Not a loss but you have to add the difference to the cost of the GMC.

You said you owe 22k and your equity is 15k=you will have to add that 7k to the cost of the new vehicle. Gmc is 40k + your 7k short on your truck = 47k for the GMC.

You'll never get close to the $500 a moth payment you want. It would take 94 months (7.83 years) @ $500 a month to pay off the 47k, and that's with no interest.

 

Mud, didn't you say you owe $22k and there only going to give you $15k trade value,,isn't that a $7k loss. Plus your gonna pay the new taxes/tages/title on the Yukon, which is another few more K's. Your looking at least being 9-10k in the hole from the start!

 

Just get a minivan. Seriously they're fun as hell to drive and tow like crazy.

 

I had a 2010 Yukon XL and it was OK, I'm 6'4 and I could never get comfortable driving it though. The pedal position was especially awkward and if I had one complaint that would be it, that was the main reason I got rid of it. If you are looking for room make sure and get the XL, the regular Yukon space behind the 2nd row is pretty small.

It was a 4x4 and had a 5.3, gas mileage wadnt that great but it towed a 4500 open car trailer just fine. It was a decent SUV I guess, liked it way more than the expedition at the time. but I went back to pickups. I like keeping the cargo separate from the inside, the cheap extang full tilt cover I have on this and my previous two Dodges never leaked.

 

I think you both are misunderstanding. I'm pretty sure he believes his truck is worth $37k. That after his $22k that he will be left with $15k. I highly doubt that, but I don't think he's upside down at all. If you could get a 2011 FX4 for $15k then I'd be all over that in a heart beat.

 

Here is the email I received from the dealer a couple of weeks ago when I was looking at a 2013 Explorer Sport;
"Sports retail for around $46000-47000 for a loaded one. Your truck is worth around 32000. You have a choice of 2000 or 0% for 60 months. $15000 difference plus $22000 leaves $37000 to finance. 485 x 60 would be less than $30000. To get to your payment you would need $8000 or $9000" so apparently everyone's math is off! Lol

I'm going to work on them coming down off the cost of the Yukon. If I can't make the deal work, we'll keep the truck.

 

Mud, how much do you owe on your truck? Is your truck paid off? That is the most important figure. If the dealer is willing to give you $32k in a trade for a 2011 truck?

 

I just checked on ford credits website. I owe;

$21,534.76Payoff Amount:
Payoff good through 06/30/2013

 

so if dealer gives you $32k for your truck your $10k in equity to use toward the purchase of another vehicle. That opens a lot of doors for getting a good larger SUV and keep your payment at $500. But to do that you got to keep your price on new vehicle below $40k OTD. with trade to even come close. Theres a lot of SUV's brand new you could make this happen with. Just have to decide how large of vehicle you need and how many bells/whistles have to be on it..Car shopping is half the fun,, just don't get a lemon. I'm not a used car guy. I don't want someone elses problems. I only by new.

 

Something to consider what is the interest rate on the ford loan?. I don't know what your credit score is but if your current loan is on a new truck and your next purchase is on a used truck I doubt you will get as good of a rate on the new loan. 2nd depending on what state your in you will have to pay sales tax on at least the cash difference and possibly the entire purchase price that could add another 8 to 10 % which you will also be financing. the only way to get the payment down to $500/mo. is to extend the loan pay off to a longer term which increases the cost and its likely the new truck will be worn out before its paid off after all it is a chevy