My husband and I had an SUV but we wanted to trade it in for a van, a Honda Odyssey...My husband wanted to pay off our SUV first and then decide later if we wanted to trade it in for a van. Im really confused and need your wise advice.
2006-09-10 16:38:20 · 4 answers · asked by Anna 1 in Cars & Transportation ➔ Buying & Selling
I had a similar situation once... when you owe more than what the vehicle is worth, this is referred to as negative equity. In my case, I traded in a vehicle that I owed $2000 more, the dealership financed the difference of the loan into the price of my new lease and swindled me for $470 a month for 5 years on a lease!!! It sounds that you might be in a situation where you could trade the SUV as is and use your available cash on the new van. In your case it will work either way, but may be easier if you pay off the SUV. Hope this makes sense!!
2006-09-10 16:50:57 · answer #1 · answered by Porterhouse 5 · 0⤊ 1⤋
It is wise to pay it off, then sell it. Trade-in is ALWAYS a bad idea as the dealer will never give you what you could in a private sale (unless he jacks-up the cost of the new one to cover it). Think about it --- CAR SALESMAN.....need I say more??
2006-09-10 16:43:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Pay off anything you can afford to pay.
2006-09-10 16:44:54 · answer #3 · answered by work_thenplay 3 · 0⤊ 0⤋
you will one way or another. They get more by financing it on the new car
2006-09-10 16:42:39 · answer #4 · answered by Robert F 7 · 0⤊ 0⤋