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Bought a car by trading in my car with upside down loan.

Customer Question
Bought a car by...

Bought a car by trading in my car with upside down loan. dealer offer me $11000.00 plus $1000.00 cash down payment. when contact completed car was financed with balance of principle added to the $11000.00 1000. cash and finance foer 72 mths, Selling price of car was $20437.88

Lawyer's Assistant: What state is this in? And how old is the car?

Texas

Lawyer's Assistant: Have you contacted the manufacturer?

Yes

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The upside down balance on thje car value $11000

Submitted: 7 months ago.Category: Consumer Protection Law
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Answered in 1 day by:
11/30/2017
Consumer Protection Lawyer: Terry L., Lawyer replied 7 months ago
Terry L.
Terry L., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 2,961
Experience: Better Business Bureau, 18 Years bankruptcy and debt experience
Verified

Hi and thanks for your question. So, the price should be selling price $20,437.88 + car note payoff - $11,000 trade in credit +$1000 cash back. Is that the price given on your contract? They have to pay off the note, so unless they were giving you more than the payoff, the balance will be rolled into the new loan minus the $11k credit they are giving you for the trade value. Let me know if you have any other questions. thanks

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Consumer Protection Lawyer: Terry L., Lawyer replied 7 months ago

hi. your question still shows open.
If you have any other questions, you can ask here.

If you are satisfied, please click accept and rate my answer so i may get credit for answering.
Thanks in advance, and good luck.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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