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
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 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.
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.
yes, even if you still owe money on your current car
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.
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.
The balance will be added to the price of the new car
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.
Yes you can, but you have to owe less on the car than the trade in given. In other words if you owe 2,000 on the car and they give you three that means the loan on car 1 gets paid off and you have a 1,000 towards the price of car 2. But if you owed 5,000 on car 1 and they gave you 3,000 you would still have a balance due on car loan 1.
Lets say your financing a brand new car. You owe $25,000 on it and when it gets reposessed you still owe $18,000. The reposession company will sell the car and that gets subtracted from what you owe. Lets say they sell it for $7,500. So they would subtract $7,500 from $18,000 which means when all is said and done, you still owe $11,500 on the car.
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
Yes you can. However how much you owe and what your current car is worth comes into play. IE if you owe 12000 but the car is only worth 10,000 you will need to finance this extra amount on your new car. Some finance companies will not allow this, so you may need to pay the difference if there is one.
Yes. It is referred to as "upside down" financing.
Sell it privately for what you owe on it.
The amount you owe on your old car is added to the loan on the new car,and that finance company is suppose to pay off your old loan.
how do you find out if the owner still owe a finance company on the car you are buying?
file bankruptcy. you owe the bank money. how does buying a new car change that?
No, the new car dealer pays off your current car and adds any money you still owe on your current car to the cost of the new car.
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.
Yes - you still owe for the dent.