To all Car Dealers and Salesman, should I buy this car?? HELP?

I have a strange situation. I a trying to buy a new car but I am in debt of 7,000 on my current one as well as having no down payment. I have a bad transmission in a car that is 8 years old with 72,000 miles on it. I have been to a dealership that has worked out the trade in at 2,500 leaving me $5,000 flipped in negative equity. I have worked it out with the finance director that on a 72 Month Loan I would be paying 510.00 per month. I am unsure if this is a good deal for a Kia Sorento with a few options.

I want a new vehicle but the one I have with the Bad Transmission is only 250.00 a month, so it is a large burden to take on. Does anyone have an opinion on whether this deal is actually something that might screw me in the long run. I would appreciate any input on this as I have to make a decsion soon and am at a loss as I really need a new vehicle but do not want to get screwed in the process. Thanks in advance for any advice you might have to offer on this.

To all Car Dealers and Salesman, should I buy this car?? HELP?

I was in this situation and actually caved in to dealer pressure. We were suckers and paid for it. To make a long story short we traded in two fairly new cars (one with negative equity and the other with positive equity) for a Toyota Sienna. We left the dealership paying over $600/month!

We%26#039;ve learned our lesson and will never do that again. Keep your car and find a way to borrow the money to fix it. Do not trust finance managers or the general manager at all, I worked in a dealership and they work together with the finance company to get a certain interest rate from you. You may qualify for 5%, but they throw 8% at you and say that%26#039;s the best they can do. They get credit from the bank and it%26#039;s sickening the industry does it to any unsuspecting hard-working American! Never go into a dealership with negative equity. Always try to have some money down. If you get stonewalled into a high rate, walk out the door. Don%26#039;t cave into their pressure tactics. Dealers train their salesmen to get every name, address, and phone number of everyone walking up to the dealership, at a minimum- if you give it to them, make sure you get what you want. Salesmen are trained to control the customer. If you leave it looks bad for the salesman and the manager!

Be strong! Remember that the only other profession that rates worse than car salesmen, when it comes to being trustworthy, are lawyers!

To all Car Dealers and Salesman, should I buy this car?? HELP?

$500 a month for a KIA? You%26#039;re getting a bad deal. I%26#039;d fix the transmission on your current car - probably cost less than 2k, and drive it until it doesn%26#039;t have any negative equity.

If you have no down payment, that means you%26#039;re not making enough money to save any. If you%26#039;re not making enough money, how do you think you can afford to double your car payment?

To all Car Dealers and Salesman, should I buy this car?? HELP?

The first answer is the best advice!

Find a good used transmission for a few hundred dollars.

To all Car Dealers and Salesman, should I buy this car?? HELP?

there is no way i would pay 500 for a KIA, there is no resale value and the finance director is making way to much on interest and I%26#039;m sure other items, which i would recommend , because of the negative equity your going to put yourself in. but it seems he is way over what he need to be charging you. the rule of thumb to follow is this

1. for every 1000.00 you borrow it should be about 20.00 a month, so to add 5000.00 to any vehicle , expect 100.00 more a month in payment.no more

2. if your car only has a bad trani get it fixed, it will save you tons in the long run.

3. do the math 510.00 times 72 is 36720. 00(your not financing a Lexus for god sakes)

4. see about going to a more reputable dealer, one that can give you rebates and low financing rate to offset most of the negative equity(this dealer sounds like scum)

5. look into a balloon loan or a lease (lower monthly payments and short term ( you will be done in 3 - 4 years and be able to start over)

that should give you some idea .

hope that helped

good luck

To all Car Dealers and Salesman, should I buy this car?? HELP?

Usually I would recommend to never spend good money on a bad situation, but you are way to upside down. Buy the tranny, pay 500 month for current car and get it paid off and buy something else. NO KIA

To all Car Dealers and Salesman, should I buy this car?? HELP?

DEAL or NO DEAL? No deal Howie! Fix the transmission and run fast from the %26#039;deal%26#039;.