i already have a sports car loan, but i it is about to be due fro 2 months, i want to trade it contained by b/c of gas ( it's a small SUV) however i am upside down on it so i can't... I as just notify that i was aprroved for a sports car loan with 100% financing for topical car, should i acquire the new one and surrneder the suv? I know it will mess up credit but at this point i barley afford the gas for SUV
Answers: OK..so...if you achieve the 100% financing on a new motor, and you surrender the vehicle...you're going to pay for the surrendered vehicle even though you don't own it? Not only does it mess up your credit, you are responsible for the match of the loan regardless...This is what happens, you surrender the vehicle, they repo it, put up for sale it at auction CHEAP, and the remaining balance after the auction is yours to remuneration. So, do you want to pay two coup¨¦ notes?
Yes, it will mess up your credit BIG time. For one article, when you surrender the car, it will be sold and any difference between what is owed and what it's sold FOR will be applied as a result against you. (A deficiency judgment). You may THINK you'll salvage money by getting a smaller, more fuel-efficient car, but within fact, you're paying route more for the car than you'll release in gas over the natural life of that loan. It's not worth it. Don't do it.
Trying to get better gas mileage is NOT a virtuous reason to provide up a less-fuel efficient motor you're still paying on.
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Answers: OK..so...if you achieve the 100% financing on a new motor, and you surrender the vehicle...you're going to pay for the surrendered vehicle even though you don't own it? Not only does it mess up your credit, you are responsible for the match of the loan regardless...This is what happens, you surrender the vehicle, they repo it, put up for sale it at auction CHEAP, and the remaining balance after the auction is yours to remuneration. So, do you want to pay two coup¨¦ notes?
Yes, it will mess up your credit BIG time. For one article, when you surrender the car, it will be sold and any difference between what is owed and what it's sold FOR will be applied as a result against you. (A deficiency judgment). You may THINK you'll salvage money by getting a smaller, more fuel-efficient car, but within fact, you're paying route more for the car than you'll release in gas over the natural life of that loan. It's not worth it. Don't do it.
Trying to get better gas mileage is NOT a virtuous reason to provide up a less-fuel efficient motor you're still paying on.
Resolved Questions: