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post #1 of 18 Old January 29th, 2011, 11:28 PM Thread Starter
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Car salesmen or anyone else with some knowledge come inside.

Ok If I try too buy a vehicle and I plan to do a trade in but i'm upside down on the trade how is the math figured up on the final sale? Lets say the vehicle stickers at $40,000 and I get a $5,000 rebate, plus an offer of $8,000 for my trade but I owe $12,000 on my current vehicles loan how is the final sales numbers figured up? Does it go like my first example or second?
Sorry i'm a newb at this and need some help. Thanks!

Example #1
Sticker price=$40,000
rebate= -$5,000
Trade Offer= -$8,000
Money owed on Trade= +$12,000
Total sales price without taxes or other fees. = $39,000

Example #2
Sticker price=$40,000
rebate= -$5,000
Trade Offer= -$8,000
Money owed on Trade= +$4,000
Total sales price without taxes or other fees. = $31,000

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post #2 of 18 Old January 29th, 2011, 11:39 PM
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It'd have to be the first one.. Otherwise they're essentially paying you 4000$ for a vehicle that isn't worth what you owe.

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post #3 of 18 Old January 29th, 2011, 11:53 PM Thread Starter
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Quote:
Originally Posted by mp4 player View Post
It'd have to be the first one.. Otherwise they're essentially paying you 4000$ for a vehicle that isn't worth what you owe.
Thanks alot for the reply! That's just what I was thinking.Repped

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post #4 of 18 Old January 30th, 2011, 02:59 AM
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It would be example two. Your trade is worth $8000 regardless of how much you owe on it. The $4000 that you owe would be added onto the new amount being financed.

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post #5 of 18 Old January 30th, 2011, 03:04 AM
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It would be

40,000 sticker
-5,000 rebate
-------
35,000
-8,000 trade
-------
27,000
+12,000 payoff
-------
39,000


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post #6 of 18 Old January 30th, 2011, 03:12 AM
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Quote:
Originally Posted by michschi View Post
It would be

40,000 sticker
-5,000 rebate
-------
35,000
-8,000 trade
-------
27,000
+12,000 payoff
-------
39,000
This is right, forget what I said. I am stupid and wasn't thinking

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post #7 of 18 Old January 30th, 2011, 10:36 AM
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Yup, #1. The title crack me up. This is the latest garbage I've heard spewed from a used car dealers mouth. My brother in law looks under the car and see ~1/2 qt of oil ALL over the place. He says "thanks, but I'll pass", the car salesman asks whats wrong and he mentions the oil. The salesman say Oh, no, we clean all the cars, maybe its armorall, let me see. The salesman is reluctant to lie on his back and slide under the car to see the oil. Then he says.... we can clean it up and seal it up with some sealant! hahaha, dumbass!
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post #8 of 18 Old January 30th, 2011, 10:58 AM
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This is called rolling negative equity. You're flipped in your current vehicle, so the negative equity will carry to the new vehicle. You will more than likely be flipped in the new vehicle since your adding another 4k to the loan without adding 4k of value to the car. It's a very hard cycle to get out of unless you keep a car long enough to pay it off, it gets totaled, ect.

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post #9 of 18 Old January 30th, 2011, 11:40 AM Thread Starter
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Thanks everyone for the help.

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post #10 of 18 Old January 30th, 2011, 12:09 PM
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Yep. Exactly. Just find something that is a good price and a little discounted to come out the same or on top.

Thats what happened when I got rid of my 03, They arent worth shit on trade no matter whats done to them.

I owed 10,500 on my 03 (because I only had it for 4 months) And I got 8 for trade in on it with alot of haggling, the ford dealer wanted to give me 6 so I told them to stuff it.

I bought my truck for 12 grand when the used car market was down so I ended up paying like 14,600 for it. The used market went back up and it bluebooked for 16,800 like 6 months later
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post #11 of 18 Old January 30th, 2011, 01:43 PM
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That's just lucky drick. Doesn't seem to happen very often.

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Originally Posted by Siko2 View Post
Sometimes when I defecate I use my old play-doh shapes and hold them gently up to my anus. I make poo shapes and present them to my friends and close family.
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post #12 of 18 Old January 30th, 2011, 01:57 PM
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Yeah. But thats why you dont jump on the first thing you see when you owe more than trade in. You need to do some research
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post #13 of 18 Old January 30th, 2011, 02:00 PM
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Agreed. When I bought my stang, I was about a grand flipped in my old car. Got the mustang about 3k under book value, so I'm no linger in the red. Making up 4k is going to be tough for OP.

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post #14 of 18 Old January 30th, 2011, 05:24 PM
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A way out, Something I like to call..... Gap it, and wrap it!

Get yourself some Gap Insurance to cover negative equity if total and wrap that bitch round a tree!


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post #15 of 18 Old January 30th, 2011, 05:26 PM Thread Starter
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I'm actually right side up with my car. The truck I done alot of traveling in a few years ago for a job and it's got the mileage jacked up on it now so dealers don't wanna give me much money for a trade. It runs great so i'm just gonna hold on to it for a few more years.

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post #16 of 18 Old January 30th, 2011, 05:29 PM
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^I would never advise you to hurt a Mustang, I assumed we were speaking of another vehicle!


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post #17 of 18 Old January 30th, 2011, 05:31 PM Thread Starter
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Quote:
Originally Posted by michschi View Post
A way out, Something I like to call..... Gap it, and wrap it!

Get yourself some Gap Insurance to cover negative equity if total and wrap that bitch round a tree!
Yea I know a guy who bought a motorcycle and couldn't afford the payments. One night the motorcycle magically disappeared. I can't prove whether or not he done something with the motorcycle or if it actually got stolen like he claimed. It did seem like a coincidence though.

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post #18 of 18 Old January 30th, 2011, 06:43 PM
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Quote:
Originally Posted by michschi View Post
A way out, Something I like to call..... Gap it, and wrap it!

Get yourself some Gap Insurance to cover negative equity if total and wrap that bitch round a tree!
BAHAHA! I've always called it gap and snap, but I like yours better.

and $4K of negative equity is not bad at all.

I just did a car deal yesterday morning with a woman who was flipped $12,000 in her Kia. . She came onto the lot convinced she needed another Mini-Van, but instead I got her into a new demo-Focus with some nice rebates and discounts. . It ate up a ton of her negative equity (but definitely not all) and she's much happier, but she was screwed in that thing...



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