Santander consumer usa- car trade in? - Mustang Evolution

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Old 12-11-2011, 12:00 AM   #1
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Santander consumer usa- car trade in?

just financed a car through Santander Consumer USA- a 2005 mustang convertible. They said that aftter 6 months, I could refinance and get a new one.
Are they known to give deals--- lets say, they place the money that I have paid towards the 2005, and switch it to a new one... Instead of starting all over, and putting down another down payment.

What are your experiences with this-- whether it be this company, or another?

Also, what if I would like to trade out my $16,000 car for one of the same value, or less? (Want a tiny convertible.... like a miata.)
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Old 12-11-2011, 12:46 AM   #2
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Santander consumer usa- car trade in?

The thing is this, in the first six months of a loan not much goes against the principle. For the most part is is all interest, so by taking the bait on this you are just going to be making payments with out paying off the loan. This is not good in the long run.
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