Ford Mustang Forum - View Single Post - thinking of switching to 5.0.
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post #43 of (permalink) Old 06-30-2014
Clueby
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Joined: Jan 2012
Location: High Ridge
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To pay off your current loan it makes no difference what the interest is. You only pay the principal that is left.. Not what the entire loan amount would be with interest as if you kept it the entire length of the loan. Your statement "with interest it goes up to 26000 is incorrect..that only applies to the amount it would cost if you kept paying the loan over time. Call your loan company. They will tell you a payoff amount. That is the amount you can pay off the loan for usually 30 days. You want any tradein offered to be over that amount. The pay off should be somewhere under 19000 if that was the original purchase amount and you've been making payments for awhile.


Quote:
Originally Posted by akeemjvasser View Post
Yeah I plan to have a sit down with a loan officer from ny credit union. What through me off was what someone said about goung negative. What I took from that post was if my car is priced at 19000 and with interest it goes up to 26000 and I trade my car in and they inly give me 16000 torwards a gt priced at lets say 27000 thousand. Then the rest of the 11000 that is left over on my current loan will be added on to my new loan making the 27000 dollar gt 37000. Which isnt worth it in my eyes. But maybe im reading it wrong.

2011 V6 Convertible, Premium, Red Candy, White side stripes, Pony badges on fenders, auto headlights, lower fogs coming soon.
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