topic Can someone do this??? in Auto Loans

Can someone do this???

michaels88369 — Fri, 11 Mar 2011 02:46:04 GMT

Can you buy 2 cars at the same time? I have 2 cars, one through nissan bought 05-18-2010 and one through Capital One bought 08-01-2008. I want to trade both in. I can do the nissan with nissan at 0% on new 2011 titan pro 4x. I need truck for work and dog shows i travel too. And capital one car i owe 10k more than the value(2008 cobalt ls). ouch i know.. i want to know if its possible to do both same day but different dealerships. dumb question but important one

Re: Can someone do this???

Anonymous — Fri, 11 Mar 2011 14:25:47 GMT

You want to trade in a car you purchased less than a year ago?

You won't be able to trade in the cobalt if you owe $10,000 more than it's worth. I am not even sure how you get that upside down in a car that quickly unless you put it over 72 months at some crazy interest rate.

It sounds like you need to step back, get your debt under control and once things are in order, then consider trading in for a "new" car.

Yes, you could theoretically purchase 2 cars at the same time, as long as you disclose to both companies that you are purchasing another car so that it can be factored into the DTI - although I think a lot of lenders would balk at the idea. No lender is going to touch a car that you are $10,000 negative on.

Re: Can someone do this???

Anonymous — Fri, 11 Mar 2011 18:55:37 GMT

@michaels88369 wrote:
Can you buy 2 cars at the same time? I have 2 cars, one through nissan bought 05-18-2010 and one through Capital One bought 08-01-2008. I want to trade both in. I can do the nissan with nissan at 0% on new 2011 titan pro 4x. I need truck for work and dog shows i travel too. And capital one car i owe 10k more than the value(2008 cobalt ls). ouch i know.. i want to know if its possible to do both same day but different dealerships. dumb question but important one

Can someone do this? Yes.

Can you? I doubt it.

I could see you doing this at one dealership, that way all the financing could be done grouped and structured together.

I do not understand the need for doing both in one day though.

the 10K negative, unless you are going into a vehicle you can roll it into or have the cash to make up the difference I do not see you getting out of.

Re: Can someone do this???

Creditaddict — Fri, 11 Mar 2011 23:47:55 GMT

I think if you have great relationship with Nissan already... your best bet is to buy 2 new Nissans, especially if you can get the promo financing on both cars... I would plan on bringing at least 5k to the table if not the full 10 your upside down but in my experience Nissan is not afraid to tack on quite a bit of negative equity... doesn't mean it's a good idea to do that but if you had to and it's at .9% financing not that big a deal but do not go more than 60 months on these new loans.