I would like to share something with you and hope to get some opinions.
I was told that Kelly blue book was higher and that is why dealers show you this to make the deal look better...
Example:I was looking at a dodge durango 2002 dealer said retail kelly blue book 17,360 I was purchasing for 13,998 + fees and warranty 1799.00... total = 16,285.00... 38,000 miles ... 72 months
I was going to have to refinance this SUV.. This was why I was looking for low miles, Due to my credit not so good Interest rate was 16.5%.
So before purchasing I was going to be smart this time not to be upside down and be able to refinace.I called credit unions and banks and HFC Wells Fargo etc.. They said to Refinance "They go by NADA "
I asked what about kelley blue book they said they don't use that only dealers do...
Okay well Nada on this particular Vechicle is " Retail 13,650.00 Trade Value 11,375.00....
So of coarse this would be a issue to refinace when I get my credit score up in 6-12 months So this would be a "BAD DEAL" the refinance companies explained. So we decided on waiting... Now I know there is a way to get a vehicle and not be upside down .. We found a mitsubishi Montero 2002 52,000 for 10,850.00 + warranty total 11,195.00
But 20.85% interest. (diffrent dealer).
Kelley on this retail 13,485.00 Trade in 9,375.00
So really if this was a car we wanted which we don't due to the reviews we would be in better shape in 6-12 months because they would go by retail and we had only financed 11,195.00...
This was very interesting to me to learn.. So we are still looking here. Maybe even wait to get my score up... Don't want to fall into debt again....
Trying real hard here ...
I was told that Kelly blue book was higher and that is why dealers show you this to make the deal look better...
Example:I was looking at a dodge durango 2002 dealer said retail kelly blue book 17,360 I was purchasing for 13,998 + fees and warranty 1799.00... total = 16,285.00... 38,000 miles ... 72 months
I was going to have to refinance this SUV.. This was why I was looking for low miles, Due to my credit not so good Interest rate was 16.5%.
So before purchasing I was going to be smart this time not to be upside down and be able to refinace.I called credit unions and banks and HFC Wells Fargo etc.. They said to Refinance "They go by NADA "
I asked what about kelley blue book they said they don't use that only dealers do...
Okay well Nada on this particular Vechicle is " Retail 13,650.00 Trade Value 11,375.00....
So of coarse this would be a issue to refinace when I get my credit score up in 6-12 months So this would be a "BAD DEAL" the refinance companies explained. So we decided on waiting... Now I know there is a way to get a vehicle and not be upside down .. We found a mitsubishi Montero 2002 52,000 for 10,850.00 + warranty total 11,195.00
But 20.85% interest. (diffrent dealer).
Kelley on this retail 13,485.00 Trade in 9,375.00
So really if this was a car we wanted which we don't due to the reviews we would be in better shape in 6-12 months because they would go by retail and we had only financed 11,195.00...
This was very interesting to me to learn.. So we are still looking here. Maybe even wait to get my score up... Don't want to fall into debt again....
Trying real hard here ...
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