QuestionHello Ray, To answer your Q I live in Florida. Will a dealer allow me to move into a used vehicle lets say somewhere in the 6 to 8k range and tack the 3 to 4 k on to the deal. Or would that push the cost to value to high to get it financed? Thanks!
Ron
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The text above is a follow-up to ...
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We can not afford our $497 monthly payment anymore and would like to trade in our 2005 Ford F-150 Supercab XLT 4x4 (33,500 miles) for something cheaper. What is the best way to do this with out losing to much money? We tried putting truck on market. Can we trade into something cheaper? I owe about 22,500 on truck.
Thanks!!
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Hi Ron
You did not include a zip or area code I therefore have no clue if your from the States or canada as there will be a diff in value,however with the info you provided I dont think your way up-side down.
Subject to what type of vehicle you want the dealer may be able to build all the negative or a good portion into your new payments, the question however are payments going to be less ???.
Selling private has got negative and positive factors.
Positive, yes you will get more money than from a dealer, but does this amount outweigh the taxes you will have to pay on your new purchase.
SUMMARY...shop a few dealers select a vehicle you may consider and let dealership see if they can satisfy your demands,the trick here is to not commit right away, go home and look at the full picture, go to my website
http://www.usedcartips.org/
and study some windows, should you have further questions I will be here to answer.
Have a great day
Ray
AnswerRon, Adding on 50% negative trading down will not work,how much you can tack on depends on how your purchase book with the lender, example, if you bought a Sunfire you would be able to add more negative to the amount financed than buying a Neon, every vehicle books diff with a lender as to how much will be allowed as a max and the dealer should know what books the best in the type vehicle your looking for.
I know your looking for lower payments and therefore thinking trading down, here may be a problem going that route...
The older the vehicle the shorter the term allowed, the newer the vehicle the longer the term, therefore consider you can buy a newer vehicle that may cost more but your monthly payments could be less, it really comes down to some homework on your part...should you not fully understand what i am trying to say, leave me a phone # I got free calling to Florida, if you reply check the make private box, that way your phone # will not be posted on the internet
Ray
