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Can you trade in your old car on which you owe 9000 for a cheaper car and payment?


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2005-11-27 16:18:23
2005-11-27 16:18:23

First of all stop trading. You can almost always sell your car for more than you will receive on a trade. Unless you are upside-down on the car you own, you can just sell it and pay off the loan and then buy a cheaper car. If you do owe more than it is worth, then see if the lender will allow you to sell the car and then borrow enough to pay off the balance of the loan with enough left over to buy a beater car that will get you from point A to point B. Without a trade-in you can bargain better and purchase a better car for less money. Drive that beater until you pay it off and save enough to buy a better car. You probably won't take this advice but I will give it anyway. Never ever borrow money to purchase a car, and never buy a new car. Save your money and pay cash for a 2-3 year old car that has depreciated considerably. Let someone else take a beating those first couple of years. Just think of all the money you save by not paying interest on a car loan.


Related Questions

sell it or trade it in on something cheaper

i cannot afford my truck payment can i sell it 2 dealer and get cheaper car

If you will trade an expensive car for a cheaper one, make sure that the cheaper car is in good condition and the trader of the expensive car should pay exact amount of money for the expensive car.

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.

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 defaulted, a contract is a contract and you have lost your trade in

Depends on which Chevy you buy, what your pay for it, down payment or trade in, and how long you finance it for.

Yes, of course. But the dealer will only do a trade this way if your car is worth much more than the car he is selling to you.

Zero, if you trade a more expensive car in and get a cheaper one


A car down payment is the amount of money or the trade-in value of your current car required by your lender before a loan is issued. For example, if your new car costs $20,000 and your lender requires 10 percent down, you need to come up with at least $2,000 in cash or trade-in value before the loan can be initiated.

They'll either keep it, pass it on to someone else, sell it themselves, or trade it in towards their new car.

what can you do when you cant make a car payment what can you do when you cant make a car payment

That would depend on how much you owe on this car. You need to contact the lender and see what can be worked out. Do not allow this car to be repossed. That would compound and already bad situation.

You can visit for your help on calculate a car payment. I hope this helps you find the right car and the right car payment for you. They have the tools to help you.

Sure. It will lower the pay-off the dealer ia going to charge you when you buy the next car.

the average car payment is about 200$ which this stayment is not made based on the car types.

That is up to the lawyers, and the judge. One could get the car, and the other get the payment.....

it would be cheaper to bye a car in FL.

In Chicago, IL if your car is repossed by the dealer do you still have to pay back the money for the car?

If you are late on your loan payment and are a cosigner on your daughters car can they repposses the car?

"Trade in" is the term for using the equity in your current car for partial purchase (or down payment) of a different car. I think you mean a return of car. Some states have a cooling off period where a used car buyer may return a car and only pay for usage and fees. Where I am if you sign the paperwork you own it. The car can not be returned.

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