Question for those who work in car sales or financing:
We are interested in trading in our car and purchasing a car cash. We are currently about $5,000 upside down on our trade in. We have anywhere from $10,000-$15,000 cash to spend.
Will a dealership work with us to be able to eliminate what is upside down so we can pay all the cash to the car we are purchasing?
We are trying to decide if it's worth it to go this route or just take $5,000 to the dealership and finance a car for under $20,000.
Asked by Anonymous at 3:08 PM on Sep. 8, 2013 in Money & Work
Answer by tntmom1027 at 4:25 PM on Sep. 8, 2013
Answer by gdiamante at 4:33 PM on Sep. 8, 2013
I don't work in car sales but we did do something similar when I bought my car. We traded in my husband's truck but we still owed $5,000 more than it was worth, so they tacked on the $5,000 to the price of the car that I bought.
So, if you do trade in your car that is worth$5,000 but owe $10,000 and you have $15,000 in cash, then you can buy a car for $10,000 and not have any loans or debt with it.
Answer by JeremysMom at 3:16 PM on Sep. 8, 2013
I know that's the obvious answer. But I was wondering if they will work with lowering the price of the new car
Look, you asked a question and I answered based on my experience. None of use will be able to tell you if they will lower the price of the car (even if one of us works in car sales or financing). The only way you are going to get a correct answer is if you go talk to the dealership yourself. We can tell you yes or no they will do that all day long but it's only a guess or our own experience.
Answer by JeremysMom at 3:30 PM on Sep. 8, 2013
A person who works in car financing or sales should be able to answer that question.
Yes, they could answer that for their company or based on their company's policies. There are too many factors to consider (what car you are trading in and its condition, the car you are wanting to buy and how much they either paid for it and if they will still come out ahead, if it is a slow sales month, etc). Again, the best thing to do to get a accurate answer is to go to the dealership and talk with someone.
Answer by JeremysMom at 3:39 PM on Sep. 8, 2013
Answer by MrsLeftlane at 3:53 PM on Sep. 8, 2013