Ive always been a fan of JDM vehicles, but seeing a clean Fit has always appealed to me. I currently own a 2000 Pontiac Trans Am, which Im still paying off right now. So Ive been thinking about trading the T/A in for a clean fit sport. But how would I go about trading it in when I still owe money on it. And also what are somethings to keep an eye out for when looking into fits? Thanks in advance.

 

Well...depending on what you owe, you may take a hit on the TA...but the dealer will take care of all the trade in stuff--all you will have to do is sign off on it.

As far as other things...just read the posts in the forums....
There is so much info, you could choke a horse!

Might want to decide what year model you want, color, transmission, navi/no navi, etc and then research from there.

 

Yeah the dealer usually takes care of all of that. You'll sometimes see the ads saying "we dont care what you owe, blah blah blah." Just remember, when trading in, you're just not going to get full value for the car. With that said, head over to a dealership and test drive the car. Work on getting an OTD price and then see what they offer for your trade in including taking over the payment. If you like what you hear, then go for it.

 

Do your homework. First your Pontiac is only worth about $2 grand trade-in. tho you have a transAm, pontiac's demise doesn't help much. there is a ray of hope tho. Does it have an average mpg rating of 18 or less mpg; if so it qualifies for the cash for clunkers and you can substitute $4500 for the trade-in value I'll get to later, which will knock another $2500 off your final cost.
With the large Fit inventory (100 day supply) you should expect about $1000 reduction off a Sport MSRPed at $17,000.. So you can expect to pay about $14k difference, plus tax, tags, and title, and of course some dealer 'handling' fee.
Now. whatwever the payoff is on your Pontiac will be added to your difference and tax, tags, title, and dealer fee LESS any cash you have to put down.
Lets say you owe only $500 on your Pontiac and you pay $14000 for your Fit difference plus $75 for tag transfer, 700 for taxes (5%), $50 for title transfer, and $300 for dealer ADP (added dealer profit, aka dealer paperwork fee) leaving you with a final added cost of 500 +14000+50+75 +500+ 300 = $15,425. Since the $500 to payoff your Pontiac loan has been collected by the dealer, thats taken care of. Now all you have to do is finance all or part of that $15425. Lets say you have $1000 cash so now you need to finance $!4,425. On a 60 month loan at 6% expect to pay about $300 a month. Any less is to your advantage.

If your transAm qualifies under cash for clunkers your loan under the same criteria would be $11925 because your trade-in is now $4500, not $2000.and your monthly payment about $250.
If your Pontiac qualifies GET TO YOUR DEALER IMMEDIATELY, IF NOT SOONER. While I believe the bill will be extended, you need to be there as early as possible to insure your inclusion. review the qualifications carefully as the 18 mpg isn't the only linitation from posts else on this website and others.
Good luck, but don't even hope the Fit will keep a TransAm in sight for a block, but it will pass many many gas stations the Trans won't. And you may a good reduction in your car insurance as well but your property tax will increase. There ain't no tiotally free luch but you win in cost reduction anyway.
Note my numbers are not actual, but only guidelines so you can follow the process.
good luck.

PS if you look at a used Fit, use the same NADA or KBB values to substitute for the MSRP. everything else remains the same.

 

only one 2000 Trans Am qualifies

http://www.fueleconomy.gov/feg/2008s...Firebird/Trans Am

Automatic 4-spd, 8 cyl, 5.7 L, Premium Gasoline, CLKUP

Gets 18 MPG, the rest all get 19 MPG or higher.

If you have the automatic 4-spd, 8 cylinder 5.7 liter, you qualify for the C.A.R.S. program. If you're serious about a Fit, which is going to be a WAY different car than the TA, run, don't walk, to a Honda dealer, to see if they are still doing the Cash for Clunker program.

If it's one of the other 3 models, take your time.

For C4C info, check these threads

https://www.fitfreak.net/forums/gene...kers-news.html

https://www.fitfreak.net/forums/gene...periences.html

https://www.fitfreak.net/forums/gene...fit-owner.html

There's a lot of good info and people's experiences with the C4C program in those threads.

Good Luck!