What are the chances

[QuantumNursing]

Not sure why you are explaining that to me, but you clearly didn’t read the post you quoted initially.

She suggested selling the car, satisfying the loan entirely, and then using any profit to buy an old car outright. No down payment. No new loan. Just buy a shitty car worth nothing.

Then you said “he’d still have a car payment and loan.” Which, obviously, was incorrect.

You are highly mistaken. I suggest you read ther original reply "to just trade the damn thung in" which I replied was the stupidest thing he could do. Trading in is not the same as selling it outright. I agree he needs to sell it but thats going to be difficult with such a high price tag and not having a clear titleScreenshot_20190211-222404.png

Trade in or private sale really doesn’t matter. Either way, you are paying off a loan, then buying another vehicle outright. Your response made no logical sense at all unless you misunderstood that. Even if he got less with a trade in vs a private sale, there still wouldn’t be a loan or a car payment. She pretty clearly specified that the second car should be paid in full.

Then you went on to further confirm your own misunderstanding when you quoted me and said:

“She doesnt understand that the original loan still needs to be paid off. In this situation the brother owes 27,000 dollars with an equity of 3000 dollars. The 3000 dollar equity will be used as the down payment for new car and the old loan will be rolled over into the new loan. So a less expensive car will cost more than the original car in price and even the interest rates.”

That was

A) clearly not what she was talking about and

B) factually incorrect. The equity would be the down payment, but the $27k remainder wouldn’t still be owed, so it wouldn’t “roll over into a new loan.” The dealer would pay it, because the car is worth $30k, not $3k. The loan would be paid in full, the lien removed, title transferred, and $3k would be applied as downpayment (or deducted from the purchase price, saving you in sales tax). Then a new loan would be established for whatever he owed on the new car. The only way that a new car would cost more than the old one is if the new car simply had a higher sale price.

If he were upside down on the car you’d be correct about loans rolling over, but it wouldn’t be $27k he still owed, just however much he was underwater for (so if he owed $30k and it was worth $27k, it would add only $3k to the new car loan). But that isn’t the case here. And, again, see A.

It absolitely does matter if its a trade in or a private buy. Trade in values are considerably different. A dealership is NOT going to give KBB value for the car. They will NOT be able to sell it for a profit. So you will still have at least a portion of the original loan to pay off. That portion will either need to come out of pocket or be rolled over into a new loan which could mean that the new cheaper car will be more expensive plus you could easily become up side down on the loan very quickly. That means you are paying more than the car is actually worth. Trading it in would be a stupid decision. At least by selling it out right you can break even. You dont have a shot in hell of that by trading it in. Especially with the higher interest rate because of shitty credit

[QuantumNursing]

Not sure why you are explaining that to me, but you clearly didn’t read the post you quoted initially.

She suggested selling the car, satisfying the loan entirely, and then using any profit to buy an old car outright. No down payment. No new loan. Just buy a shitty car worth nothing.

Then you said “he’d still have a car payment and loan.” Which, obviously, was incorrect.

You are highly mistaken. I suggest you read ther original reply "to just trade the damn thung in" which I replied was the stupidest thing he could do. Trading in is not the same as selling it outright. I agree he needs to sell it but thats going to be difficult with such a high price tag and not having a clear titleScreenshot_20190211-222404.png

Trade in or private sale really doesn’t matter. Either way, you are paying off a loan, then buying another vehicle outright. Your response made no logical sense at all unless you misunderstood that. Even if he got less with a trade in vs a private sale, there still wouldn’t be a loan or a car payment. She pretty clearly specified that the second car should be paid in full.

Then you went on to further confirm your own misunderstanding when you quoted me and said:

“She doesnt understand that the original loan still needs to be paid off. In this situation the brother owes 27,000 dollars with an equity of 3000 dollars. The 3000 dollar equity will be used as the down payment for new car and the old loan will be rolled over into the new loan. So a less expensive car will cost more than the original car in price and even the interest rates.”

That was

A) clearly not what she was talking about and

B) factually incorrect. The equity would be the down payment, but the $27k remainder wouldn’t still be owed, so it wouldn’t “roll over into a new loan.” The dealer would pay it, because the car is worth $30k, not $3k. The loan would be paid in full, the lien removed, title transferred, and $3k would be applied as downpayment (or deducted from the purchase price, saving you in sales tax). Then a new loan would be established for whatever he owed on the new car. The only way that a new car would cost more than the old one is if the new car simply had a higher sale price.

If he were upside down on the car you’d be correct about loans rolling over, but it wouldn’t be $27k he still owed, just however much he was underwater for (so if he owed $30k and it was worth $27k, it would add only $3k to the new car loan). But that isn’t the case here. And, again, see A.

You are still thinking the trade in value is the same as the blue book value. Its not. Let me show you what I mean. We will use my Expedition as an example...

[QuantumNursing]

Not sure why you are explaining that to me, but you clearly didn’t read the post you quoted initially.

She suggested selling the car, satisfying the loan entirely, and then using any profit to buy an old car outright. No down payment. No new loan. Just buy a shitty car worth nothing.

Then you said “he’d still have a car payment and loan.” Which, obviously, was incorrect.

You are highly mistaken. I suggest you read ther original reply "to just trade the damn thung in" which I replied was the stupidest thing he could do. Trading in is not the same as selling it outright. I agree he needs to sell it but thats going to be difficult with such a high price tag and not having a clear titleScreenshot_20190211-222404.png

Trade in or private sale really doesn’t matter. Either way, you are paying off a loan, then buying another vehicle outright. Your response made no logical sense at all unless you misunderstood that. Even if he got less with a trade in vs a private sale, there still wouldn’t be a loan or a car payment. She pretty clearly specified that the second car should be paid in full.

Then you went on to further confirm your own misunderstanding when you quoted me and said:

“She doesnt understand that the original loan still needs to be paid off. In this situation the brother owes 27,000 dollars with an equity of 3000 dollars. The 3000 dollar equity will be used as the down payment for new car and the old loan will be rolled over into the new loan. So a less expensive car will cost more than the original car in price and even the interest rates.”

That was

A) clearly not what she was talking about and

B) factually incorrect. The equity would be the down payment, but the $27k remainder wouldn’t still be owed, so it wouldn’t “roll over into a new loan.” The dealer would pay it, because the car is worth $30k, not $3k. The loan would be paid in full, the lien removed, title transferred, and $3k would be applied as downpayment (or deducted from the purchase price, saving you in sales tax). Then a new loan would be established for whatever he owed on the new car. The only way that a new car would cost more than the old one is if the new car simply had a higher sale price.

If he were upside down on the car you’d be correct about loans rolling over, but it wouldn’t be $27k he still owed, just however much he was underwater for (so if he owed $30k and it was worth $27k, it would add only $3k to the new car loan). But that isn’t the case here. And, again, see A.

Here is the private buy value of my expedition...

Keep in mind this is for an almost brand new vehicle with less than 25,000 miles on it. In near pristine condition

[Anonymous 3]

2 of the 3 stooges arguing, LMAO

[QuantumNursing]

Not sure why you are explaining that to me, but you clearly didn’t read the post you quoted initially.

She suggested selling the car, satisfying the loan entirely, and then using any profit to buy an old car outright. No down payment. No new loan. Just buy a shitty car worth nothing.

Then you said “he’d still have a car payment and loan.” Which, obviously, was incorrect.

You are highly mistaken. I suggest you read ther original reply "to just trade the damn thung in" which I replied was the stupidest thing he could do. Trading in is not the same as selling it outright. I agree he needs to sell it but thats going to be difficult with such a high price tag and not having a clear titleScreenshot_20190211-222404.png

Trade in or private sale really doesn’t matter. Either way, you are paying off a loan, then buying another vehicle outright. Your response made no logical sense at all unless you misunderstood that. Even if he got less with a trade in vs a private sale, there still wouldn’t be a loan or a car payment. She pretty clearly specified that the second car should be paid in full.

Then you went on to further confirm your own misunderstanding when you quoted me and said:

“She doesnt understand that the original loan still needs to be paid off. In this situation the brother owes 27,000 dollars with an equity of 3000 dollars. The 3000 dollar equity will be used as the down payment for new car and the old loan will be rolled over into the new loan. So a less expensive car will cost more than the original car in price and even the interest rates.”

That was

A) clearly not what she was talking about and

B) factually incorrect. The equity would be the down payment, but the $27k remainder wouldn’t still be owed, so it wouldn’t “roll over into a new loan.” The dealer would pay it, because the car is worth $30k, not $3k. The loan would be paid in full, the lien removed, title transferred, and $3k would be applied as downpayment (or deducted from the purchase price, saving you in sales tax). Then a new loan would be established for whatever he owed on the new car. The only way that a new car would cost more than the old one is if the new car simply had a higher sale price.

If he were upside down on the car you’d be correct about loans rolling over, but it wouldn’t be $27k he still owed, just however much he was underwater for (so if he owed $30k and it was worth $27k, it would add only $3k to the new car loan). But that isn’t the case here. And, again, see A.

Now lets talk about depreciation. Less than 2 years ago I paid 58,000 cash for my truck including taxes and tags. Right now on Carvana you can get the same truck with just under 50,000 miles for less than 30,000 dollars.....Thank God I paid cash. Financing cars is stupid but neccessary in most cases. Trading one in with less than stellar credit is one of the worst things you can do

[Midnight_Storm]

How long has he had this loan and what was the original loan amount? How delinquent is he on his credit cards?

[carterscutie85]

Not sure why you are explaining that to me, but you clearly didn’t read the post you quoted initially.

She suggested selling the car, satisfying the loan entirely, and then using any profit to buy an old car outright. No down payment. No new loan. Just buy a shitty car worth nothing.

Then you said “he’d still have a car payment and loan.” Which, obviously, was incorrect.

You are highly mistaken. I suggest you read ther original reply "to just trade the damn thung in" which I replied was the stupidest thing he could do. Trading in is not the same as selling it outright. I agree he needs to sell it but thats going to be difficult with such a high price tag and not having a clear titleScreenshot_20190211-222404.png

Trade in or private sale really doesn’t matter. Either way, you are paying off a loan, then buying another vehicle outright. Your response made no logical sense at all unless you misunderstood that. Even if he got less with a trade in vs a private sale, there still wouldn’t be a loan or a car payment. She pretty clearly specified that the second car should be paid in full.

Then you went on to further confirm your own misunderstanding when you quoted me and said:

“She doesnt understand that the original loan still needs to be paid off. In this situation the brother owes 27,000 dollars with an equity of 3000 dollars. The 3000 dollar equity will be used as the down payment for new car and the old loan will be rolled over into the new loan. So a less expensive car will cost more than the original car in price and even the interest rates.”

That was

A) clearly not what she was talking about and

B) factually incorrect. The equity would be the down payment, but the $27k remainder wouldn’t still be owed, so it wouldn’t “roll over into a new loan.” The dealer would pay it, because the car is worth $30k, not $3k. The loan would be paid in full, the lien removed, title transferred, and $3k would be applied as downpayment (or deducted from the purchase price, saving you in sales tax). Then a new loan would be established for whatever he owed on the new car. The only way that a new car would cost more than the old one is if the new car simply had a higher sale price.

If he were upside down on the car you’d be correct about loans rolling over, but it wouldn’t be $27k he still owed, just however much he was underwater for (so if he owed $30k and it was worth $27k, it would add only $3k to the new car loan). But that isn’t the case here. And, again, see A.

We are trading our car today and this is exactly what's going to happen. Our Jeep was 40 but Jeeps maintain their value so we'll still get quite a bit for it. Even though we still owed like 33 on it it's not like we still owe that 33 grand loan plus the cost of our trade in..

[Deleted User 1039]

Now lets talk about depreciation. Less than 2 years ago I paid 58,000 cash for my truck including taxes and tags. Right now on Carvana you can get the same truck with just under 50,000 miles for less than 30,000 dollars.....Thank God I paid cash. Financing cars is stupid but neccessary in most cases. Trading one in with less than stellar credit is one of the worst things you can do

You are deflecting with a totally irrelevant topic.

She said the car is worth $30k, not that he bought it for that much. Doesn’t matter if he paid $31k fifteen years ago or $50k yesterday, she told you its current worth.

[Deleted User 1039]

You are still thinking the trade in value is the same as the blue book value. Its not. Let me show you what I mean. We will use my Expedition as an example...

Lol. You are either totally beyond help or just being intentionally irritating like a toddler.

Please explain how, in your own explanation earlier, he would have $3k to use as a downpayment if she traded in a car worth $30k that she owed $27k.

You’re arguing against yourself at this point.

[Deleted User 1039]

2 of the 3 stooges arguing, LMAO

Lol! Who is the third?