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What can be done if a dealership went bankrupt several months after purchasing two vehicles now they are upside down and no one will take the cars for trade in?


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Wiki User
2014-02-10 16:53:55
2014-02-10 16:53:55

Sorry but the loans were upside down the minute you signed the loan papers. Pay off the loans.

Answer

The dealership should have nothing to do with the trade-in value of the car.

The trade-in value is determined by market prices--not what you paid or what dealership.

Others will take the car as a trade-in for what it is worth, but you will still owe more which you can tack onto a new vehicle sometimes (but not smart) or have to pay off the loan.

Selling it to a private party would be your best solution but it is time-consuming.

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