Tips on Buying Cars: upside down car loan, exact info, salespersons


Question
My daughter has two vehicles, one of which she owes $8,000 on and the other $23,000. Neither one of her vehicles is worth what she owes on them. She would like to get into a new vehicle at a substantially lower cost than the $850 she is currently paying per month. The dealers tried to persuade her into purchasing a new vehicle at $650 per month on a trade in for both vehicles. What options are open to her.
Thanks,
    Ken

Answer
Hi Ken,

Please, don't let your daughter go into a dealership until she knows all her options, she will be more buried in the next one. The dealership's salespersons job is to make all the money they can, not to help her get out of this problem she is in.

If you will send me the exact info on her trades...year, make, model, mileage, I will tell you what she should get as a trade-in value for them. Then, what is she looking to get into? And how is her credit?

Shari A