I purchased my car one year ago and still owe about 17 thousand for it can I trade it for a cheaper car so I can lower my payments. Or can I get money for this one even if it is not payed off because I alway get flyers that the dealer will pay me for my car. But I don't know if you can get money for it I still owe it. Please help Thannnkkksss
2006-12-07 15:43:14 · 9 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Trade it in on a new Mustang :)
2006-12-07 17:35:08 · answer #1 · answered by mustangmanll 3 · 1⤊ 1⤋
You can do it, but it all depends on how much you can get for the car now knowing it's not worth what you owe.. Your goal should be to get a lower total amount to finance and also try to get a lower interest rate.. that's the only way you'll lower your payment.
If you can't get close to what you owe on the vehicle from the dealer I suggest you try and sell it private party.... which will probably be anywhere from 1000 to 3000 more than the dealer offered (unless it's an aggressive dealer). Weigh your options, though.. If the dealer is close to what you can get on the street you may as well trade it in because on the next vehicle you're paying taxes on the selling price of the new vehicle minus your trade-in. You'll pay that much less in taxes on the new one you're buying. Try to find a car you like for less and get the same or lower interest rate and mission accomplished.
It's definitely possible for you to trade and get a lower payment, you just need to figure out how much negative equity you've got, how much you're willing to pay each month, and then it's basic math at that point. Find out what your budget can afford in retail values and find a car you can buy at that amount and get the most aggressive finance rate you qualify for (feel free to shop the rate - meaning, if the dealer puts you out at 7.9%, you can go to a local bank or credit union and see if they can beat that rate.)
Keep in mind if you sell it to someone else you still need to pay off the remaining portion of the loan so that you get the title sent to you and you can sign it over to the new owner.
Good luck and hope this helps
2006-12-07 15:59:45 · answer #2 · answered by Ross P 2 · 0⤊ 0⤋
If you owe $17 and get $15 in trade the $2 will be added to the next car.
2006-12-07 15:47:42 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I have bought used cars in the past from people who owed more than they were worth - and the guy had to cut a check for $2300 to the bank (plus my money) and I got the title. That's the best way you can do it - get out of it and don't get suckered again on a complicated trade where you'll be paying more in the long run. Buy a cheap replacement vehicle after that.
A friend had a nice Bronco (one of the last years) and was upside-down in it and "traded down" to a junky worn-out F150 and had to spend considerable money repairing it (which was pissed down a rathole). You might just consider buckling down and keeping the late-model reliable vehicle you have. My friend was paying on the junky truck plus repairs and was more broke than when he started, plus ended up with a vehicle worth nothing. If he'd have kept the Bronco, he'd at least have had a nice truck. Don't be scammed, but take a lesson from it all! You have a nice new car now and if you owe more than it's worth and don't have the cash to close the gap, keep it.
2006-12-07 17:52:14 · answer #4 · answered by wood_jl 2 · 0⤊ 1⤋
Adelita - if you bought the car last year on a loan and owe 17k on it then it is not quite your car. Glad you asked before you fell for the bait - you could end up in front of the judge. Talk to the firm that bought the car for you IE. the one you owe seventeen thousand dollars to.
An item purchased on loan is technically not yours until you've paid off the loan in full. But by a managed arrangement with the loan provider you may be able to 'sell' or trade for a less expensive vehicle.
2006-12-07 16:34:39 · answer #5 · answered by brian s 2 · 0⤊ 0⤋
Probably, especially if you have a good credit rating. We just traded for a more expensive car, even though the old one was worth less than the debt at the time. The balance owed was factored into the financing for the new car.
2006-12-07 15:52:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You can, but the difference will be added to the loan on the new car. That usually results in your payments staying the same or even going up.
2006-12-07 23:04:37 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You got suckered in buying your car and now their just tryin to sucker you again your best bet is to set it on fire and then start from scratch.
2006-12-07 15:51:14 · answer #8 · answered by Anonymous · 0⤊ 1⤋
Yes, you can!
2006-12-07 17:05:18 · answer #9 · answered by J 6 · 0⤊ 0⤋