Tips on Buying Cars: Advice, new car incentives, doug stahl

Question
I purchased a 2003 Ford Ranger via a Ford Dealership about a year and a half ago. The mileage is around 49000. The loan is through a credit union in Chicago. My payments are $356 a month including the extended warranty they talked me into when buying. I am now having trouble making that large payment and want a smaller more fuel efficient car with a lower monthly payment. Can I go back to the dealership and make some kind of trade in switch to another vehicle, or is it all in the hands of the bank? I am new to the car buying world so I have no idea how this works. Thank you!

Answer
Hi Ben,

I would recommend going to back to the store or even checking out another store. Whichever you choose, make sure you go to a new franchise dealership. They will have the most incredible incentives, dealer cash, and rebates.

If you're in an upside down situation, meaning you owe more on it than it's worth...the new car incentives will ease the pain when trading in your Ranger.

So, to answer your question...yes, go back to a dealership to get out of your Ford Ranger. Once you make an agreement with the dealership, make sure it includes fully paying off your loan on the Ranger. It is not really between you and the credit union. Just make sure you keep paying your payments on time until you decide which direction you will take.

Good luck, and I hope this helps!

Doug Stahl