I bought a car in august 2006 with no money down. I would like to trade in this car for a cheaper car and lower payments. How do I go about doing that? I still owe on my car.
2006-07-23 06:15:22 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
oops..I meant 2005
2006-07-23 06:28:29 · update #1
How did you buy a car in August of 2006? It's still July 2006. You probably meant 2005? If that's the case, you probably need to pay down the loan some more so you are not "upside down" in the car (owe more than it's worth). If your credit is good, most car dealers will add the remaining balance, after trade-in value of your old car, to your new loan.
2006-07-23 06:22:26 · answer #1 · answered by Mike H 2 · 0⤊ 0⤋
See if the dealer will take it back and call the deal square. Then you can get a lower priced car. If you owe more than it's current trade in value, you're not going to get much help, but that's your best bet. The dealer will know what the market is for the car, and you may be able to get away free and clear. If not, sell it on the open market in order to pay off the original loan.
2006-07-23 16:48:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
2006? Must be in a time warp. Most dealers will pay off your existing loan but in this case you will still have payments left. They won't give you enough to pay off.
2006-07-23 13:20:35 · answer #3 · answered by scrambledmolecues 3 · 0⤊ 0⤋
And you'll still owe. You're upside down on your payments (you owe more than it's worth) and you'll have to pay that difference.
2006-07-23 13:19:48 · answer #4 · answered by oldmoose2 4 · 0⤊ 0⤋