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hey
i have a capital one approval for $16,950 with a 110% ltv. i have an 07 altima with approximately 11,000 owed on it that i would like to trade in. i was wondering could i trade it in with a roll over of 5,000 and if it is allowed under the ltv? meaning if i get a car for 13,000 plus 5,000 equaling 18,000 which is under my loan to value price?
@Anonymous wrote:hey
i have a capital one approval for $16,950 with a 110% ltv. i have an 07 altima with approximately 11,000 owed on it that i would like to trade in. i was wondering could i trade it in with a roll over of 5,000 and if it is allowed under the ltv? meaning if i get a car for 13,000 plus 5,000 equaling 18,000 which is under my loan to value price?
18,000 would be way over your loan approval of 110% LTV. if it's a 13,000 value vehicle then 14,300 would be %110. The 110% applies to the value of the new car not 110% of your approval amount. However there are other factors such as discounts you might receive on the car and what CAP ONE considers the actual value of the car. You also have to take into consideration tax and tags and whatever down payment you might make. I would caution you against adding $5,000 of negative equity to a car that inexpensive, You will be in a horrible situation in terms of what you on the new vehicle compared to what it's worth. How do you know your negative equity is $5k? Also consider seeing what Carmax would give you for your Altima if there's one in your area. They almost always will buy it for more than what a dealer will give you as a trade in.
Good luck.
ok thanks alot. you cleared it up for me.
One other thing I forgot to mention is whether you are talking about a new or used car. If it's new most lenders will consider MSRP as the loan value. If it's used they look at NADA loan value