Can i trade my car for a newer one if I have a lean on it? or, can the lean be carried over to the new one?

Answer 1

I think by "lean" you're talking about " unfinished car payments "?

If so, then the answer is yes.. but it depends if you have good credit or no. This is decided at the point of sale, at the dealership.

It's not recommended unless absolutely necessary though, because you will end up with a car loan that is higher than the actual value of the car. When you try to sell that car in the future, it will not be possible unless you pay off that difference all in one shot.

Good luck, and decide carefully

Answer 2

You can do this but I would recommend you don't. A car dealer will roll what's left on the old car into a New one and you are stuck with a depreciating time bomb once you drive it off the lot. Sell your car outright before you buy the next. If you already owe more than the car you own now is worth ... Trading will really put you in a worse situation. If you have equity in your car and it is worth more than you owe...A car dealer will pocket that change before you can blink an eye. Sell it...Make what you can & work a deal on another car. Hope you do well & Good Luck

Answer 3

do you mean lien as in you have a loan on the current vehicle? if this is the case,yes you can trade it in but depending on the amount of money left on your current loan, you could end up "upside-down" on the new loan.

What this means is that you will pay off the old loan (balance of it) on the new loan, so if you owe 10,000 on old loan, and when you trade the car in it is only worth 5,000 , then the new lender will take the difference between your trade and old loan & add it into your new loan, so now you paying twice as much for the new car.

Answer 4

depends on amount of lean and the dealer you are trying to buy from but yes it can be done

Answer 5

Nope.