I'm just curious if banks/loan agencies will do something like this? This is a hypothetical question basically. Say you want to buy a car for $15,000 and have a $2,000 down payment. You also will be having $5000 from selling your current car, but you can't sell your currect car out-right until after you buy your new one. So you buy this 15k car and put down your 2,000 down payment so you now owe 13k. My question, is after you sell your current car for 5k instead of just paying that ammount to the loan, can the loan be adjusted for a lower monthly payment instead? So basically the loan would now be an 8k loan. the difference in monthly payments would be far apart from an $8,000 loan and a $13,000 loan..
Montly payment for a 13K loan (60 months)=approx 216/month
Monthly Payment for an 8K loan (60 months)=approx 133/month
I know this is not including interest or anything. I expect that would raise the monthly payments about 10/month or so.