I got severly screwed. I bought a car , used, and got screwed. Had a friend look at the paper work, he told me i got screwed for the price, the amount I am paying and for the months I am paying for (72) I have had this car for 10 mos. I want to trade it in, for another used car or maybe a cheap new car. I got ripped to shreds. Loan is for 20K for 7 f'n years at $391 a month which i'd end up paying about 27K in the end. I want to get rid of it, but I dont want to to have to owe anything if i give it up now and get a cheaper vehicle maybe paying about 250 bucks a month. I dont know what to do, because I am unsure if I am going to get screwed if i try and give this car to a dealership for a new car. Does the dealership pay off the loan? Do i owe an *** load of money if i trade it in for a greatly cheaper vehicle??? I dont know how this works?!!! I need help.
2006-07-04 20:55:49 · 6 answers · asked by Jerzgal80 2 in Cars & Transportation ➔ Car Makes ➔ Mitsubishi
You could try to put it in the paper and get someone to take over the loan for you. Otherwise if you try to trade it in at a dealership the new loan company that you get a new loan for the new car will have to pay off the old loan and your payments will still be high. Did that make sense? LOL. Maybe I could throw the word new in couple more times. new new new.... yeah I'm rambling.
2006-07-04 20:59:23 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You dont "probably" owe the version - you actual owe it you should pay the soundness in finished, merely like you agreed to in the contract. in case you promote the vehicle for $9k, you should pony up the ultimate 6500 instant. in case you dont, then there is not any sale. Carmax isnt going to purchase the vehicle because you may not sparkling the identify. If it receives reposessed you're going to owe more beneficial than 6500. the vehicle will be bought at public sale. They deduct the sale cost from the soundness of hte personal loan. you'll nevertheless owe the version PLUS repo expenditures, tow expenditures, storage expenditures, and the different cost they could imagine of. The monetary corporation has the right to sue you, garnish your wages, even grab sources to fulfill the inner most loan stability. The repo will be on your credit for no less than 7 years. Get a 2d pastime, tighten the belt, discover techniques to save. You made a deal it quite is tought to stay with, yet it really is what you should do.
2016-11-01 05:37:04 · answer #2 · answered by ? 4 · 0⤊ 0⤋
You'll be able to trade it in on another vehicle. Keep an eye out for dealers advertising for "we pay off your trade in" or "paid for or not..."
They'll pay it off, but tack on some of that to your new vehicle. Basically, take in the car's bluebook, interest $ on the original loan, how much they'll make from the sale of your trade in, etc. Whatever amount the new dealer figures to get, and what they paid to get your business. Think of it as a "buyback" and resale of your present car. The car depreciated maybe 25% the second you signed, so they'll tack that price onto your newer car. It sounds bad, but in reality, a new car has a longer life expectancy, so will bring in money, then again when it's sold as a "used" car. This likely means you'll have a smaller interest rate on the loan, cuz the car will bring in more as a resale than an older car. Depending on the choice of new car, you may be able to lower your payments.
2006-07-04 23:38:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
well my friend for a fact do know that if you buy a car from a dealership you are looking to get screwed, sales people are paid commission and there going to get the best of all the time they spend with you.my best Bethe is to keep the car and figure how to make a little extra cash, you can try to turn it in for a cheaper but reality you are just going to get screwed more.Another option is if you can get someone else to take over the vehicle you are inquiring about,and the way to do that is that, person int rested gets a loan from their credit union and then obtain vehicle information from you,and if there approved car is out of who eve rs name it was under and you are left to find yourself on other car.
2006-07-04 21:07:24 · answer #4 · answered by silv 1 · 0⤊ 0⤋
Look up the current blue book value and if it's worth more than you owe on it, try and sell it privately, as you will most always get more for it that way.
Otherwise, just take someone who knows about financing with you when you try and trade it in, so you don't get screwed so bad this time.
2006-07-04 20:59:17 · answer #5 · answered by Dolphin lover 4 · 0⤊ 0⤋
You are stuck wit it, and if you fall for one of those (pay off your trade in sales) they actually ADD the ammount you had left on your old car to the ammount you owe on the new one. If you have Full coverage, find someone to (hit and run) your car and total it for the insurrance. (They will pay off the car, and you can use whatever isleft as down payment on another car)
2006-07-04 21:00:14 · answer #6 · answered by lovpayne 3 · 0⤊ 0⤋