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Dealerships have 2 tactics they will use on you when you go to trade the car in. Either they will offer to buy your car for what you owe on it and then you end up paying more for your new vehicle OR they will pay you blue book value for your car (whatever it's worth at the time) and give you a fair deal on your new vehicle. Best bet: sell your car person to person, then use that money to pay off your loan and get the title to sign over to the new buyer. When that deal is done, shop around for new vehicles. Trade-ins are almost never worth it. You are always going to be upside down when you come away.
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∙ 18y ago
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Can you trade-in your car for a used car?
yes, even if you still owe money on your current car
Can you trade in a deceased persons car if they still owe money on it?
If they have the letter of authority, yes.
How do you get rid of a car on which you still owe money?
Sell it privately for what you owe on it.
Can your car get repossessed after bankruptcy?
not if you still owe money on it
Can you trade in a car you still owe on for a new car?
Yes you can, but it depends on the dealership you trade it to...some of them will be willing to pay it off when they receive it as a trade.
Can you trade in your car if you still owe on the auto loan?
yes you can trade it in. But if you owe more than what the dealer is going to give you for the car the remaining balance will be added to your new loan
If you still owe on a car would you be able to trade it in for another vehicle and what would happen to the remaining balance?
Yes, you can trade a car when you still owe money on it. The key is what is the difference between what you owe and what the car is worth. Dealers refer to this is being "upside down" in your trade. If the amount isn't too much, you should be able to roll it into your next loan. If it's a lot, you may have to come up with some cash. Find out what car dealers don't want you to know at www.dealertricks.com
I want to trade my car but i still owe 12474.00 can i just buy a new car?
Yes you can trade your car in, but they are only going to give you what the blue book value is. Then the remainder of what you still owe, they will put it towards the new vehicle you get. I know this because I done it.
How do you trade in your car when you are still paying the loan for the car?
The balance you owe on the car that is getting traded in will be added to your new car loan. Example You owe 10,000 for the car you want to trade in They give you 6,000 for trade in your new car costs 20,000 you will either have to pay that 4,000 or they will add it onto your new car loan from your car you traded in.
Can you still owe money after your car is repossessed and you are bankrupt?
You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.
Can you trade in a '03 motorcycle that you still owe money on?
Yes, the amount of money that you owe on the motorcycle will be added on to the amount you are borrowing on whatever vehicle you are buying. They will then pay off the title since you owe that money anyhow for the new vehicle.
What are the laws regarding car insurance on this matter - if you are sick and cannot drive can a friend drive your car?
yes your friend may drive your car, but the money you owe the car insurance people, you will still pay them the money you owe them. that's the answer....................
