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Wait, what's my new loan amount going to be?

thedean786thedean786 Posts: 21
edited June 2018 in General
Hello, I'm trying to trade in my 2011 Nissan Maxima SV and purchase a 2018 Honda Accord Sport 1.5T. They gave me the attached offer sheet and I'm not sure what my new loan amount is going to be - is it the $24,003.17 or $28,303.17?

I currently still owe money on my vehicle and have a bit fo negative equity which I was prepared to have rolled into the new loan but asking to pay significantly more than sticker doesn't seem like much of a deal.

Any insight would be appreciated - thank you!

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Answers

  • kyfdxkyfdx Posts: 148,174

    Hello, I'm trying to trade in my 2011 Nissan Maxima SV and purchase a 2018 Honda Accord Sport 1.5T. They gave me the attached offer sheet and I'm not sure what my new loan amount is going to be - is it the $24,003.17 or $28,303.17?

    I currently still owe money on my vehicle and have a bit fo negative equity which I was prepared to have rolled into the new loan but asking to pay significantly more than sticker doesn't seem like much of a deal.

    Any insight would be appreciated - thank you!

    That's a convoluted way of adding things up.. It would be easier to follow, if we could see the labeling of each amount that's cut off on the left.

    Have you posted this before? It looks familiar.

    Looks like the total due to the dealer is $28,303, of which $4300 is paid by your trade-in value, leaving an amount financed of $24,003.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • thedean786thedean786 Posts: 21
    Yes, it is familiar I posted earlier in another thread but forgot to ask the essential question of what exactly would be the financed amount - sorry! Thank you for your response.
  • thebeanthebean Parts UnknownPosts: 1,149
    I'm not sure about that.  It looks to me as if the car with trade-in credit and TT&L totals $20,820.19.  Then you add in the negative equity of $7,482.98 and that gets you to a financed total of $28,303.98.  I think that would be the loan amount.  
    2015 Honda Accord EX, 2019 Honda HR-V EX
  • kyfdxkyfdx Posts: 148,174
    thebean said:

    I'm not sure about that.  It looks to me as if the car with trade-in credit and TT&L totals $20,820.19.  Then you add in the negative equity of $7,482.98 and that gets you to a financed total of $28,303.98.  I think that would be the loan amount.  

    How do you explain the $24,003 number?
    (not saying you are wrong)

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • thebeanthebean Parts UnknownPosts: 1,149
    I'm not sure how to explain it.  If the selling price is $24,374 and he is getting $4,300 for trade-in and financing $7,492.98 in negative equity, the loan should be more than $24K.  Confusing.  The only thing I'm real sure about is that one of us is right.  A call to the bank is the only sure way to know.  
    2015 Honda Accord EX, 2019 Honda HR-V EX
  • thebeanthebean Parts UnknownPosts: 1,149
    @thedean786, please don't forget to give us an update when you find out the answer from your bank. Inquiring minds want to know.
    2015 Honda Accord EX, 2019 Honda HR-V EX
  • thedean786thedean786 Posts: 21
    Some background. The current loan amount at the time of this offer was $7482.98. The dealer offered me $4300 for the car leaving a negative equity balance of $3182.98 which I fully expected to get rolled into the new loan. Everything was fine until he told me “that someone has to pay the bank” so he added in the entire loan amount at the end pushing the price of the vehicle to $28303.17. Basically $2K more than sticker. This made no sense to me because if this is how trade in’s work on vehicles that are not paid off then why would anyone bother to trade in their car? Overall it’s been very frustrating since some people have told me the dealer is trying to rip me off while others have commented this is how it’s supposed to work. Tbh I have no idea and have decided to just wait until my car is paid off out of fear I may get ripped off. 
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