Well, this sounds complicated but there are few things that I don't get
1. My dad bought my car and he is paying it off. I remember he didn't used a bank to finance, i think he used the dealer only. Idk if thats possible but I think that's what happened.
2. We haven't paid off the car yet, but I wanted to change my car, how does that work? Lets say my car costs $15,000 and I've paid $5,000, what happens if I want to buy a $10,000 car?
Yeah, I've never dealed with business before!!! Completely lost.
Thank youuuuuu!
2007-01-30 15:41:18 · 9 answers · asked by mimis 1 in Cars & Transportation ➔ Buying & Selling
THANK YOU GUYS FOR THE HELP!
I THINK I CAN DO SOME BUSINESS NOW LOL
2007-01-30 15:57:40 · update #1
WOW...Michelle your known in the industry as what we call a green pea and a total lay down for some salesman to take a week vacation at your expence, lets not see that happen.
go to my website http://www.usedcartips.org/ and really take your time to study the 10 steps, most consumers dont find the time and thats how I retired early from people that had no time for homework how to buy a car...if something not clear contact me through the website and I will be more than happy to help you along
2007-01-30 15:57:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This is all just an example because we have no idea how much the crooked (all car dealers are crooked) car dealer will give you for your car.
Lets say you bought it for $15k and now owe $10k on it like you say. The dealer is going to hem and haw and say you have driven it alot and he doesn't think he can sell it for very much. So he is going to give you $7k for it. He is then going to take the difference between what he is giving you and the amount you still owe him which is $3k in this example and he will add it to the price of the new car you wanna buy. So now the car you want that is $19k (and that is probably overpriced) is now gonna cost you $13k.
I know this because I did it once 10 years ago. I will never ever do it again. If I get sick of a car I just bought I will total it and collect the insurance before I ever let a car dealer tack the difference onto another car I am buying.
Hey..there's an idea for ya..got full coverage auto insurance? >:)
2007-01-30 23:48:35 · answer #2 · answered by crazylifer 3 · 0⤊ 0⤋
I have a similar situation. I bought a Jeep and do not want it anymore...I would rather have a new Honda or Toyota. I called a dealer and different factors come in to play but I will use mine as an example.
- SUV's are not easy to sell due to gas prices and the dealer keeps that in perpective when I tell him that I want to trade it in.
- Although I am paying $13,000 for my Jeep the dealer says I would be lucky to get $5,000 for a trade in...so, they would take the remaining $8,000 and add it to the Honda price of say $19,000 and see if I can finance for a grand total of $27,000.
At least that is what I got from it. It will depend on your credit, the type of trade in, etc. Although car dealers can be scary...I would talk to several to get your best options.
2007-01-30 23:53:52 · answer #3 · answered by Jenn1113 1 · 0⤊ 0⤋
If your dad bought the car from dealer, either he take up a "in-house" loan with the dealer, or from a financial company or Bank. Unless he had bought it by cash, which is not true from your description. Be it a in-house loan or from the financial company, you can check up with them what is the outstanding for "early settlement". Normally you will get a rebate for early settlement.
My advise is, if you want to change your car, try to sell it outside, as the dealer will lower down the price.
2007-01-31 00:57:38 · answer #4 · answered by Tan D 7 · 0⤊ 0⤋
You could take the car back to the dealer and trade it in for another car. They will figure how much the trade -in is worth after the payoff( the amount you still owe). If you can make a deal then they will pay off your car and you will sign a new contract. Or you could try to sell the car and pay it off and then get another car.
2007-01-30 23:52:37 · answer #5 · answered by leaving.florida 3 · 0⤊ 0⤋
You can do it, but you're going to take a huge loss. If you have $5k equity in the car, you'll end up getting credit for 1/2 that against the new car. The dealer will make it seem like they're helping you out but they just won't reduce the buy price as much.
2007-01-30 23:50:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Of course you can change your car. Find a new car you like, tell dealer you want to buy it, and trade in your old car. his gonna give you a trade in value most likely less then 10,000 so lets say 7000. now lets say your buying a car that costs 11000, now dealer is giving you 7000 to payoff for your loan, adds 3000 to your new loan, so you can completly pay off your old loan, and now you owe 14000 for your new loan
2007-01-31 00:23:09 · answer #7 · answered by turbo_mr_mark 1 · 0⤊ 0⤋
The place where you trade in your car would most likely have to payoff the balance to the dealer it was bought from. Otherwise, there would not be a clear title.
2007-01-30 23:47:46 · answer #8 · answered by imaspaceychic 2 · 0⤊ 0⤋
Since you still have a loan,
The loan servicer (the dealer) has the pink slip (ownership papers)
You can't sell the car without the pink slip.
2007-01-31 00:05:59 · answer #9 · answered by SP_Rider 3 · 0⤊ 0⤋