QuestionOkay I have a 2011 Kia Optima. I was wondering how the trade in would work in like three years? I have a monthly payment of 403.75 on a 72 month payment plan. Lets say I want to trade up for a 2014 Kia Optima in the future. What happens to my remaining balance I have left and what happens to the payments for the new car? How do they work that out?
AnswerHi Dustin,
Let's assume 2014 you want to trade, your first step will be to phone the lender to get a pay out amount. If this amount is less than what dealer offers you,,, we got red flags because you will be up-side down which means the negative amount the dealer may be able to build into your new loan, and that I don't recommend.
When you go to trade the dealer will pay out your loan and will provide you with new payments for the 2014 vehicle. I somehow think you may not fully understand what I am trying to say,,, let's do this, study this link on my website http://www.usedcartips.org/TRDE.html and feel free to ask further questions
Ray
http://www.usedcartips.org/
