If you work at a car dealership or kno about the business....
Evolving Member
Joined: Sep 2004
Posts: 495
Likes: 0
From: Wisconsin
GO TO NADA USED CAR GUIDE AND LOOK FOR THE WHOLESALE VALUE OF YOUR TRADE, THIS WILLL GIVE U AN IDEA OF HOW MUCH YOUR CAR IS WORTH. IF NADA VALUE IS 8000 AND U OWE 11000, YOU WILL NEED TO ROLE THE 3000 "NEGATIVE EQUITY" TO THE VEHICLE THAT U ARE BUYING. IT COULD BE TOUGH TO GET APPROVED SINCE YOUR "UP-SIDE DOWN", UNLESS YOU HAVE $$$ TO PUT DOWN.
THE CAR U WANT IS 19K BUT WHOLESALE VALUE OF THAT CAR MIGHT BE 17K (since the dealer needs to make profit), THEREFORE YOU ARE LOOKING TO FINANCE 21K ON A 17K CAR.
IF U HAVE GOOD CREDIT THE BANK WILL FINANCE UP TO 130% WHOLESALE VALUE OF THE VEHICLE YOU ARE BUYING.
THE CAR U WANT IS 19K BUT WHOLESALE VALUE OF THAT CAR MIGHT BE 17K (since the dealer needs to make profit), THEREFORE YOU ARE LOOKING TO FINANCE 21K ON A 17K CAR.
IF U HAVE GOOD CREDIT THE BANK WILL FINANCE UP TO 130% WHOLESALE VALUE OF THE VEHICLE YOU ARE BUYING.
I just want to point something out regarding NADA, Blue book, etc. They mean nothing in times like right now when you can get a brand new car for the price the book says your 2 year old car is worth.
The book could say your car is worth 8 but you won't even be able to sell it for 6 in some cases. I would strongly recommend you view the books as very very high estimates and not expect to get near the stated value. There is no used car market right now due to the whoring out of new vehicles due to the economy.
The book could say your car is worth 8 but you won't even be able to sell it for 6 in some cases. I would strongly recommend you view the books as very very high estimates and not expect to get near the stated value. There is no used car market right now due to the whoring out of new vehicles due to the economy.
Originally Posted by F&I-EVO
GO TO NADA USED CAR GUIDE AND LOOK FOR THE WHOLESALE VALUE OF YOUR TRADE, THIS WILLL GIVE U AN IDEA OF HOW MUCH YOUR CAR IS WORTH. IF NADA VALUE IS 8000 AND U OWE 11000, YOU WILL NEED TO ROLE THE 3000 "NEGATIVE EQUITY" TO THE VEHICLE THAT U ARE BUYING. IT COULD BE TOUGH TO GET APPROVED SINCE YOUR "UP-SIDE DOWN", UNLESS YOU HAVE $$$ TO PUT DOWN.
THE CAR U WANT IS 19K BUT WHOLESALE VALUE OF THAT CAR MIGHT BE 17K (since the dealer needs to make profit), THEREFORE YOU ARE LOOKING TO FINANCE 21K ON A 17K CAR.
IF U HAVE GOOD CREDIT THE BANK WILL FINANCE UP TO 130% WHOLESALE VALUE OF THE VEHICLE YOU ARE BUYING.
THE CAR U WANT IS 19K BUT WHOLESALE VALUE OF THAT CAR MIGHT BE 17K (since the dealer needs to make profit), THEREFORE YOU ARE LOOKING TO FINANCE 21K ON A 17K CAR.
IF U HAVE GOOD CREDIT THE BANK WILL FINANCE UP TO 130% WHOLESALE VALUE OF THE VEHICLE YOU ARE BUYING.
choad
Joined: Jan 2003
Posts: 1,287
Likes: 0
From: Brew Town, Wisconsin
Amazing..We went from great advise in regards to what a "deal" is made of when buying a car to insurance fraud..
Good luck LOTL and this one is closed with good points made..(cept for the stolen posts..)
Good luck LOTL and this one is closed with good points made..(cept for the stolen posts..)
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