This isn't for me but I'm checking for someone else. My credits not good enough to purchase a tricycle.

Anyway question is after trade in ,amount owed will be 7000.00 will Honda roll this into a 60 month loan without a down payment on a 22,000 08 Honda Accord?

4 car loans on his report 2 paid in full no lates, and 1 07 F150 half paid off, and then the one I'm talking about for the trade. No lates or anything bad on his credit report. 4 credit cards about 50% util. on them.

Thanks for any help. I don't wont him to waste any time if this can't happen. I checked the payment calculator and the payment would be 568. for 60 months. The payment now is 505.00 for 30 more months. He makes about 85,000 a year.

On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum.

We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.

In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.

In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.

You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.

Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.

We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.

Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.


Come get your new keys!

HAPPY MOTORING

CB Admin: LKH, Pam, radi8, breeze
CB Mods: CargoJon, Chris in CA, cotterpin, CramItCCCAs, Cristy, fla-tan, hardpull, MarvBear, pryan67, psp, stealthmidget, Stryker, yourguide, ZeRo_C0oL
Forum Leads: Brian B The Loan Professor, cedski, DallasLoanGuy, four20nik, hoapres, hurricanesfans27, Lighthouse84, Linx04, Neen, orangecrush, Peekaboo, TeeSharice

With an $85k income he probably could pay the $7K negative equity down within a few months if he really wanted to. With no negative equity to roll in he would be in a much better position to get a great deal on the Honda

If the credit is sufficiently strong, there are lenders who will carry the overadvance.

Thanks for the reply.

Yeah if Honda won't do it, someone will. But he should get a much better deal in terms of APR by paying down the negative first, ideally to where it will trade even.

Yes, that would be great but the only thing is, this SUV has lost 5000. in the last 8 months. Its sinking faster than a rock in water. I'd rather pay 75 a month more for a Honda and in 5 years it still be worth at least 5,000.00. That seems like not such a bad deal. Thats why he's looking at something that retains its value pretty good. We put the figures in at Honda's web-site and it came up with 3.9 financing even when the negative was added in. Don't know how relible that figure is though. Maybe someone can chime in.

thanks