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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.

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โˆ™ 2008-04-11 13:12:17
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Q: How can you trade a car when you owe more than it is worth?
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Related questions

If your car is worth more than the trade in value what happens if you trade in?

You will get what they offer. You are always better off to sell your car at below retail and buy a car without a trade. The dealer will rarely give you more than wholesale for your trade in. Sell your car, and then go buy yourself a car. You have much more leverage when buying without a trade.

Can you trade your car in if you've only had it for a year?

Sure you can, but you will likely find you owe more than it's worth as a trade in.

Is it smart to trade a car in a car when you owe more then it is worth?


Can you trade in a car is worth more then the car that for sale?

i THINK so if the other trader realy wants the other car in trade

Can you trade in a car worth more than the one you are buying?

absolutely, if the dealer is willing to do it. It is two separate transactions, you selling the dealer your car and you buying the dealers car. Whether your tade is worth more or less the the purchased car means nothing to the dealer. they are making a sale and intend to do it again with your trade, just for more money.

Can you trade a new car for another new car?

you can but its not always wise because you could end up buying the new car for more than what it is actually worth.

If you buy a used car and then find out that it is financed for 2 times the value can you give it back?

No. Beware not to borrow more than the trade in value of the car you want to buy, and take no longer than 3 years to pay it off, or you will owe more than the car is worth. If the selling price is more than the trade-in value, Make that your down payment.

What if your car is worth less than the damage?

That is the true definition of totaled ...when the repair cost is more than the car is worth

What is an upside - down valve?

You owe more on the car than the car is worth.

What happens if you owe less than the car is worth?

Keep paying or trade and finance that amount onto your next car

If you owe 2500 more than your car is worth and you trade it in for a car that is worth 2500 less than the new car what would you owe?

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.

What would persuade you to buy a car?

When my present car will cost more to repair than it is worth.

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