I bought a car a couple of months ago and the monthly payments are too expensive now. can I trade it in for something cheaper?
2006-11-03 02:12:38 · 9 answers · asked by gilly.marie 1 in Cars & Transportation ➔ Buying & Selling
yes but you will end up upside down--you will owe more than your car is worth--smaller payments--but more paid in the long run--try to sell the one you have first
2006-11-03 02:16:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Like the first person said you will be upside down. You will lose money on the deal. You will have to finance a cheaper car for a lot more that you are buying it for to pay off your old debt. I suggest you refinance your current loan for a longer period of time. I don’t know what you currently have but you can go all the way to 72 months with some companies. This will lower you payment.
2006-11-03 02:21:38 · answer #2 · answered by sooners83 4 · 0⤊ 0⤋
How long a loan did you take out? It is possible to refinance it for a longer tem?
If not I agree your best bet is to try to find someone who will take over the payments. You will lose any downpayment you made which is unfortunate.
If you bought a used car you may be able to return to the dealer and exchange for another model, since it is already depreciated.
2006-11-03 06:37:51 · answer #3 · answered by kramerdnewf 6 · 0⤊ 0⤋
Your best bet to get out of it is to find someone that is willing to takeover the payments and then sign it over to them and you can start fresh on a less expensive car. The difference of what you owe and what the car is purchased for will be added to your new car loan and will make your pay more for less.
2006-11-03 02:25:42 · answer #4 · answered by Pundit Bandit 5 · 0⤊ 0⤋
YOu can try to trade it in but the negative equity wil be added to the new loan causing your payments to go up not down. Try to sell the car yourself for more money or contact your lender and explain your situation. The may let you extend your term to help lower your payment. Unfortunatelly you are stuck. Good Luck
2006-11-03 04:17:22 · answer #5 · answered by typhon1991 3 · 0⤊ 0⤋
Sometimes it's best to see if you can sell your car first for an amount very close to what you owe on it and they pay off the loan. Usually car dealers won't give you enough for your trade in to pay off the loan making your payments more than your old car.
2006-11-03 02:21:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
lets say you owe $2,000 on your car...trade it in for a car that cost you $1,000...in the end, you will be buying your new car for $3,000 because the dealership will add on what you still owe
2006-11-03 02:21:50 · answer #7 · answered by Jessi 7 · 0⤊ 0⤋
yes, but more than likely you will end up loosing in the long run. I wish you luck, and I hope everything works out for you!
Hang in there!!
2006-11-03 05:36:06 · answer #8 · answered by Anonymous · 0⤊ 0⤋
yup of course
2006-11-03 02:20:12 · answer #9 · answered by Anonymous · 0⤊ 1⤋