I recently purchased a chevy silverado 1500HD, witch has the 6.0 litre engine in it. I needed a 1/2 ton truck, but with the engine it has in it, gas milage sucks. I would like to know if it is possible to trade the truck in to a dealership and get a 1500 with a smaller engine. I am in the beginning part of paying the payments. Could I sell the truck and have the buyer take over the payments.
2007-02-27 09:11:08 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Other - Cars & Transportation
At this point you owe more on the truck then the truck is worth. This is called being "upside down". If you go to a dealership they will try to give you the least amount they can or wholesale value. You could try to sell it but most people can not buy a newer expensive vehicle unless they take out a loan and you can not sell it until you own it as it is really owned by the company you borrowed the money from to buy the truck.
2007-02-27 09:19:55 · answer #1 · answered by Brandysmom 3 · 0⤊ 0⤋
Yes, but make sure that the sell is all legal and it is not in your name any longer. Because if you don't get it off of your name.....then you may not have the credit to get another truck. Also, don't try to trade it in. It is now considered a used truck, and you'll owe more on it than it's blue book value. I mean you can do it.......but the amount that you'll owe from the trade in they'll just tack it on to the next truck's payments. So instead of having a $400 a month payment, you may have a $650 monthly payment. Understand? Best of luck to you.
2007-02-27 09:23:34 · answer #2 · answered by cajunrescuemedic 6 · 0⤊ 0⤋
I hate to say it, but you are better off keeping the truck. the extra money that you spend in gas is far better than the money that you would have to give to the dealer to trade it off.
As far as having someone else take over the payments, most people would prefer to go to the dealer and buy a brand new vehicle and take advantage of the rebates and incentives rather than buy your truck.
Enjoy the vehicle. i know that going to the gas pump is going to suck your wallet dry.... but that is better than giving thousands back to the dealer to trade again.
2007-02-27 10:41:56 · answer #3 · answered by Konz 3 · 0⤊ 0⤋
The only way you have is to sell/ trade it to a dealer, or other your other option is that the person that is buyin it would have to pay it off at once and then it becomes there. But you can not sell it while you are still making payments on it. When you would give it to the dealer he would be paying the bank, that is pretty much you olny choice.
2007-02-27 09:31:58 · answer #4 · answered by Matt 3 · 0⤊ 0⤋
more than likely, you're not going to get financing as the loan you have is way too new. in addition to that, the amount you owe is now more than what your truck was worth when you bought it. as soon as it leaves the lot it depreciates. you would have to be able to get a loan that will cover that difference on top of what the new truck will cost.
also, if someone buys it, they will have to finance it in their name and pay off your loan. most loan companys will not give you another loan if you already have a vehicle loan in your name.
2007-02-27 09:20:16 · answer #5 · answered by 'Lissa 5 · 0⤊ 0⤋
Sell it for what you have already made in payments and have the buying party take over payments. Good Luck
2007-02-27 10:33:20 · answer #6 · answered by scokeman 4 · 0⤊ 0⤋