Question:
Hey all,
i seem to get pretty good feedback and info. so hoepfully you can asssit this time. I have a '01 Mazda, w/ a balance due to $6000 ( i know I know, it was my first car!! LOL), I need a new (pre-owned, but newer) car My car only values at approx. $2000, due to it being re-painted (which I did not knwo when I initally got the car 3 yrs. ago). So I a wondering is it a good idea to get a auto loan for the amount of the car I am looking at and ADD IN the difference beween what the car is worth and balnce owed ($4000) into the loan? IS that even possible? If you are an expert of this please let me knwo and leave your email addres if you don't mind if I have more questions, thank you much!! I can recieve emails, thanks!
Answers:
Are there any 4x4 5 speed trucks (2000 and up) out there?
Your Mazda is NOT worth $2000. don't believe what the dealers tell you. You can sell it privately and get at least double that. Repainting isn't a big deal, you can even put a positive spin on it like "it was repainted recently so the paint is perfect and shiny!" But they'll want to know why it was repainted. as long as it wasn't due to an accident, should be fine.I bought a new car but is not here yet. I think I got hosed on the trade. Is there a way to get out?
When you are approved for a loan, they usually tell you the max you qualify for, such as $50k. So if you're buying a $20k car, you can certainly add some negative equity to it and buy it for $24k. As long as you aren't paying $40k for a $20k, it should be alright.
What is the best way to sell a car that is not paid off?
Yes it's possible.Dealers don't care as you are liable for the total amount.
I wouldn't recommend it because if you had done this on your Mazda your balance would have been $10000 instead of the $6000 you owe.
I never heard of lowering the value of the car because of it being repainted (unless they did a crappy job of it).
Can you sell the car privately for more than $2000. If you are trading it in, the dealer will always offer you less. In fact maybe he's telling you because it was repainted etc.. Don't trust a dealer, get more than one estimate.
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