need advice; ripoff?

[napsterxd]

So here we are buying a
Used volkswagon and when it comes to the final paperwork we see the numbers are way off. Let me explain first: we have a truck we r trading in that we owe 23k on, dealership offered us 18k for it so we are negative 5k, we have 12k to put down on a vehicle. The volkswagon is 17,9k now when we got to final numbers it came out us owing 18k on that vehicle with 12k as a down payment . is this wrong or what? The finance guy kept saying its interest added on total. I'm not good at all this but when the vehicle cost 17,9k and we only negative 5k on trade in and pay 12k down we shouldn't owe 18k still???!! Please anyone help.. They kept saying it's interest and sales tax etc..

[bjl584]

why are you selling the truck?

You have the cash. Why not pay the loan down enough to at least be above water on it?

Unfortunately, if you are upside down on a loan, the numbers are never going to work out in your favor.

Make sure to never end up upside down on a loan again.

[Bob B.]

So here we are buying a
Used volkswagon and when it comes to the final paperwork we see the numbers are way off. Let me explain first: we have a truck we r trading in that we owe 23k on, dealership offered us 18k for it so we are negative 5k, we have 12k to put down on a vehicle. The volkswagon is 17,9k now when we got to final numbers it came out us owing 18k on that vehicle with 12k as a down payment . is this wrong or what? The finance guy kept saying its interest added on total. I'm not good at all this but when the vehicle cost 17,9k and we only negative 5k on trade in and pay 12k down we shouldn't owe 18k still???!! Please anyone help.. They kept saying it's interest and sales tax etc..

Agreed. Use part the 12K to at least get above water on the truck. Then start negotiations on a different vehicle at a different dealership.

I'll also ask why you want to get rid of the truck? It's worth at least 18K. That's a lot of value to want to be rid of it.

[disneysteve]

I'll also ask why you want to get rid of the truck? It's worth at least 18K.

It's worth a lot more than 18K. That's why the dealer is willing to give you 18K for it. If you absolutely must get rid of the truck, sell it, don't trade it in. You can probably break even or close to it.

[ua_guy]

So here we are buying a
Used volkswagon and when it comes to the final paperwork we see the numbers are way off. Let me explain first: we have a truck we r trading in that we owe 23k on, dealership offered us 18k for it so we are negative 5k, we have 12k to put down on a vehicle. The volkswagon is 17,9k now when we got to final numbers it came out us owing 18k on that vehicle with 12k as a down payment . is this wrong or what? The finance guy kept saying its interest added on total. I'm not good at all this but when the vehicle cost 17,9k and we only negative 5k on trade in and pay 12k down we shouldn't owe 18k still???!! Please anyone help.. They kept saying it's interest and sales tax etc..

If you don't understand financing, it's something you need to learn before buying a vehicle; or take someone with you who does.

If you want us to help you figure it out, we need you to show us how the transaction was calculated. It doesn't sound right based on some simple calculations.

[greenskeeper]

The numbers don't add up but you might be looking at the "total finance charge" or something like that which lists the total cost once all the payments+interest over the life of the loan are added up.

[Green43]

The agreed price at a dealership never includes tax (big one), license, doc fees, warranty (another big one), paint protection, or service agreements. These can add up to thousands (and are pushed HARD by the sales staff sometimes even added and not disclosed). Look at your contract that you would have had to sign if you went through with it, it will be in there somewhere.