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
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.
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.
yes, even if you still owe money on your current car
Yes, but your trade in value may or may not cover for the cheaper car so whatever you owe on your current loan will be tacked onto your future loan for the cheaper car you are speaking about.
If they have the letter of authority, yes.
Don't do it. Buying a new car when you still owe on a current vehicle it very foolish. Pay the one you have off before even considering buying another car.
This is tricky. If you trade in your car and get what you owe on it, it is likely you are paying more for your new vehicle (they always mark up the price to equal everything out). If they only give you what the vehicle is worth by blue book value, then they will give you a better deal on the new vehicle. If you want the best deal, then sell the car person-to-person and then buy yourself a new vehicle.
The balance will be added to the price of the new car
If you are trading in a vehicle in which money is still owed, the amount of money outstanding will be rolled over onto the new loan for the new car you are buying. If you owe $2500 on your current car, and are buying a car for $10,000, regardless if it is worth less than your current car, the $2500 note will be added onto the new loan unless you can pay it off beforehand.
You can't really trade it without staying in the hole. You can go to a car lot with about 8000.00 dollars and trade it but if your buying a new car that's 12995.00 and you trade a car you owe 9995.00 on they will just add the amount you owe minus what they give you for the car, which is usually nothing and the rest will be put on your new loan. You will owe 3 times as much as you did. The only way to not have the car is to let it go back, but agin that's a repo... I recently had to do that and just bought a car for cash. No car note..that's the best thing. The repo will hurt your credit, but as far as getting another car, you can after about a year and a half.