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Yo i need some help....im lookin to get a different ride, but i dont know how i should do this. I have a 2000 323ci e46 with uuc exhaust and Benfer Coldairintake. Im lookin to get either a 99 m3 e36..or whatever type of m3 i can get...aslong as its a e36. I however am financing this car and i got a good year left for the payments. Could i trade in my car to a dealer that has m3s..or do i need to wait for it to be paid out..and then i can go sell it and buy an m3...if anyone knows let me know...thanks!

Jason
 

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I wanted an E36 M3 too, but insurance is prohibitive at my age.

If you're near 25 years of age or married, etc I wouldn't worry, but if not, call your insurance agent and find out what the new premium will be. It might be more than you want to pay.

As for paying out...that's not necessary. From what I know, if you're going to trade a car that you owe money on, the dealership will buy out the car and pay off the rest of the loan. However, you'll get the lube job on the trade in value because they'll want to cover what they need to pay off the interest on your loan. This is why it's not usually a good idea to trade a car you still owe a lot of money on. The dealership will not lose money, you will.

Maybe somebody else knows more about this or can correct any errors in what I've said...I've never financed a car (or traded a car that I owe money on), I'm just going by what I've heard.

In any case, I would pay off the 323 first.
 

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There is no interest pay off on the loan. The payoff will be only the remaining principle balance. That said, you will still get a bit of a lube job as the dealer will only give you wholesale value for the car. If you were to sell it on your own, you would get significantly more.

But, if you sell on your own the transaction becomes very complicated and you may be without a car in between the sale and the purchase of your new car. If you trade it, you can move into the new car on the same day, it will just cost you more.
 
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