I have a 2007 hyundai santa fe and i owe about 24,000 on it and it has 15,000 miles..question about trade in??

Question

i have a 2007 hyundai santa fe and i owe about 24,000 on it and it has 15,000 miles..question about trade in??

my first car broke down on me and i had to trade it in, dealership actually helped me by taking it off my hands "owed 7,000 on it + 5,000 in repairs" but i bought a new car from them form msrp. my car is now worth about 16,000 i would guess. is it possable to do a trade-in and work a deal for a lease??? would dealerships go for a lease mroe then selling a car now??? i figured since the industry is hurting they can work a deal, tell me what you think..

Answer 1

You need be careful when going to trade in your car to a dealer.  If you are not sure of the value then you can be at a disadvantage.



Dont be suprised if a dealer makes a terrible offer. It's really easy to get a quote online to see how much your car is going to fetch.  I have recommended http://tradein.123thebest.info - Good luck.

Answer 2

I always loved the Santa fe. With all due respect don't take what I am about to say as criticism.

It seems to me that you really had a good deal last year. Apparently there's nothing wrong with the current car either. The santa fe does not have that bad gas mileage either. My guess is that you only wish to trade because of the 24K you owe. I think the dealer could have worked in the Prior 12K you in this 24K.

Well I'd check my Credit report. If it is better now than last time, I'd work on Refinancing the loan. If not from current Bank then with other bank where I make get lower rate.

Just because the industry is getting squeezed, does not mean you will get a great deal. You could land into even bigger loan this time. Understand that the dealer took off the car last time. He did not pay off your dues on it. He worked it into your current loan instead. (Possibly at a higher % rate)There's no such thing as a free loan pay off.  So don't do it.

One does get tempted by the smaller payments on the lease. But leasing without EXCELLENT credit <=700 is big trouble. You made 15K miles on the Santa fe in one year. So you won't be able to stick with 12K or less Hard limit on a leased car. Remember if you go over limit with Miles or damage the car you have to pay BIG time.

Bottom Line - Refinance the loan. Don't trade let alone lease.