Car dealership? Worker?

Question

Hello! I have a question for anyone who works at a car dealership. My dealership has offered a trade in program. My car was purchased brand new last year and has 22,000 miles on it. It’s a 2020 Kia Soul. I would like to trade in for a 2021 kia Nero. My trade in value is around 16,000-18,000. Do I need to have a down payment to trade in on a vehicle that is more than my current vehicle?

Answer

No, you can use your trade in as a down payment. It may help lower the note if you put a down payment but it’s not necessary in this situation.

Answer

Trade in may be 16-18k but how much do you actually owe on it?  If you owe more than it's worth you roll that negative equity into your new loan.  Is your cosigner the primary or secondary signer?   Due to the shortage of micro chips and inventory cars are being marked up essentially  because dealers can right now.  I'd make very very sure the price of this new car has not been significantly increased because of that.

Car dealership? Worker?

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