Join Date: Oct 2007
Location: Yukon Oklahoma
Drives: 2011 Forte 5 Door
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Ok , Here we go this is just a for instance..
You buy a 2009/2010 finance at dealer/bank for 60 months say at 5% intrest $400.00 a month.
You still owe $10,000.00, Car is worth $6000.00 to the dealer
New car is $12,000.00 + $4000.00 payoff new car discount + incentives
$10,500.00 + $4000.00 payoff = $14,500.00 now at 72 months say at 7% interest
now you have a brand new car for only $300.00 a month....WOW my payment droped a Hundred Bucks...
Figure the extra interest the extra months of payments = SCREWED Oh don't forget your insurance just went up too.
Final thought NEVER finance a car at the dealer (unless it's 0% offered) Use a bank or credit union....If you have to use the dealer finance discus price of the car first never payments first...Got the idea ???
Dirt is not a paint protectant!!!
Last edited by Ratdaddy; 05-14-2011 at 04:28 PM.