Financing an RV
I am workign with a dealer on trying to find the right RV but do not understand how this Trade Difference line works. This is the quote they worked up. The trade in is for an SUV we have that has 17...
Forum Discussion
JAXFL wrote:
The dealer never pays off your trade in. It is added back to the NEW item that you buy. If your trade was paid for then the money that they would give you for it would reduce your NEW item, but being you owe, it really increases it.
The 2 lines you are missing is
Vehicle Price - $74,547.00
Options - N/A
Retail Discount - $9,657.00
Customer Price - $64,890.00
Trade Allowance - $18,000
Trade Difference - $46,890
"Pay off SUV - $17,500"
"Total financed before interest..... $64,390"
Estimates Payment Option
$6,000 Down - 180 Months - APR 5.99% - Payment $524.33
NOTE-- TOTAL WITH INTEREST....... $100,379.40
That sounds about right, you should not be trading in that SUV that you are upside down on, should just keep it for a while till more is paid off than sell it on your own, also you need at least $10,000 down to bring those payments down more.
This is why the OPer is upside down on his SUV, little to nothing down and max years on loan..
Get that debt monkey off your back and life will be easier.
