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Question
I am approved for a 80% auto loan from Capital One. What to do?
The dealer wants to put me in a HHR with a rebate of 2000.00 and my trade in with a payoff of 1800.00 and a book value of 1200.00 with 700.00 down or 1000.00 down without the trade. Can someone break this down? What is going on in this equation? I don't know the price of the vehicle.
4 years ago - 6 answersBest Answer
You will never break this down definitively without knowing he price of the vehicle.
I take it that you have financed this old vehicle and owe 600 more than it is worth.
So the trade in means you have to pay them 600 to take it off your hands and pay off your debt.
In addition to a rebate and a trade in, you are being asked to kick in an extra 700. That is 100 more than it takes to pay off your debt on the old car.
So with trade your down payment is rebate 2000 + 1200 - 600 + 700 or 3300.
If you do not trade your old vehicle in, keep the car and its debt, worth in total negative 600.
You do this if you really think the dealer is low balling the value of your old car.
So your down payment is 2000 + 1000 plus you 'lose that 600 on your old car.'
But, and this matters. your debt will be full price minus total down payment
gross minus 3300 if you give up the car.
gross minus 3000 if you keep your car.
So total debt is 1800 + 300 higher if you keep the car.
Other Answers
Why don't you ask him......DUH!
by greeter7 - 4 years agoDealers are always playing numbers games. Make him explain over and over again until you understand.
It sounds like you owe more than your current car is worth, which causes some of the numbers game. You're better off just sticking with the car you have until you can pay it off. That will be two less numbers for them to confuse you with when you go to buy.
Good luck.
If you use your trade at the dealer he's basically giving you $300 for the trade (difference of down payment between trade vs. no trade).
Who gave you the $1200 quote on your trade? If it was the dealer, don't trust them. Take a look at www.kbb.com and find out the "private party" value. This is the price you can expect to sell it for if you sold it yourself.
If the $1200 is the "private party" value, you're going to get screwed on this deal no matter how you do it because you are upside down on your trade. The only thing that will make it worth your while is if your interest on your old car loan is significantly higher than the new car loan (5+% difference).
That's exactly what they want - for you not to know. WHY are you trading in a car that isn't even paid off yet? That is not wise.
by bud68 - 4 years agoLet's go through all the things that are wrong with this question:
1.) The dealer wants to put me in: What do you want? You should buy the car you want and can afford, not what the dealer wants.
2.) Yes, your getting about 300 dollars for your trade. You probably deserve more. I was able to get 1,000 dollars for a 1985 Crown Vic.
3.) "I don't know the price of the vehicle" Are you stupid? How can you buy a car without knowing the price? Come on, get in the game. Buying a car is like going to war, you need to lock and load. Dealers pray on people who wonder in clueless, they fear those who fight back.
I would hold onto the truck a bit longer. If you only owe 1,800 left on it, just wait till it's in the clear and save up a bigger down payment.
And seriously, do some research. Edmunds.com, kbb.com.
