the ones that say.."Well pay off your loan no matter what you owe"!!! but whats the catch?? There has to be one..
2007-12-29 13:55:42 · 3 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
What they forgot to mention is that they are adding the unpaid part of your old car loan onto the loan for your new car. As long as your new car was on a deep-enough discount they have enough book-value in the new car to cover both cars. Otherwise they will not do it "no matter what" they claim.
2007-12-29 14:08:59 · answer #1 · answered by Rich Z 7 · 0⤊ 0⤋
Of course there's a catch, they will pay off your old car and give you a horrible trade in value. Lets say your owe $10000 on a car, the dealer is going to give you maybe $5500 for it and roll that ($10000-5500) $4500 difference onto your new car with a high interest rate. Don't do man, just don't do it.
2007-12-29 22:16:55 · answer #2 · answered by aric_714 4 · 0⤊ 0⤋
the catch is they "catch" you in their trap!
For example: You have a car that you are currently making payments on. Lets say you owe the bank $10,000 until the car is yours. Good old dealership around the corner takes your car for $6,000, cause that's what the salesman says it's worth. Now you gotta buy something. So you buy your dream car for $16,000. But what about the difference from your trade-in? They take that $4,000 and add it to your new car loan which is $16,000. So now your NEW loan is $20,000. Believe me, it's as worse as it sounds...DON'T DO IT!
2007-12-29 23:45:18 · answer #3 · answered by heythere 4 · 0⤊ 1⤋