CAR LOAN???
i already have a automobile loan, but i it is about to be due fro 2 months, i want to trade it in b/c of gas ( it’s a small SUV) however i am upside down on it so i can’t… I as just notified that i was aprroved for a automobile loan with 100% financing for new car, should i get 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
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about 2 years ago
Yes, it will mess up your credit BIG time. For one thing, 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 judgment against you. (A deficiency judgment). You may THINK you’ll save money by getting a smaller, more fuel-efficient car, but in fact, you’re paying way more for the car than you’ll save in gas over the life of that loan. It’s not worth it. Don’t do it.
Trying to get better gas mileage is NOT a good reason to give up a less-fuel efficient car you’re still paying on.
about 2 years ago
OK..so…if you get the 100% financing on a new car, and you surrender the vehicle…you’re going to pay for the surrendered vehicle even though you don’t have it??? Not only does it mess up your credit, you are responsible for the balance of the loan regardless……This is what happens, you surrender the vehicle, they repo it, sell it at auction CHEAP, and the remaining balance after the auction is yours to pay. So, do you want to pay two car notes?