Clarice Kim
New member
So I told my bank I'm thinking about trading in my current vehicle for another car from the dealership. I owe 17,300 on it. I told the representative that hypothetically, the maximum I'm willing to pay for another car with taxes included, is 25,000. I also told said hypothetically, the dealership offers to only pay 14,000 for the vehicle I'm going to be turning in. The representative then says okay, so let's see if you get approved for 11,000 and I end up getting approved for 14,300. He says if I use all 14,000, I will get stuck with monthly payments of 626. If not, monthly payments decrease. He also told me not to show the dealership the check for 14,300 until a deal has been made. I'm completely lost in the sauce in the purpose of this check? Can anyone please explain to me why the rep tried to approve me for 11,000 and why I got approved for 3,000 more (14,000)? What is the purpose of this check???
Also, isn't 14,000 not enough for a 25,000 car?
Also, isn't 14,000 not enough for a 25,000 car?