I agree with Phil. Further to his comments.... - Saab General Bulletin Board - Saabnet.com
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I agree with Phil. Further to his comments....
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Posted by Dave in Houston [Email] (more from Dave in Houston) on Wed, 21 Apr 2004 05:30:40 Share Post by Email
In Reply to: Re: Buying a car that is being financed...., Phil, Tue, 20 Apr 2004 16:52:15
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I agree with Phil that the keys to the deal are what is owed and what the car is worth.

Further to Phil's comments: If the car is being financed over 5 years, it's very likely that the owner is upside-down, that is, owes more than the car is worth. Factors having an effect here include the amount of the down payment, how well the owner negotiated at purchase time, and the interest rate.

Even where he financed could have an effect. Credit unions generally use "simple interest" calculations, while banks and others use a more complicated formula wherein the buyer pays a greater share of the interest early in the term of the loan. (Remember that in either case, more interest is paid at first, since the amount owed is greater.)

As far as the value of the car, if you know it's been meticulously maintained, you can afford to pay a bit more. This is probably the only difference between a transaction with someone you know and a transaction with a stranger.

Good luck!

Dave

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