what is the car dealership in dallas, texas that says they will accept your trade-in, even if you owe more than it is worth?
2006-12-27 14:43:31 · 9 answers · asked by tomorrow is yet to come 2 in Cars & Transportation ➔ Buying & Selling
Most dealerships will allow a trade-in on a vehicle that has a lein higher than the value of the car/truck that is being traded. In most cases, they make it look like you are getting a great deal on trade in, but they offset the cost in the new vehicle price somewhere. In any case, you are looking at most of the negative equity being transfered over to the new vehicle price, along with a higher total negative equity when you drive it off the lot.
2006-12-27 14:53:55 · answer #1 · answered by toyoguru 2 · 0⤊ 0⤋
If your credit is good almost any dealer can do this for you. They are just adding what you owe onto the price of the new car which puts you that much further behind in equity on your new car. If you must do this then try to get a good used car so you don't get double slammed by the added debt from the old car and new car depreciation. If your credit is bad then you might want to buy a cheap car for cash and continue to make payment on the other until it is worth what you owe. Depending on the lenght of your loan and the terms you may not be better off doing this last suggestion though. Sometimes you get so "upside down" in a car loan that no matter how long you pay you never have any equity in the car. Best of luck
2006-12-27 15:14:46 · answer #2 · answered by Shawn M 3 · 0⤊ 0⤋
They absolutely will accept that, but say your car is worth $3000 and you owe $7000, they will have to add $4000 into the price of the new car you are buying. They wont just forget about the difference. It sucks, but at least you have that option.
I am in this situation right now and because of it I can not get anything over $10,000 because with the extra I owe for my car I'll be paying a fortune and I just cant right now.
Good luck.
2006-12-27 15:06:19 · answer #3 · answered by jenniferaboston 5 · 0⤊ 0⤋
Your upside down and they will accept your car as a trade-in, but depending on your credit, you will pay a great deal more for the car your buying than the price they are asking originally. I just had to do the same thing but I was paying cash for the car and it was new. I'm retiring and I wanted no payments. I had to pay off the car I was trading in and then the sticker price for the car I was buying. A real bummer. You have to watch what you pay for a car initially and if you are going to be upside down for a period, find out how long this will be. If it's too long, your paying too much for the car...
2006-12-27 17:33:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It means they'll pay off your old loan.... no matter how much you owe on it. But the negative equity will be added to your new loan.
For example, lets say you owe $5000 on your current car. But the car is worth only $3000. The dealer will payoff the entire $5000 to your bank.... but will apply the $2000 "negative equity" to your new loan. So if you were buying a $10,000 car, it will cost $12,000 because of the negative equity.
2006-12-27 15:06:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋
ONE WORD:
DON'T!
In three years you'll have ANOTHER car that you owe A LOT more than it's worth, because you are still paying off the loan on the FIRST one.
2006-12-27 15:25:54 · answer #6 · answered by Trump 2020 7 · 0⤊ 0⤋
we'll always take in a trade, if u owe morethan its worth, then pay more off or all of it and start leasing trade in value is set, don't matter the finance owns it anyways, purchase or lease
2006-12-27 16:10:56 · answer #7 · answered by james d 2 · 0⤊ 0⤋
All the answers you got so far are valid, in short form Paul said it all, if your not sure where to go from here then e-mail me with some details through my website will be happy to help if I can http://www.usedcartips.org/
2006-12-27 15:51:39 · answer #8 · answered by Anonymous · 0⤊ 0⤋
what seems to be the question?
2006-12-27 14:46:49 · answer #9 · answered by wrenchbender19 5 · 0⤊ 1⤋