Okay.. the GF is getting ready to do a trade.. (her POS Saturn ION is needing to go, continual repairs)
Got less than 1k on payments left on the ION.
Will that go into taking down the trade value to the amount left on the ION's financing?
Ok there is a few things you need to know about this.
First off she can owe 500,000 on the car and it doesnt do anything to the value of the car. The car is worth what it is.
Also do not go by KBB on trade in value as you will get kicked in the nuts on the actual value of the vehicle which changes all the time.
First off I can black book the car for you, which is what most dealers use and they either give a bit more or less depending on deal to deal, I can also check manheim and what the going wholesale price is for the car at the auction. Right now wholesale prices are through the roof, and that is what you will get for the car. Now they can say they will give you more but they could hold on any rebates available to make up the over allow on the trade.
If the car is a total POS and has alot of miles etc etc a nickel car or bagel is what we call it and that means a 500.00 which will make you upside down by 500.00. that upside down amount goes into a new loan, and if she buys a used car the banks will only book out a specific amount of money per used car and the rest has to come from down payment. if its new, than you should be fine.
Make sure if its new, you look to see what rebates, and what financing is available. finance managers will try to get another additional point added to the car so that they can make money in the back end. so know your shit before you walk a lot.
what year is the saturn?
how many miles?
not to mention its embarrassing