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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.
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Can you trade in your new car that you still owe on but have a lot of equity for a significantly cheaper 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.
Can you trade in your expensive car which you own outright for a cheaper car and get money back?
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.
What to do if you can't pay your car payment?
sell it or trade it in on something cheaper
Is the LS the cheaper vesion of the Lexus?
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.
What is the used car sales tax in Nashville Tennessee?
Zero, if you trade a more expensive car in and get a cheaper one
Can I trade in my car when there is a loan balance?
You can trade your car in, however the loan balance must still be satisfied.
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 a used car for a cheaper vehicle in order to lower your monthly payments?
yes you can. yes you can. yes you can.
I trade my car for another one but im not happy i still have the other car log book can i still have it back?
No.
Is a used Mazda Miata better than a cheaper new car?
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.
If my car has been repossessed can I still trade it in for a different vehicle?
No, you no longer have anything to trade (the car is now the property of the repo company not you).
Do you get cheaper car insurance if you are in the armed forces?
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.
