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09-01-2008, 12:40 AM
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Regular Member
Join Date: Nov 2006
Posts: 179
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Say you have a car financed and you still owe 15 000 on it. Say you wanted to trade it for a new model. Say its a car for work so owning it eventually etc isnt the aim..
If I walked into Ford would they take over the present lease and add to it and hook me up with a new car? Considering all other factors of course... |
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09-01-2008, 12:54 AM
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FF.Com.Au Hardcore
Join Date: Apr 2006
Location: Brisbane
Posts: 1,770
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the money still oweing on the car would need to be paid out....
in other words... if it's possible.. add $15k to the price of the car you want to buy... .. so if you want to buy a car for $15k.... you would need to borrow a total of $30k... assuming the finance on the car you have now is a secured loan.... |
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09-01-2008, 12:55 AM
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#3 | |||
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Miami Pilot
 
Join Date: Jan 2005
Location: ACT
Posts: 21,704
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Quote:
You will need to pay out your existing loan (with the trade in value), and then get a lease for the total of the new car amount. If what you owe is more than the trade in, then you will need to cough up the difference. eg your car loan = $15k Ford trade in = $10k New car price = $50k Trade in pays off $10k of your $15k loan, meaning you must pay off the other $5k. New car lease/loan is for full amount of $50k. Of course, if you were to get a personal loan, then yes, you can pay off the old loan with that, but remember that you would be paying out $55k ($50k + $15k = $65k, less $10k trade = $55k) in the above example, for a car only worth $50k, and depreciating faster than you can pay it off.
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09-01-2008, 12:57 AM
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Boss for Go, L98 for Show
 
Join Date: Dec 2004
Location: Victorialand
Posts: 780
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Hi Mate,
How long is a piece of string. There are many criteria's a dealer and/or finance institutions use and measure whether one is eligable for a car. This is not taking into account the value of the car you are purchasing. Purchasing an Aston Martin DB9 or Nissan Micra, big difference I would imagine...
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Quote: Jeremy Clarkson "The fact of the matter is this, from just about any angle this is an impossibly pretty car" 
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general car finance question
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