Still owe about $7000 on 2002 buick rendevouz is it possible to trade on a new vehicle without high cost?

Question

bought the vehicle used about 3 years ago, with about 45,000 miles, has about 115, 000 miles now

Answer 1

What is the trade-in value of your Rendezvous? Look it up on kbb.com. I looked up a base model (CXL Sport) FWD Rendezvous with 115k miles on there and it said trade-in value is $6500 in good condition. Dealers almost never give blue book value on a trade-in, so let's say they offer your $5500. That means you'd be $1500 "upside down" on your loan if you were to trade it in (value of car minus balance of the loan).

This is a common scenario for people who trade in cars often. Dealers don't mind, they'll just roll the difference into your new car loan (as long as they can get you approved). So for example, if you bought a new car for $20,000, your actual loan would be for $21,500. This would also probably result in a higher interest rate than you would pay otherwise, since lending more than the worth of the car is riskier for the lender.

In other words, it's not generally a good idea to do this. But in your case it's pretty mild. I've heard of people trading in cars with $5000+ negative equity, which is just crazy.

Answer 2

You can figure that you are gonna get stuck with the $7000 on top of whatever you finance you next car for. The finance companies are gonna get theirs, and the dealerships aren't gonna pay it for you.
My next door neighbor bought a 06 Dodge Caliber last year. She traded an 03 Dodge stratus. Naturally she owed on the 03. She told us that her payments were $550 a month. You do the math, they tacked the amount she owed on the 03 onto the Caliber price and financed it all... Sad thing is she just traded that car for a Mitsubishi, I would sure hate to see her payments now...

Answer 3

You owe more than what the car is worth, but not by too much so you're not "flipped." When you go to trade in the vehicle the difference between what the car is worth and what you owe will be "rolled over" into the payment on your next car.

Answer 4

You will owe more than what the trade-in value is of your car. This is wahts known as being upside down on the trade. What will happen is you will STILL owe the difference, plus the cost of the new vehicle.

Answer 5

Depending on your credit, a dealership may be able to help you get the lowest possible down payment to cover some of the cost of your 02 buick. No matter what you have to pay....but good credit will work in your favor.

Answer 6

the best pass, financially, may be to hold directly to the van for a minimum of yet another 3 hundred and sixty 5 days. It has lost a ton of fee by hitting the a hundred,000 mile mark so next 3 hundred and sixty 5 days it is going to likely be properly worth with regards to a similar, yet you're growing to be paid so plenty extra of it off. the different selection may be to attempt and sell it privately. do not commerce it in on the dealership, you will lose a minimum of 50% of the money you may desire to get for it. sparkling it up and submit it on the industry online for 8,000 or something. I certainly have bought all my vehicles privately and that i consistently make a great variety of money that way. I had an 02 Jeep Liberty and in basic terms for exciting, took it to the dealership to verify how plenty they might provide me for it. It grow to be in great situation and approximately 2yrs old. They offered me 5,000! I then indexed it on the industry online and acquired it for 9,000. As for negotiating the fee, hegotiations are predicted yet there is not a guess they'll pass down 4,000. No way. They probably gave the vendors 12-13,000 for it. they are actually not going to make a income of one million,000. they'd not be in business enterprise if that have been the case. they often will paintings with you for approximately 500. it fairly is it. i'm accumulating you had the dealership run a credit examine on you? whenever you have your credit checked, your credit worsens. do on no account permit anyone do a credit examine except you're arranged to purchase, that day. you may desire to word of your credit difficulty and so might desire to understand while you're growing to be the means to get credit. extra helpful yet, pass by using your financial company for a motor vehicle very own loan, yet it fairly is yet another tale. you mustn't get into yet another motor vehicle till you have thoroughly dealt with your modern-day money owed. you mustn't make an empty automobile fee on a automobile you have bought plus one for a clean automobile. it fairly is how damaging credit happens. life will take place and you will not have the means to maintain it up. it's going to placed you perfect back interior the region that have been given you right here interior the 1st place. attempt to sell it your self, or save it yet another 3 hundred and sixty 5 days or 2.