2007-01-17 19:41:58 · 9 answers · asked by scott1 7 1 in Cars & Transportation ➔ Buying & Selling
Yes. But don't think you are free of the amount that is still due.
2007-01-17 19:46:35 · answer #1 · answered by JADE 6 · 0⤊ 0⤋
hey if you wanna get wild, live upside down. meaning the trade-in was worth less than you owed, the balance was transferred to your new deal and hence you are upside down, still paying interest and payments on a machine you no longer own, but did do the depreciation anyway. that is probably the worst investment and money decision ever, to drive the car off the lot. its no longer new, and the value takes the biggest hit right at that moment, excluding wreck or mechanical mishap.
this practice is why you can end up paying more for a used machine(as much or greater amount than new) as much as like 27,000 or more for a 2 yr old machine when the new ones are selling for 2000 less. a friend found this out once. he wasnt happy!
this is some first hand and second hand info.
2007-01-17 19:57:40 · answer #2 · answered by l8ntpianist 3 · 0⤊ 0⤋
well yes but it's NOT your car! (yet)
To do so the dealer will place the balance you owe on your car on top of the car your thinking of buying and then you will be paying for two cars, the new one and the one you don't have anymore! so stick with the first commitment, hard as it may be and pay that off first.
Not to mention you will get a worst interest rate for trying to trade it in before pay off and you will have a higher payment. Just picture this, paying for your new car PLUS paying for the old car you didn't want but now don't have, why not just keep the old one and just go buy a new one too then you will have both!
Or remain true to your original loan and do the time like we all have to, that is the best advice.
2007-01-17 20:34:15 · answer #3 · answered by yawhosucs 2 · 0⤊ 0⤋
Yes you can do this. We have many times, but you hardly ever come out ahead. If you pick a car that cost more than what you owe on the car you have. Normally if they advertise a car at a sale price you won't get the sale price if you have a trade in. The best thing to do is to try to sale the car you have yourself. Either for what you owe or a little above what you owe, whatever the car is worth. You can get the blue book price at kelly blue book. It is always better not to have trade in to get the best deal....
2007-01-17 20:22:23 · answer #4 · answered by Debbie H 3 · 0⤊ 0⤋
Read the contract. In romania it's possible, they say 8 month of payment. 9.000$ + 8 x200$ = 10 600$
2007-01-17 19:47:00 · answer #5 · answered by LynX 3 · 0⤊ 0⤋
yes, you may need to have some paper arrangement with the leasing company and the new buyer. everything is flexible if you know the procedure. ask for your leasing company, they should be able to advise you. they might charge you with some administration fee, you better check it out from other leasing company as references so that you wont be charged too high from your lessor.
2007-01-17 19:46:19 · answer #6 · answered by williams 3 · 0⤊ 0⤋
Yes it is
all you need to do is refiance it
2007-01-17 19:45:11 · answer #7 · answered by kornjena 1 · 0⤊ 0⤋
nothing happens unless the lender approves.
2016-05-24 02:42:03 · answer #8 · answered by Susan 4 · 0⤊ 0⤋
es it is
all you need to do is refiance it
2007-01-18 01:51:15 · answer #9 · answered by Carl Y 1 · 0⤊ 1⤋