Payday Loan Fairy

My wife would like to get a new car. She currently has a 2005 Ford Escape, owes about 6500 on her current car. She likes the new Ford Edge's, if we get a new one would the dealer pay off the remainder of the old car loan?

It would depend on what you agree to do with the Escape. If you're trading it in to the dealership on the Edge, then paying off the old loan would be part of the agreement you have with them if that's what you need done. The loan on the Escape needs to be paid if you do trade it in, either by you or by the dealership though. So, for example, using round numbers, if you purchase the new vehicle for $20000 and the dealership gives you $10,000 for the trade-in, you would have a $10,000 difference between the two. After paying off the loan on the old vehicle you would need to get a loan on the new vehicle for $16,500 plus taxes and fees, less any downpayment you would put toward the purchase.

Hope this helps.

Ken

2008-11-30 11:34:00 by rjz17678

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I owe $2000 on my old car. I want a new car. I am giving my old car to my mom. Can I transfer the $2000 to my new car loan without a trade-in? (The car definitely is not worth $2000)My husband thinks I have to trade it in to transfer the balance.

simple answer is no. expanded answer is...people wonder why this country is up to its ears in debt. pay it off. if you cant afford to pay it off, you cant afford a new car

2007-05-12 10:21:14 by Stacy B

I am thinking of buying a new car in the next year or two (because it looks like repairs will soon cost more than the trade in value of my car). Because I hope to have a condo by then, I don't want to have both a mortgage and a car loan.

I would be able to pay for the car without taking out a loan, but I have several questions:

1.Is there any reason this would not be a good idea?

2. Would they need to do a credit check still, or special background checks?

3. Would it be better to just put a large downpayment and get
a smaller loan (which I could try to pay off sooner)?

Of course I would make sure to have enough for emergencies afterwards.

Any advice or suggestions would be appreciated. Thanks.

I'll answer your questions in the order posed:

1. If you can get a better return on an investment than the interest rate on the loan, take out the loan and invest the money you would have spent on the car.

2. Nope! You got money, you drive away.

3. That's a possible option, especially if the investment option in #1 is not as predictable as you'd like. And you may be able to get a lower rate with a larger down payment, further leveraging your investment opportunity.

You make an extremely valid point about keeping enough on the side for emergencies. Just having enough in the bank or other liquid accounts to be able to say, "Take this job and shove it!" without worrying about the repercussions is TRUE FREEDOM! Factor that into your decision as well.

Buying Tip -- from an old car salesman: Grind on price but let them THINK you're going to finance it. They'll take back whatever they give on price on the finance contract -- it's all money to them and they really don't care where it is in the deal as long as they THINK it's there. Sign the contract at the inflated loan rate. When you come in to take delivery, hand them a cashiers check for payment in full, or just wait until the first payment is due and pay it off all at once if you want to avoid the fireworks. They'll be furious, but there's NOTHING that they can do about it. This trick is especially profitable if they offer a cash incentive for financing through the manufacturer's captive finance arm. I saved an extra $1,000 on the car I bought last year this way.

2007-05-01 16:40:26 by TechNewbie

I'm paying on a car that I can't drive. What can I do about carrying over the amount I owe on it to a new car loan?

In the true sense of an auto loan, this cannot be done. A refinance would need to be considered under a personal loan and it's doubtful a lender would finance a damaged car. I'm wondering how your car came to be damaged without adequate insurance coverage as there is usually an insurance requirement on all auto loans. ?? If you own property with equity, you could apply for an equity line/loan and use these funds to payoff your existing and purchase your next vehicle. What do you plan to do with your damaged car? Part it out, sell it? In doing so would it be sufficient to pay off the remaining balance? The best thing would be to sit down with a loan officer at your bank and explore financing options.

2007-01-22 10:46:01 by cuckthefubs13

I've just purchased a new car yesturday and thought that I can handle the none expected monthly cost the finance company stated for my new car note. After calculating my total expenses for the month, and include the new car note expense, I realize now that I can't afford it. Is there a way that I can return the car and forfit the loan?

No state in the USA offers a 3 day right to rescind of vehicle purchases. Once you drive it off the lot, the sale is complete unless the dealership has a problem with the lender. There is nothing the buyer can do except go back to the dealership and ask them if you can possibly turn the car in or purchase a cheaper unit.

Again, there is no 3 rule to take a car back, so I wouldn't even bring it up when you're at the dealership. Good luck and I hope they take the car back for you.

2007-12-21 05:30:00 by Big Joe

We are looking to trade in a car in which we have $3,000 negatvie equity onto a new car loan of $11,000...making the financing $14,000. Assuming perfect credit, what impact does this typically have on the interest rate of the new car loan, if any.

I was in this same situation. Depending on your down payment it should work as if the car you are buying is 14,000. The 3,000 doesn't have a different interest rate then the rest of your loan. Hope this makes sense.

I've had good luck here...

http://auto.deal4-you.com

See ya.

2008-05-28 21:46:19 by Sydney A