Newsgroups: rec.autos
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From: joes@telxon.mis.telxon.com (Joe Staudt)
Subject: Re: Trading in a car that's not paid for...Pointers Please
Message-ID: <1993Apr20.163507.29826@telxon.mis.telxon.com>
Organization: TELXON Corporation
References: <49421@fibercom.COM> <49422@fibercom.COM>
Distribution: usa
Date: Tue, 20 Apr 1993 16:35:07 GMT
Lines: 35

In article <49422@fibercom.COM> rrg@rtp.fibercom.com (Rhonda Gaines) writes:
>
>I'm planning on purchasing a new car and will be trading in my '90
>Mazda MX-6 DX.  I've still got 2 more years to pay on it.  How does
>that get taken into account when I purchase my new car?  Does the
>dealership pay off my car and add on the amount they had to pay to
>the purchase price of the new car?  someone please explain this to
>me.

If you don't already know it, you should call the bank/credit union/
finance company that holds the loan on your present car and get the
current payoff cost.

If you are trading in your current car on the new car, subtract the
payoff amount from the trade-in the dealer is giving you.  (If this
turns out to be a negative number, you need to reconsider the deal.)
Subtract this difference from the price of the new car.  This is the
size of the loan you will need for the new car.

The dealer will take care of paying off the loan on your old car out
of the money you give them when you pick up your new car.

At least that's how it worked for me 5 years ago in Ohio...

>
> -thanks
>  rhonda



-- 
Joseph Staudt, Telxon Corp. | joes@telxon.com
P.O. Box 5582               | "Usenet is like Tetris for people who still
Akron, OH  44334-0582       |  remember how to read."
(216) 867-3700 x3522        |           -- J. Heller
