I owe over 9k left on my car. But i want to trade it in....What do i have to do to be able to do that? Do i still need to come up with a down payment?
2007-01-07 07:54:27 · 3 answers · asked by melig786 2 in Cars & Transportation ➔ Buying & Selling
The dealer will usually pay you wholesale value for the car. If that value is less than what you owe they may be able to add the difference to the price of the car you want. It's a numbers game. Dealer will lower the price of the car you want enough to cover the remaining money you owe if they can still turn a good profit usually and if a bank will loan you the money. Trust me, the dealer isn't going to take a loss to help you out. You may have to have a down payment also depending on your credit rating and price of the car.
2007-01-07 08:09:27 · answer #1 · answered by Trackerrrr 4 · 0⤊ 0⤋
Your better off just selling the car outright, but the problem with that is, you might be trying to selll your car for months. A trade in will cut the sale value 40%.If you have good credit, almost any dealer that wants your business will offer you the ability to trade it for a new car, and they will pay off what you owe, and just add it to the payments for the new car.
Once again, if your credit is good, you might not even need a downpayment. You might be able to work with the dealer, and work out an arangement, but your payments will be much higher.
These are the benefits of leasing a vehicle. Your payments are less, you will be driving a new car, maintenance is cheaper (sometimes free), you dont have to worry about reselling the car or trading it in, so if your tired of it in 2 years, just lease another vehicle.
2007-01-07 16:12:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You may. It all depends upon what your car is worth vs what you owe on it. If it's worth $6k, you'll probably have to come up with something. If if's worth $12k, you should be in pretty good shape.
2007-01-07 16:01:00 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋