I Financed a 2005 xterra and the value of it is about how much I still owe which is 18,000 about. I want to trade it in for a subaru that is 18,000 or lower. How would I go about this? How badly would i get screwed in money?
Thanks
2006-11-29 12:46:52 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
So either way money is going to be added to my financed total?
2006-11-30 03:35:05 · update #1
i believe you're in a no win situation. there may be hope if you buy the Subaru where you got the xterra. in any case, you'll never get full value for the xterra but will certainly pay full value for that Subaru. ****, i don't know what to tell you! unless you paid cash for it, you'll never come out ahead.
2006-11-29 13:05:23 · answer #1 · answered by K B 2 · 1⤊ 0⤋
Remember that the dealership where you trade it into will give you anywhere between $3000 - $5000 less wholesale value. The new vehicle if it has rebates and you have money to put down can "eat up" the negative equity. Now if there is any negative equity remaining then you will be refinancing it into the new loan. EX: $18000 for new car and the dealership gives you $15000 for your trade but you owe $18000 then there is $3000 negative equity you need to account for. Either way the dealership will payoff your trade.
2006-11-29 13:09:05 · answer #2 · answered by It's been a while........... 3 · 0⤊ 0⤋
The dealer will pay off the loan for you (take care of paper work), but probably not give you what it's worth. You'll have to pay for the new car plus the difference between what you owe and what the dealer gives you for the trade. So you'll probably owe more on the Subaru than what that's worth as well. Why do this to yourself?
2006-11-29 12:51:08 · answer #3 · answered by Papa John 6 · 0⤊ 0⤋
Assuming that the wholesale value and the payoff are about equal, it's a wash financially.
Make sure you're looking at the wholesale value as that's all they're going to allow you on it.
Dealers do that all the time, just bring your copy of the title and they'll handle the paperwork.
You might work out better by selling it privately if you have the time to do that.
2006-11-29 13:17:23 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
most places now have the deal going where they will pay off you trade if you buy there car,so they would pay it off ,and finance the new on e for you ,really its a good deal when you think about it,,you get out of debt on one and that's an easy way to do it,,good ,luck,i hope this help,s.
2006-11-29 12:51:12 · answer #5 · answered by dodge man 7 · 0⤊ 1⤋
mrt8237 It's your news?
http://www.osoq.com/funstuff/extra/extra04.asp?strName=mrt8237
2006-11-29 13:00:59 · answer #6 · answered by mue p 1 · 0⤊ 1⤋