I currently owe 8K on my car which is worth about 13K. I want to go to a seat garage and buy a car for about 8K. Will the garage pay off the 8K i owe on my car and use the rest as a deposit on the car i want to buy and then give me a new finance deal
2007-09-11 00:50:08 · 3 answers · asked by stevenisace22 1 in Cars & Transportation ➔ Buying & Selling
The dealership will appraise the vehicle and determine it's trade in value. If it is $13,000, then you can apply the balance to your next loan in the form of a down payment. Since dealerships use black book, I would suggest taking your car to Carmax prior to going to the dealership, so you have a better idea of how much your trade is actually worth.
Kbb.com and other internet sites are only guides and never actually purchase cars at the prices they claim them to be worth. Good Luck and I hope this helps.
Here is an informative link:
http://www.theautoevaluator.net/Refinance.html
2007-09-12 05:09:58 · answer #1 · answered by The Auto Evaluator™ 7 · 5⤊ 0⤋
Depends. Is the 13k values of the car retail or wholesale. A car dealer is only going to give you trade-in value which is closer to wholesale. You are better off privately selling your current car so you get the most moeny. Then pay off your existing loan and go to the dealer with cash. You should be good to go.
2007-09-11 08:50:58 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
It isn't the garages responibility to pay off your debt, they will set you up with a new finance package but the money you owe will be added to your new agreement. for example your new car is 15000 add on your 8000 you owe the take off the value of your car 13000 leaving you with an agreement of a10000
2007-09-14 14:45:34 · answer #3 · answered by richard795771 2 · 0⤊ 0⤋