Example, car being traded in is worth $26K with a loan payoff of $30K.
If the car I want is $26K, is the full $30K financed again (the dealer gets my trade-in, pays off the $30K then finances $26K for the new car + the $4K negative equity)?
If the car I want is $34K, is $38K financed (the dealer gets my trade-in, pays off the $30K then finances the $4K negative equity + $34K for the new car)?
If the car I want is $28K, is the amount financed $32K (the dealer gets my trade-in, pays off the $30K then finances $28K for the new car + the $4K negative equity)?
If the car I want is $24K, is the amount financed $28K (the dealer gets my trade-in, pays off the $30K and finances the $4K negative equity + $24K for the new car)?
These calculations are driving me crazy and I want to be sure I have this straight before negotiating for the new car.
By: Sammy
If the car I want is $26K, is the full $30K financed again (the dealer gets my trade-in, pays off the $30K then finances $26K for the new car + the $4K negative equity)?
If the car I want is $34K, is $38K financed (the dealer gets my trade-in, pays off the $30K then finances the $4K negative equity + $34K for the new car)?
If the car I want is $28K, is the amount financed $32K (the dealer gets my trade-in, pays off the $30K then finances $28K for the new car + the $4K negative equity)?
If the car I want is $24K, is the amount financed $28K (the dealer gets my trade-in, pays off the $30K and finances the $4K negative equity + $24K for the new car)?
These calculations are driving me crazy and I want to be sure I have this straight before negotiating for the new car.
By: Sammy
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