Trading in a car you still owe money on?

[M617]

Ok I have a car i still owe around 8k on and pay around $300 a month. I got the car in a pinch and now realize i need a truck for work.

I dont wanna get into another car payment so is it possible that i can trade the car in for a truck worth the same or LESS even though i owe money. KBB.com says i can get around 11.5k for it trading it in right now.

do dealerships work with you in these situations?

 

[Dr Dre's ProductionSkills]

yes they will...

cause if you get a truck from them most likely you will be paying about 1500 to 3000 more than they paid for it..

so they get that truck off the lot

and now they get your car... and if your car is kbb 11.5 k and you owe 8 k they might throw at you 9 k for your car and turn aroudn and sell the car for 11k(500 under kbb what a steal!..lol)

 

[Mr210]

I thought they add what ever amount you still owe to the amount you will pay for the new car

 

[Two Stacks]

Ok I have a car i still owe around 8k on and pay around $300 a month. I got the car in a pinch and now realize i need a truck for work.

I dont wanna get into another car payment so is it possible that i can trade the car in for a truck worth the same or LESS even though i owe money. KBB.com says i can get around 11.5k for it trading it in right now.

do dealerships work with you in these situations?

no matter what anyone tells you, whatever money is left over that you owe after trade in will get rolled into whatever you finance. if i traded my car in for the exact same car just the new model year (2013) my car note would easily be $500. PLEASE DON'T DO IT.

 

[ajkamkel]

I thought they add what ever amount you still owe to the amount you will pay for the new car

this is EXACTLY what happens, I did this a couple times when I was young and dumb

 

[904]

I used to sell cars so ill help u out best I can breh.. What year is it? How many miles on it? Make and model? Any obvious damage?

 

[Numpsay]

I thought they add what ever amount you still owe to the amount you will pay for the new car

Not always true. They buy your car from you, so if you owe less than the amount your car is worth then you have a + balance that could be applied to the car you are purchasing from them.

That is really the best instance to do it in. If you are going to be under(you owe more than the car is worth) best to just ride it out.

 

[tofuspeedstar]

I thought they add what ever amount you still owe to the amount you will pay for the new car

If you're upside down on the car you're trading in (You owe more than what you're getting for trade-in) they add the value to the car you're buying.

If they give you more than you owe, that difference becomes cash in your pocket.

 

[904]

Its very rare that somebody actually owes less than it its worth though unless they are near the end of payments.. Most people don't put enough money down to not be upside down on their cars.. And when it does happen they will just low ball the shyt out of u..