two cars for trade in???

Question

is it possible to trade in two cars for a new one?
one car is still new and i owe $19k on it,it's worth a trade in for $15,500 and another car thats paid off with a trade in for $6K- is it possible to trade both in for a new one? and do i still have to put money down???
thanks
(:

so will i be doubling the ammount of the down payment with the two cars? adding the left over from the one i still owe on of course,and the one thats already paid off...

Answer 1

It's completely possible, and something done every day.

Where did you get those figures? From the dealers or the internet? The internet is a great guide, but in practical terms, kbb doesn't buy cars, dealers do, and something is only worth what someone is willing to shell out for it. But, it's a great way to guard yourself from the dealer. Just don't be shocked if the dealer doesn't want to pay those figures.

Cars are like cash...especially if the car is paid for. When you owe more than it is worth (like most folks), the only way to have money down is to write out a check, or as in your case, trade in something with positive equity. This prevents that neg-eq from being rolled into your new loan, and gets you started on the right track.

For Example: Let's use your figures for argument's sake. If you didn't have the second trade, you'd be negative 3500. Now, assuming that you didn't have the trade, and no cash, that 3500 would then be rolled into the new loan.....it NEVER magically goes away......and your payments would be adjusted for it. In this case, about $90/month of your new car's payment would be paying for the old car's neg-eq.

However, you have a marvelous solution. Trade in something that has no debt. The only question that remains is, how much money, real money.....not rebate money, not gross profit money, not addendum money.....is the dealer going to give you for that car?

BTW, you aren't "doubling the down payment" by trading in the debt free car, you are only using it pay for the car you owe money, and any left over would then be put towards the new car as a down payment, or if you prefer, you could have the dealer cut a check for that amount.

Answer 2

Sure! Dealers are in it for the money and will accept almost anytihing in trade.

I traded two cars in a number of years ago. The dealer didn't even bat an eye at the request.

Whether or not you will need to put money down will depend more upon your credit than anything else. The two vehicles combined have a value of $21.5k. With the payoff of $19k, you're right side up by $2.5k. If your credit is decent that should cover any down payment requirement and then some.

Answer 3

You have equity in your trades. 19k-15.5k is 3.5k negative equity, then you throw in your second trade for 6 that means you have 2.5; in equity. Did the dealer tell you your vehicles were worth this though? I am guessing not becuase they would have told you if you still needed more money down. The only way to know if you need more money down is to talk with the dealer and see what they can get you approved for. It is of course possible to trade these in and any negative equity will be added to your loan. Negative equity is what you have when you owe more than your car is worth. Then they try and find a bank that will finance that much for the car you are interested in. Good Luck!

Answer 4

You can trade in as many cars as you want. Just remember that you might not always get what you think the cars are worth. You shouldn't have to put any money down. But it always in your best interest to put as much money down as you can.

Answer 5

yes
and no
the trade in is the down payment
the amt owed will be tacked on to the new cars bill though