Thanks for the replies guys. We did manage to actually get the car... but only because the dealership pulled some hard core strings. The banks are dumb. Does this make sense to any of you?: We owed $18 500 on our car. The dealership would have bought it wholesale at $7000. Making the negative equity $11 500. The car we were looking at was $20 000. Which means we needed a $31 500 loan. The bank only approved us for $29 000. However, since the car we wanted was only $20 000, they would have approved us if we kept the car we had AND got this one. There's no way we could afford two car loans. The dealership instead gave us $9500 for our old car so we could qualify for the loan. We are very happy and pleased with the dealership... but kind of confused with the banks. I don't understand why they would approve us for 2 car loans which added together was far more than one car loan, plus the negative equity.
Oh, and the payments for the new car (which is also a nicer, more expensive car then our old one), plus the negative equity from the old car is actually costing us less than had we stayed with the old car. I also don't understand why they wouldn't re-finance the car for us since the loan they approved us for getting a car was $10 000 more than what we owed on the old car. I don't understand banks at all.
(Just so no one is confused because I have another post on here about Bell screwing up my credit - I did not apply for the car loan. My fiance did. His credit is very good.)
Last edited by MollyGroove; 09-01-2009 at 12:04 AM.
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08-31-2009, 11:51 PM
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