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Old 06-19-2005, 05:58 PM   #1
madtomic
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Some Car Questions. Please read...

Hi,

I'm new to the forum. I'm here for some advices about trading in an used car for a new one. Any advices would be helpful for me.

I have a dodge neon 2002 with only 37000 miles. it's market value is about $5400. I still owe $8200 from finance. I bought it last May about a year ago.

Yesterday I got in a minor accidence. I rear into a hitch of a suv on highway. Probably would cost me $2000-3000 top to repair it. (new Hood, front bumper, front panel, etc.) no damage inside only outside is damage. no police was called because it was minor. no one was hurt. I have yet to call my insurance (geico) about claims.

What would be sound advice for me. I'm thinking of trading it in for a new car.

My questions are as following...

Should I repaired and keep it?
Should I repaired the damage first so I would get a fair market value when I go see a dealer for a new car?
I also have Gap Insurance cover. Would this cover the difference between market value and owe when I trade it in?
How much would the early termination pently be?
What is Amount Owing on Trade? Is this the amount I owe from my finance or the difference between the Trade-in Value and amount still owe?

I'll be checking back. Any advices would help. Thanks all...

Powen
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Old 06-19-2005, 06:35 PM   #2
99integra
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I would at least fix it before I would trade it in. Doesn't your insurance cover it or did I miss something?
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Old 06-19-2005, 06:46 PM   #3
madtomic
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My insurance covers it. What is Amount Owing on Trade?
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Old 06-19-2005, 06:48 PM   #4
99integra
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Quote:
Originally Posted by madtomic
My insurance covers it. What is Amount Owing on Trade?

The amount of money that you will have to pay the dealer to trade it in early
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Old 06-19-2005, 06:51 PM   #5
madtomic
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Quote:
Originally Posted by 99integra
The amount of money that you will have to pay the dealer to trade it in early

Market value is about $5400. I still owe $8200 from finance.

So, I would owe 2800 on trade? if i owe 8200 and trade for 5400?

8200-5400=2800?

Does Gap insurance covers the difference?
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Old 06-19-2005, 06:55 PM   #6
99integra
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Quote:
Originally Posted by madtomic
Market value is about $5400. I still owe $8200 from finance.

So, I would owe 2800 on trade? if i owe 8200 and trade for 5400?

8200-5400=2800?

Does Gap insurance covers the difference?

I can't tell you for sure but wait for some other opinions. I have never understood what their calculations are to figure out the amount of money you have to pay. My best advise would be to take it to the dealer and get a quote on it without the repairs on it and then see what they say
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Old 06-19-2005, 07:14 PM   #7
madtomic
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Quote:
Originally Posted by 99integra
I can't tell you for sure but wait for some other opinions. I have never understood what their calculations are to figure out the amount of money you have to pay. My best advise would be to take it to the dealer and get a quote on it without the repairs on it and then see what they say

I'll try this first. I hate paying 2-3g for repair when I can use that money toward my new car. sigh...
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