3:00 " for each remaining month on the loan" Slow the speed of playback in the YT video browser 50% I dont know why or how but watching the face and hearing, that part, slowed down, is wayy more funny then it should be 🤣🤣😂😂
Yes, rolling over your negative equity into another car purchase, is usually bad. BUT, what if you are trying to trade down into a lower cost car? I have about $8000 on my 2020 Charger R/T Daytona, and I'd like to buy a cheaper car. I would be prepared to add the $8000 into that new cheaper car's loan if the dealer agrees to this. The goal is: to get a lower cost loan and lower payments. Credit score is meh, at around 645 with no late payments or negative public records. Do you think this is a decent strategy to downgrade a car with negative equity, into a USED car (that has less depreciation impact)? Thanks!
@@mr.untouchable9448 I think you actually can, but depending on how deeply upside-down you are, you may need to buy an extremely cheaper car, in order to stay lower than your current loan.
@@danb8606 okay thanks man! Yeah right now I’ve got a 2018 Honda Civic for 20k lol nothing to Crazy ive had it for over a year near with my mom as a co sign I’m 21 now ab to be 22 but I wanna trade it in for a cheaper but more sporty car with the entire thing in my name.
For car dealers it all has to do with having a healthy down payment, no matter if you have good or bad credit. In reality car dealers could really care less what you owe on the vehicle. The less you owe the better it is for you like anything under $8,000. Plus it also depending on the value of the vehicle, what you owe, and your credit and income all makes a difference in how much they'll ask for down. But there have been people who have traded in cars where they owe $20,000 but they paid 8,000 or more down on the new car. But if you owe $20,000 and say you only have $1,000 down the deal won't happen. And it doesn't matter how nice your $20,000 car is. It also has to do with the value of the vehicle you're trying to get. If you want a $10,000 car but you owe $20,000 on your current vehicle no bank will finance that because you'll be so upside down the price of your new vehicle will be way more than what it's actually worth
Hey brother. Hope you can answer this. I'm a travel nurse from North Carolina. I drive a Ford Raptor but I'd like to trade it in for something more practical. I'm about 15k upside down and I'm working in Montana. Would it make sense for me to trade-in while I'm in Montana (No state sales tax), then drive it back to NC to re-register, or wait until I go back home and buy there? Thanks so much!
So whatever your trade in value is, that’ll act as a down payment for your new car? And if you have negative equity it’ll roll into your new car you finance ?
If the financed car is sold to Car max and you end up with 4K neg equity i.e.; will Carmax require getting the clear title during that time and you'd have to pay the balance of the 4K right then so they (carmax) can get the title from the lender? (If you're not buying another car).
I want to trade in my car for a new car, it’s a 2018 Toyota Tacoma and I owe about 20k on it but got a offer from car max for 31k. Do I need money down to get the new car or do I have to still put down money?
Still confused. If I owe 19k on my current car and trade my car for a better one that is let's say 10000 and my car is worth 15000 does that mean I have 5000 to pay of my.loan and I continue my normal loan?
If I owe 12956 dollarsand 94 cent and my book file is only 4294 dollars, and my equity is $8662.94. What would be the smartest thing to do? Traded in back at the deal I got it from.
Hello I have brand new Honda Accord 2022 with 3 k miles only ! unfortunately was involved in an accident ! Honda fixed the car paid by insurance. By now I owe 30 k on this car in payments ! Should I keep paying this car at least for an year more, and trade in for a lower price car ,or pay the total right now to avoid more depreciation ? Ps : I have ways to pay off the amount owed !
What if the dealership has you under a power train warranty and they didn’t know the vehicle had aftermarket parts that void out the repairs? Is there a way the dealership could work with making a trade?
I bought a car before inflation, i own 18k and the value still $24 thanks to the inflation, what can i do? Trade it and get a better APR because it will show paid off full or keep it?
I owe a low amount on my car, and I’m in a financial situation to pay it off, but I’m looking to trade in ASAP. Is there any financial benefit to paying it off directly vs taking it to the dealership still owing? I could pay it off online now but it looks like I might not receive the title for up to 6 weeks and I don’t want to wait if possible.
If i sell my car thats i own 33,000 and the car i wanna trade is 54,000 but they only give me 31,000 for my car how much will be my negative, and how much will the car will come out to?
You own the car raul. Your negative equity on new car(54k) is whatever offer you take for your car (31k) and now you will have to finance the 23k left. If you didn't own the car and took 31k you would add 2k to your loan. 25k
I have a car with a trade in value of 22,000. I still owe the bank 9,000 for it. If I was to trade in this vehicle for a cheaper one lets say 15,000. Does the dealer pay for the loan plus gives me the money from the difference between the cars which would be 7,000?
I wanna refinance my car the car is worth 21k and i still have 24k left as my apr is 30% im only paying interest. Before i refinance the same car with my private bank can i trade it in for another car? I plan on paying off the 4k within the next 5 months
