How is a auto loan buyout determined?

35

Asked by Mar 26, 2014 at 05:22 AM about the 2010 Toyota Corolla LE

Question type: General

How is it determined? What is the math? I hear it's supposed to be less than the amount owed. Is it the amount you owe subtracted by the amount of interest payed in a year?

2 Answers

251,345

Are you selling the car privately or trading it in? Who is buying it? A buyout to me is total cost you agree on the vehicle when handing it over. Then apply that money to the loan, it could be more or less depending on the amount agreed upon.

22,945

the amount you owe is not the amount you will pay if you keep the car over time- if you pay off now, you do not have to pay the interest

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