I got the car in November and had to use an auto loan from my bank rather than the dealership. I've come into some issues and might need to get a much cheaper car. Can I still do a normal trade in since the loan is through my bank? How does that work? I don't know much about the whole car thing.
2007-03-22 03:33:33 · 5 answers · asked by BabyGirl 3 in Cars & Transportation ➔ Buying & Selling
My current car is a 2007 Altima I bought four months ago. I still owe about $24,500, but I'm pretty sure it's worth that... I would hope.
2007-03-22 03:46:08 · update #1
Yes you can. In fact a "normal trade" is easier in this case than selling the car to someone else.
One of the things you will need to consider is do you owe more on the car than it is worth? If you do, the dealer may or may not be willing to roll the additional amount into your new loan. Of course your bank might do that for you.
I am not advising this, but if you are in a tight spot it might be your only solution. Once you start down this path it is very hard to get "right side up" again.
2007-03-22 03:43:11 · answer #1 · answered by math_prof 5 · 0⤊ 0⤋
If you trade in this new car now, you are going to end up losing money on it. The dealership will not give you what you owe on it....
You'd be better off keeping it and trying to refinance with another bank or credit union so that it's at a lower interest rate. Even getting 1% to 1 1/2% difference in APR will decrease your payments.
(My original loan was at 7.75% and payments were $515.00/mth over 72 months - now my loan is at 6.49% and payments are $467.00/mth over 72 months). I changed banks to do this.
Before you take a loss on the car, do some research on refinancing and qualifying for a lower interest rate.
E-mail me if you have any more questions, or need more help.
2007-03-22 03:44:49 · answer #2 · answered by VAWoman 2 · 1⤊ 0⤋
Yes you can trade your new car in for a cheaper one but you are going to be in it upside down no matter what. What this means is you are going to lose money and will still have large payments unless you can get someone to give you a good deal on the new car you just bought. I doubt that will happen because the minute you drive the new car off the lot you lose thousands of dollars.
Good Luck.
2007-03-22 03:44:17 · answer #3 · answered by devilgal031948 4 · 0⤊ 0⤋
yes you can trade. take your payment book with you to the dealership. normally you lose out in that short a time, but with dealers struggling you may do alright
2007-03-22 03:44:22 · answer #4 · answered by nailstospikes 2 · 0⤊ 0⤋
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2007-03-23 02:39:24 · answer #5 · answered by william 1 · 0⤊ 2⤋