It is not a good idea to make such a trade.
The dealer will offer you significantly less then you owe, and move the difference unto your cheaper car. The bank may not even want to finance your cheaper car because the collateral would not cover the entire loan balance. You may be able to get approved if you purchase GAP insurance when making the trade; however, there is no guarantee.
Even if you can get approved, it would not be the best choice to do so. Imagine making a $500 payment on a car that over 5 years would have had a $300 payment. You could probably keep the more expensive car for the same $500 a month.
Weigh the options. It is usually more expensive to trade the more expensive car for a cheaper one.
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.
You never get what a car is worth on a trade in. Get the blue book value of your car. Then, sell it outright and take the money to get a cheaper car.
sell it or trade it in on something cheaper
Yes the LS is definitely the cheaper version of the lexus. It's more affordable than most lexus cars. It's still considered a luxury car despite being significantly cheaper than most lexus cars.
Zero, if you trade a more expensive car in and get a cheaper one
You can trade your car in, however the loan balance must still be satisfied.
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.
yes you can. yes you can. yes you can.
No.
A used Mazda Miata is a quality car. If the miles on the car are fairly decent then there is no reason why it would not be better then a new cheaper car as it still looks good.
No, you no longer have anything to trade (the car is now the property of the repo company not you).
Not that i have found. i don't tell them I'm in the forces but rather the job i do in the forces (mechanic) this tends to lower it a bit. You are eligible for USAA insurance and that is usually significantly lower but you still need to shop around.