only drop), (all the 2008-2012 are rust buckets). My truck has a cracked manifold and requires around $2,000 in parts and labor - had shoulder surgery so otherwise I’d do the work. My truck is valuing trade in at $12,000; I owe $17,000; but putting more money into it doesn’t make sense to us; same thing with the Escape.
We are looking at a difference of spending $100.00 more/month for the new vehicle but in return getting a full 5 years of warranty, which would cover the life of the loan (minus 1 year).
What do you guys think?
Car in question is a 2017 Nissan Pathfinder 4WD Platinum, loaded to the brim with options and to boot only has 5,400 miles. It was a manufacturer buy back /repurchase however. I’ve secured Experian Auto Check, CarFax and NVMTIS (National Motor Vehicle Title Information System) with the Nebraska and Michigan DMV’s. I was looking for anything that would state this vehicle had a branded title due to the buy back. The reason for the buy back is the known CVT transmission issues across Subaru/Nissan/Toyota etc. These transmission issues seemed to effect the 2013-2016 models the most. At 640 miles the transmission was replaced in full under warranty, customer was not happy and Nissan bought it back (the dealer had it for 25 days plus trying to fix it), looked this up under Lemon Laws. The in service date of the vehicle was October 2018; we still have the remaining balance on the 3 year / 36,000 mile bumper to bumper. We also have the remainder of the 5 year / 60,000 mile power train warranty.
The vehicle books using black book/KBB/NADA at $30,000 - $33,000; confirmed myself and through our bank and insurance guy; they started at $31,508 and I was able to get them to drop to $31,000. The trade ins started at $14,000 and we got them up to $16,000.00
Reason for purchasing this vehicle - it can tow 6,000 lbs (we have jet skis), my wife’s 2012 Limited Ford Escape as you know is rusting pretty good at 131K -otherwise a great vehicle (but with continued rust trade will only drop), (all the 2008-2012 are rust buckets). My truck has a cracked manifold and requires around $2,000 in parts and labor - had shoulder surgery so otherwise I’d do the work. My truck is valuing trade in at $12,000; I owe $17,000; but putting more money into it doesn’t make sense to us; same thing with the Escape.
We are looking at a difference of spending $100.00 more/month for the new vehicle but in return getting a full 5 years of warranty, which would cover the life of the loan (minus 1 year).
What do you guys think?
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