How is the remaining balance handle with the new purchasing price, when my current loan is much higher than the blue value price?
2006-11-05 00:33:25 · 4 answers · asked by anointedqueen 2 in Cars & Transportation ➔ Buying & Selling
the dealer has to wrap up the entire cost into the new loan....say they will give you 10k but you owe 12k. they take that 2k extra and try to "hide" it in the new car loan. if the bank will only lend you 20k for car "A" but the dealership paid 19k for it. they will try to sell you car "B" for 16k (bank is willing to loan 18k on car "B"). if you really want car "A", you will need to come up with the difference of 1k.
2006-11-05 04:14:45 · answer #1 · answered by FJ40spencer 3 · 0⤊ 0⤋
1
2016-09-27 22:16:16 · answer #2 · answered by Ricky 3 · 0⤊ 0⤋
You are upside down. Negative equity in the old car can be combined with the new car loan but make sure you have GAP insurance on the new car to cover the difference if something bad happens Stolen or Totaled the insurance pays for the cars value not the extra loan you took out purchasing it. Be carefull, You will be surrounded by CAR SHARKS. Check with your insurance agent before entering in to special financing. Or drive the car you have a couple more years and pay it off.
2006-11-05 00:42:39 · answer #3 · answered by John Paul 7 · 0⤊ 0⤋
In the trade, this is known as being upside down. Either keep your car or over pay to get rid of it. Regardless of ads , there is no free ride in this situation.
2006-11-05 00:37:21 · answer #4 · answered by James 3 · 0⤊ 0⤋