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Someone in Car sales, help...

We want to trade in our 2009 Ford Focus for a larger vehicle (Just had a new baby) We can not afford a higher car payment than what we have now... We still owe 13000 on the car. Car is still in great chape, just too small for our family now. We will have around 4000 to pay cash,plus the trade in. Now second catch. My MIL cosigned with my husband on the Ford...and she is kinda MIA right now...so is it absolutely necessary for her to be involved? Will there still be credit checks and everything? Any advice or info appreciated.

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nkkk07

Asked by nkkk07 at 3:43 PM on Jan. 20, 2010 in Money & Work

Level 10 (423 Credits)
Answers (2)
  • i'm not in car sales, but we've been trying to do the same thing you're trying to do with little success. we owe 12,000 on our car and have a small down payment to add to our trade, however, we won't be able to have monthly payments in the range we can afford because of the negative equity on the car. you can check on kelley blue book for your car's trade in value, add your down payment and subtract the sum from the cost of the new car you are trying to get. if you owe more than your car is worth, then you're what they call "upside down" (that's what they called us) and it will be a little harder to finance your car. you'll need enough down payment to cover the negative equity. anyway, we were also co-signed, but we didn't need the co-signer present for the new sale. i don't know if that helps or if i'm just telling you what you alreay know. anyway, good luck.
    Anonymous

    Answer by Anonymous at 3:56 PM on Jan. 20, 2010

  • Thanks!
    nkkk07

    Answer by nkkk07 at 4:04 PM on Jan. 20, 2010

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