Your Account | Help | Directory

Edmunds.com | Inside Line | CarSpace

Answers

Ask Questions Answer Questions Browse Questions

Search for questions:

My Answers Profile

Question

Question Details

Asked: Apr 13, 2008 - 08:46 AM

Status: Closed

avatar

8thone

Should $3,000 owed on a car with a value of $4-5g's have the $3,000 rolled into a new loan? Doesn't only negative equity roll in?

I owe $2995 on an 01 Ford Explorer Sport 2 door 4x4 w/ 74, 000 miles. The other day I walked out on a dealer during the financing portion of the deal. The dealer was giving me $2750 for my vehicle. By my math, unless my knowledge of the procedure is incorrect, I would only be carrying over $245.00 into the new loan. The dealership not only carred the $245 into the new loan, but also rolled the remaining $2995 into the new loan. Blue book is $4,000 to $5000.

Is this a correct procedure or was something unscrupulous going on? To my knowledge, the only time money gets rolled into a new loan is when there is negative equity.

In Buying & Selling > Car Values
In Buying & Selling > Car Buying
2 answers - 590 days ago

Answer this Question

Watch this Question | Email to a Friend

Report it

Note: Per our Visitor Agreement, Edmunds.com does not guarantee the accuracy of any answers. We recommend that you use common sense when following any advice found here.

Answers

avatar

wern10

Date: Apr 13, 2008
Time: 12:00 PM

it sounds as though the salesman was trying to cover the trade plus his commission all in one transaction...ask for a manager and explain what happened cause even as a garage that sells used vehicls that doesn't seem at all fair to you.you shouldve came out of that dealership in yor new/used vehicle very happy,the sales man didnt do his math correctly,if you liked the vehicle and you like the dealersip ask for a manager and talk to him,I guarantee they'll get it corrected for you.GOOD CALL ON BEING ROOKED.It might have been an accidental glitch "maybe".

1
0
Report it
avatar

canddmeyer

Date: Apr 13, 2008
Time: 04:15 PM

The finance person has to roll the amount owed into the loan to payoff the vehicle, then in return should be crediting $2750 towards the new vehicle. If this did not happen, then they were taking you for a ride. It might have been an honest mistake, but I doubt it.

1
0
Report it

Answer this Question

View More

Top Car Values Experts
Rank Leader Points
1. mr_shiftright 1075
2. steve_ 575
3. sylvia 135
4. texases 135
5. canddmeyer 115
6. simpilot1 70
7. madmanmoo 65

Edmunds Newsletter

  • Subscribe to the Edmunds Automotive Network Newsletter and enter the $500 Gas Card Sweepstakes. Sign up now and enter for your chance to win a $500 Gas Card! Official Rules