My car is currently financed under my mothers name and I would like to trade it in!! I currently drive a 05 Dodge Neon and I have about 18000 miles. I am paying $414/mth and would like to trade it in for a older car (02-04) that is a better car for about the same amount. I figure that if I am to pay so much for a car then it should be worth the money. Is this possible and what do I need to do?
2006-11-17 01:50:12 · 2 answers · asked by sweetchic117 2 in Cars & Transportation ➔ Buying & Selling
You 05 Neon is worth about 8 thousand, maybe less if you dont power options. Im assuming you got SXT or better. RT is worth more, but Im guessing you dont have one of them.
Now, figure a bank will finance about 120 percent of NADA Trade-In.
Go to nada.com, book out whatever car your looking at, mutliply it by 125 percent, and see if that is enough money to buy the car, and pay yours off. If not, I wouldnt even bother with it until you get to even on your Neon.
2006-11-17 03:34:34 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I think this is a better way to go, but it's up to you. I think you should just refinance the car, get it in your name, and the payments will come down ALOT. It may not cut your payment in half but it will bring it down to a manageable level. Refinance at the bank or loan company.
2006-11-17 10:05:26 · answer #2 · answered by nbr660 6 · 1⤊ 0⤋