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Posted in Auto Loans
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RMM2011MEM

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Urgent trade in question!!
I just traded in my car for a new truck a few days ago. I was given $8k on the trade which left a balance owed of $5914 that would be rolled into the new loan. I wqs just going over my paperwork to file it away and looked at my retail order contract and see the following,

Price of car after equipment change less trade allowance of $8k. That sounds good. However lower down it has total due and then adds a payoff on trade-in for $13912.84 to create a total due. Now my understanding is that the dealer is buying my old car for $8k and I am financing the $5912.84 into my new loan. However it looks like the dealer either purposely or accidentally has me financing the full $13912.84.

Headed back into tomorrow as I am still within the window to kill the deal, but want to make sure I am seeing this right.

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Top Contributor
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Really?

Helpful to 0 out of 1 people

You were Upside down Big time with the Car you had. 

NOW you are REALLY Upside down with a New Truck.  OMG!

You went from bad to REALLY BAD!

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