Friday, February 24, 2006
New Car Buying Tip: Don't Trade In A Car You Owe Money On
Here is a new car buying tip that can save you a lot of anxiety and grief, if not money.
It is quite common for people buying a new car to trade in their old car, and this tip will help you avoid the pitfall of such an action. Many times the happy customer drives away into the sunset and forgets all about this tiny detail only to get a very rude awakening a few weeks later. They suddenly find out that their new car dealer did not pay off their car loan in a couple of days as promised.
Legally when the bank calls, the loan is still in your name and you are therefore still liable and responsible.
The new car buying tip here that you really need to remember and enforce at all times, no matter how much you trust the car dealer, is to make sure that the car dealer puts everything in writing. It is really that simple. They need to put their promised intentions in writing that they will pay off your car loan in 10 days as promised verbally.
If they can not put it in writing then you should not under any circumstances whatsoever make the deal.
This is one tip for new car buying that has absolutely no exceptions.
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Personal bankruptcy is generally considered the ultimate debt management option and although it will get you off the hook as far as many of your creditors are concerned, it is important to realize its’ long term effects and impact on your life. Although in certain situations it is the only option, it will stay on your credit report for 10 years and make life difficult for you in many ways. That is why many opt for debt consolidation instead. Debt consolidation involves taking out a low-interest loan that will pay off all your debts, leaving you with just the one loan to pay off.
It is quite common for people buying a new car to trade in their old car, and this tip will help you avoid the pitfall of such an action. Many times the happy customer drives away into the sunset and forgets all about this tiny detail only to get a very rude awakening a few weeks later. They suddenly find out that their new car dealer did not pay off their car loan in a couple of days as promised.
Legally when the bank calls, the loan is still in your name and you are therefore still liable and responsible.
The new car buying tip here that you really need to remember and enforce at all times, no matter how much you trust the car dealer, is to make sure that the car dealer puts everything in writing. It is really that simple. They need to put their promised intentions in writing that they will pay off your car loan in 10 days as promised verbally.
If they can not put it in writing then you should not under any circumstances whatsoever make the deal.
This is one tip for new car buying that has absolutely no exceptions.
==================
Personal bankruptcy is generally considered the ultimate debt management option and although it will get you off the hook as far as many of your creditors are concerned, it is important to realize its’ long term effects and impact on your life. Although in certain situations it is the only option, it will stay on your credit report for 10 years and make life difficult for you in many ways. That is why many opt for debt consolidation instead. Debt consolidation involves taking out a low-interest loan that will pay off all your debts, leaving you with just the one loan to pay off.
# posted by Chris @ 5:08 AM 
