Question:
I am trying to get rid of my Pontiac that I am "smart buying" (it's like leasing only you buy 55% of the car instead of it all so the payments are low). I know if I trade it in for another GM i don't have to pay the balloon payment at the end, but I don't know if that only counts if you buy a new car or lease one or smart buy, or if I can buy a used one just to get rid of the one I have. I tried trading it into another brands dealership because I dont want another GM, but with them I have to pay the balloon payment on top of what I owe so I end up losing alot of money. Does anyone know how I can get rid of this car? And do you know if it's possible to trade in 2 cars and buy 1 new one? Thanks to anyone who can help.
Answers:
Who is better, e-loan or capital one for car loan?
Lets first look at the negative factor, here are your options I think at year end1. Keep the vehicle and make the end of year balloon payment to purchase the vehicle
2. Sell the vehicle and pay off the balance…and keep any profit that there might be
3. Return the vehicle and pay a small "vehicle disposal fee" and any excess mileage, excessive wear or damage charges
No matter what happens you will be up-side down, the question is by how much. your only way out is to compare your payout VS current worth and figure if the negative can be build into new payments on another vehicle, I really dont like this option., another option find someone to take over your payments its much like taking over a lease, but first inquire with GMAC what transfer fees are needed.
When the time comes for another vehicle go to my website http://www.usedcartips.org/ and learn some steps, good luck
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