I know it's crazy but the amount I am paying is definitly not worth the car. It is an 07 ford focus, and I hate it. My other car was so bad. I got talked into this. And I have bad credit, but my other car was almost paid off before I got the focus and i have not paid late or anything. Do you think this is possible?? Know of any places in phoenix/scottsdale area??
2007-01-30 16:02:55 · 16 answers · asked by heatherinphx 2 in Cars & Transportation ➔ Buying & Selling
course, you can trade in your car..but is it worth it?! you would be pratically giving away the focus back to the dealer for free.(losing down payment and the monthly payments you've made) good luck on your decision.
2007-01-30 16:08:06 · answer #1 · answered by ♥Chastons Wifey♥ 5 · 0⤊ 0⤋
even if you trade it, you're only going to get about $14000 at best. Is it really worth losing 5 grand plus the raping you will get financing another vehicle?
In the future, but sure you test drive and really like a car before you buy it. check out every little thing from radio to cupholders to seat position, etc.
In addition, if you have bad credit, the amount you are paying IS DEFINITLY worth the car. It's the only way your credit rating is going to improve. Stay with it until you are at least no longer upside down (owe more than the car is worth) so that you can get a fair trade value toward something else.
2007-01-30 16:10:32 · answer #2 · answered by Lemar J 6 · 1⤊ 0⤋
That's quite a bit of money to pay on a Focus...even if it is 07. Anyway I suggest you do what one of the previous answerers suggested and save the money you'd use to make a down payment on another car and use it towards paying off the Focus. Otherwise you are gonna be out of a lot of money. You've only had the car for a little time..maybe it will grow on you as time goes on.
2007-01-30 16:23:29 · answer #3 · answered by Shannon83 1 · 0⤊ 0⤋
of course its possible, but you might loose some money. here is hot it works: you say you owe 19000 on the car, well you can take it to a dealer find your self another car. lets say you find a car you like and it's 15000, you tell dealer you want to buy it, and trade in your focus, his gonna take your focus give you probably about 17000 for it, but his not gonna acctually give it to you but rather add 2000 and pay the bank so now you owe 15000 for the new car you bought plus 2000 for the difference, total 17000. That was just an example to give you idea how it works
2007-01-30 16:13:45 · answer #4 · answered by turbo_mr_mark 1 · 0⤊ 0⤋
I sold cars for 3 years. I can tell you right now... it is possible, with a lot of money down. Ultimately you would be better off using the extra money to pay down your car loan, or set it aside to help you make your payments when times are lean.
If you owe 19K on a Focus (ANY focus), you are thousands upside down. No matter what the salesman tells you, that money isn't going to be paid off for you. It's up to you to pay it off. Here's a quick scenario then I've got to jet:
You get "19K" trade-in. They then mark up the car you are buying 9K. You now owe your new car + 9K, and now you are so upside down, you won't be able to finance another car until you win the lottery or are in the last year of the new loan.
Sorry to be the bearer of bad news, but believe me, you will be so much better off if you stick with what you've got, and pay it off. Your credit will go up and you won't get screwed over next time!
Good luck!
2007-01-30 16:09:44 · answer #5 · answered by Matt O 4 · 2⤊ 0⤋
It's possible but you'll just be in deeper financial doo-doo than you are right now.
You probably owe more than the car is worth. This will likely be the case for the next 2 or 3 years. If you trade it in, that shortfall will have to come from someplace; you'll either have to make it up in cash or add it to the loan on the new car. That will put you in deeper financial trouble than you are right now.
2007-01-30 23:37:43 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I'm not in your area, but I spent a few years in the car biz. You CAN trade in your car, just be careful that the dealer doesn't try to "roll" too much onto your new loan. What they will try to do is get you to agree to a payment while trying to give you less for your trade and sell you the new car for more. When you go in, find the car you want, negotiate your price THEN throw in the trade...don't mention anything about it, even if they ask. Agree on a price for the new car, then agree on a trade value (use KBB.com for info), finally agree on term/rate. Do your homework before you go into the dealer...Everything else should fall into line.
2007-01-30 16:10:21 · answer #7 · answered by sharkzfin 2 · 0⤊ 1⤋
particular you may commerce your automobile in whether you owe $19000. once you commerce the vehicle interior the broker is particularly procuring the vehicle from you. How lots he provides you with determines in case you lose funds or no longer. the funds the broker provides has to flow directly to the financial employer to pay off the indoors maximum loan. If there is any funds left over you get to maintain it and use it for the down charge on the hot automobile. If there remains a stability due then you particularly might desire to pay that off until you may now proceed to procuring the hot automobile.
2016-11-01 22:43:56 · answer #8 · answered by ? 4 · 0⤊ 0⤋
Yes, you could. But you probably owe more on it than you can get out of it as a trade-in. If it worth it to you, go ahead, but you will have to pay the difference between what it is now worth and what you owe on it. Sorry.
2007-01-30 16:21:15 · answer #9 · answered by Anonymous · 0⤊ 0⤋
you made your bed now sleep in it, I been in the auto business 30 years and for you the goose is cooked, the first year depreciation factor is anywhere from 22% to 30 from what you paid out the door from there the depreciation factor for a Focus is about $ 2500. a year for the next five
Sorry to be so blunt but facts are facts, next time you want to buy a car do the homework
2007-01-30 16:34:39 · answer #10 · answered by Anonymous · 1⤊ 0⤋