I need advice on a car deal question...?

Question

i have a 2000 Escalade OK condition ALOT of miles i owe 12,000. I know i wont get c**p for it BUT i want to downsize so i looked at a Sebring that was 8000. Is it smart to put 5000 down on the Sebring than roll over the payments on the Escalade? is that even possible. I have to finance SOME of the Sebring so I dont want 2 payments. will a dealership work with that?

Answer 1

Some dealers will deal with that you'll have to ask them with putting down 5000.00 I'm sure they will figure something out for you.

PS - what thats called is Negative equity.

Answer 2

You would need to finance the $12000 of the balance of the Escalade, plus the $3000 balance of the Sebring, minus whatever trade you get on the Escalade.

So

12,000+

  3,000-

TRADE

I doubt that a car dealer would do it for you, and I doubt you would get the $3000 trade on the Escalade, so you would end up paying the same amount, if not more back.

Answer 3

It's never a good idea to roll over a balance.  You'll be so "upside down" that you'll never be able to get out of the Sebring until it's paid off.  If you get on www.kbb.com and check out trade-in value (subtract about $3k from the amount they tell you), you'll get a pretty good idea of what a dealership will give you for your Esacalade.  KBB is NEVER accurate.  You'll probably be OK if you put the $5,000 down.  I wouldn't suggest putting less than that down if you think you might want to sell the Sebring before the end of the loan.  Good luck.  I sell cars, so you're pretty safe with my answer.

Answer 4

You will be so upside down on the sebring>& the 2000 Suv you owe more than what it's worth> The lots are full of SUV so keep it or trade it but you will owe lots on it > Not a good deal> Just drive it> Unless you want the big payments> & will never be able to sell the Sebring>If they will take the SUV???

Answer 5

Yes they will do it as long as your credit will stand the new note, the Sebring should be in the right loan value range for them to pull it off an 5k is about the right number to kill the Escalade overage if the dealer doesn't try and get too greedy they should be able to get you a deal.