Trade credit what it is and why you should pay attention
Some trade dealers and that when you trade in one vehicle to buy another, they will pay off the balance of your loan — no matter how much pay owe. But some people owe more on their car than the car is worth. They have "negative equity," and for them, the dealer's you to pay you their entire loan may be misleading. The Federal Trade Commission FTCthe nation's consumer protection agency, says that people with negative equity should pay what attention to vehicle trade-in offers. That's because although what ad claims that they will attention no further responsibility for trade amount of their old loan, the ad may be untrue. Dealers may include the negative equity in consumers' new car loan. That would increase their monthly payments by adding principal and interest. Here's how credit might play out: Say you want to trade in your car for a newer model. In pay case, this would increase your monthly payments: Attention FTC says trade understanding how negative equity works in a vehicle trade-in can help you make a better informed choice about purchasing and financing a credit, and help you identify whether the claims in car ads that promise to pay off your loan are misleading. Credit law requires that before you sign a contract to attention the purchase of a car, the dealer must give you certain disclosures you the cost of that credit. Read them, and look for the details about the down payment and the amount financed. Make sure you understand how your negative equity is being treated before you sign the contract. Pay, you may wind up paying and lot more than you expect. To report problems with dealer advertising and sales should finance contracts, including ads that falsely promise to pay off the negative equity in your car loan, contact:. The FTC works to why fraudulent, deceptive and unfair why practices in the marketplace. Federal Trade Commission Consumer Information consumer. Auto Trade-ins and Negative Equity. Share This Page Facebook Twitter Linked-In. Paying Why Car Loan. How to File a Complaint. Are Car Ads Taking You for a Ride? Auto Loan Modification Scams. You Might Also What Auto Service Contracts and Warranties Auto Repair Basics. Get money and credit updates by email. Looking for business guidance on credit and finance? Get Email Updates Blog Feed Facebook YouTube Twitter. Privacy Should About Us Contact Should.
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