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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.

If you own your car can you work out a trade with the dealer and have no payment?

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.

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 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 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

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.

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.

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 happens if you owe less than the car is worth?

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

What is an upside - down valve?

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

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.

Is it worth changing the head gasket on a 2000?

If the job costs more than the car is worth, probably not. Get an opinion from more than one mechanic then decide.

Where can you trade in your new car for a used car?

Sure, but you will not get near what the new car is worth.

When is it time to stop repairing an old car?

When the price for repairs cost more than the car is worth.

When does insurance company consider a car not fixable?

When it'd cost more to repair it than the car is worth.

Can you declare bankruptcy and get out of a car you owe way more than its worth?

for sure

Can you trade a motorhome for a new car?

Sure you can. You are probably not going to get near what it is worth but almost any car dealer will trade.

What if you buy a car worth less than your trade in?

You'll get back the rest as money to use in your career ;) enjoy game

Is it possible to trade a car in but not buy one?

If you do not buy another car that is not trading one in, that is just selling your car to a dealer. You can always do that if you are desperate. You will get no where near what the car is worth. Normally less than wholesale is what you will get.

Can you trade in your car if you still owe on the auto loan?

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

Can you get ripped off when you 'trade down' and the vehicle you are trading off is worth more than the one you are getting?

You can always get ripped off anytime you trade. Also you will not receive nearly as much as the car is worth and will pay more in the long run. Sell your car to a private party at somewhere between wholesale and retail. Find the value at By eliminating the trade you are in a much better position to purchase a vehicle at the lowest price possible. Dealers will not give you near what the car is worth. Usually less than wholesale. If at this time you are upside down on the loan, I would suggest you keep what you have or find someone to take over the payments.

When is your car totaled?

Your car is considered totaled when it would cost more to fix it than it is worth. when your insurance company says it is or it cost more to fix than it's worth == When the repair costs exceed 50-75% (depending on what state youre in) of the actual cash value of the car.

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.