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

thedean786 · June 2018

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!

karhill1 · June 2018

It is math.

There is a math error on the total line of the summary you posted. However, the amount of the loan is $28,303 as shown on the total due dealer line.

Whoever prepared the summary you posted did not put the correct number on the total line which is confusing.

The amount of $24,003 on the total line is incorrect. The amount should be $20,820. This consists of $19,074 plus $201 plus $1,349 plus $196. This is the amount you owe without the loan payoff.

To the $20,820 you would add the $7,483 loan payoff.

This gives you the total amount owed of $28,303 ($20,820 + $7,483).

The only issue I would have is what is that $201 "service fee"? Looks like a document fee is is a fake fee. The only legitimate fees you should pay are the taxes and licensing, which are state imposed and must be paid..

kyfdx · June 2018

thedean786 said:
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.

thedean786 · June 2018

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.

thebean · June 2018

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.

kyfdx · June 2018

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)

thebean · June 2018

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.

thebean · June 2018

@thedean786, please don't forget to give us an update when you find out the answer from your bank. Inquiring minds want to know.

thedean786 · June 2018

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.

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

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