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Dealerships have 2 tactics they will use on you when you go to trade the car in. Either they will offer to buy your car for what you owe on it and then you end up paying more for your new vehicle OR they will pay you blue book value for your car (whatever it's worth at the time) and give you a fair deal on your new vehicle. Best bet: sell your car person to person, then use that money to pay off your loan and get the title to sign over to the new buyer. When that deal is done, shop around for new vehicles. Trade-ins are almost never worth it. You are always going to be upside down when you come away.

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โˆ™ 2006-04-12 15:03:34
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Q: How do you trade in a car you still owe money on?
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Related questions

Can you trade-in your car for a used car?

yes, even if you still owe money on your current car


Can you trade in a deceased persons car if they still owe money on it?

If they have the letter of authority, yes.


How do you get rid of a car on which you still owe money?

Sell it privately for what you owe on it.


Can your car get repossessed after bankruptcy?

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Can police seize a car that you still owe money on?

Yes, the police can seize a car that you still owe money on. Though, they have to have a valid reason for doing so or if they have a court order.


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 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


If you LEASE a car and have it voluntarily repossessed will you still owe money on it?

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If you still owe on a car would you be able to trade it in for another vehicle and what would happen to the remaining balance?

Yes, you can trade a car when you still owe money on it. The key is what is the difference between what you owe and what the car is worth. Dealers refer to this is being "upside down" in your trade. If the amount isn't too much, you should be able to roll it into your next loan. If it's a lot, you may have to come up with some cash. Find out what car dealers don't want you to know at www.dealertricks.com


I want to trade my car but i still owe 12474.00 can i just buy a new car?

Yes you can trade your car in, but they are only going to give you what the blue book value is. Then the remainder of what you still owe, they will put it towards the new vehicle you get. I know this because I done it.


How do you trade in your car when you are still paying the loan for the car?

The balance you owe on the car that is getting traded in will be added to your new car loan. Example You owe 10,000 for the car you want to trade in They give you 6,000 for trade in your new car costs 20,000 you will either have to pay that 4,000 or they will add it onto your new car loan from your car you traded in.


Can you still owe money after your car is repossessed and you are bankrupt?

You still owe the balance after the insurance money is paid, if there is a balance. You can only get rid of it, along with your other unsecured debts, by filing bankruptcy.


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.


You owe money on a repossessed car but the car was refinanced to someone else do you still owe?

I believe you would owe the difference. If you owed 10,000 on the vehicle and it was repossessed and someone else bought it for 8,000 you would owe 2,000.


How do you sell a upside down car?

If you mean you still owe money on the car you don't sell it unless you can take the money and pay off the loan. The bank really owns your car and the pink slip, so if you sell it without the loan getting paid you still owe the money to the bank.


What are the laws regarding car insurance on this matter - if you are sick and cannot drive can a friend drive your car?

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Can you get in trouble for selling a car to private party that you still owe money on?

I recently sold my dirt bike to someone and I still owe on the loan. Can I go to jail?


In Texas can a mechanic who claims you owe him money have a recovery agency repo your car without first filing a mechanics lien through the court?

"WHO CLAIMS YOU STILL OWE HIM MONEY"???IF you don't owe him money, CALL an ATTORNEY asap. That's simple. IF you DO owe him money, paying it is the cheapest way to get your car back. MERRY CHRISTMAS


Can you trade in a '03 motorcycle that you still owe money on?

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If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.


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you could steel a car. :)


If you trade in a car that you owe money on will you have to pay the previous car loan plus your new loan?

Yes. It is referred to as "upside down" financing.


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.


Do you still owe money on a car if you let it go back?

You have to honour the original sales contract.


Can your car be reposessed after six years?

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