how do i avoid being "upside down" when trading in my car for something else?

Question

i currently owe about $9000 and i financed through one of the dealers banks.

Answer 1

If you are not to upside down some dealers run specials where they will pay off your trade. These are rare and usually have a catch. You could finance the amount owed onto your new car, but you will be losing money. In the future when you buy a car do your research on the resale values before you buy.

Answer 2

The only way to do it is to not trade your car in until you pay it down at or below its blue book value. You can go to www.kbb.com and get the approximate value of your vehicle. Some dealers will finance a new vehicle if your upside down. But the difference between what the give you and what you owe is added to your new vehicle contract. For example you owe 9000 on your car and they give you 7000 for it. They will payoff your car and add the other 2000 to the contract for your new vehicle! Good Luck!!

Answer 3

Being "upside down" just means that you owe more than it's worth. If you're in that situation, your only option is to pay down enough of the loan balance to at least be even-money on your trade balance.

Tip: If you're close, don't dismiss the potential value of getting your car detailed before you go to the dealer. The sales manager will consider the reconditioning costs when he values the car for the trade. If your ride looks like it's ready for the "front line" you'll be $$$ ahead on their offer.

Answer 4

The term "upside down" means you owe more than the appraised value of the vehicle. The only way to avoid this is to owe less that the value. No other way.

Answer 5

"upside down" just means owing more on the car than you can sell or trade it for. Just check the value of the car and you'll know how you are doing.

Answer 6

Beware also of the dealer trick of the "disappearing trade" That is when the dealer leaves you for a moment to "talk to his manager" and comes back and tells you that he can give you say 3,000 for your trade in but in order to do that he'll have to raise the cars price by 2500. That happened to me once when I bought my first new car on my own and I actually ended up giving them my trade in for nothing. Watch out for dealers they'll trick you in every way possible

Answer 7

The oil is drained from the engine, and changed with salt water (corrosive). The engine is then run at 2,000 rpm (rather idling, or somewhat above) until eventually the engine seizes and fails to restart. Small, non-powertrain products inclusive of headlights may be taken to be reused, and something is junked. you're good... no longer something approximately trashing completely sensible automobiles is "eco-friendly" or environmentally effective in any whay in besides. Its purely yet another style of bailout for the automobile industry, yet with heavy government involvement particularly of a few thing greater conservative, inclusive of tax credit for procuring an effective automobile. It additionally limits the supply of used automobiles attainable to those who can no longer discover the money for brand spanking new ones.

Answer 8

Depends on how much your car is worth in relation to how much you owe. I suggest making two payments a month. The normal payment plus a seperate much smaller payment just to the principal amount.

Answer 9

RESEARCH, RESEARCH, RESEARCH!!!! try dealing with the bank your financed through, or you may have built up a good repore at the carlot where you purchased see if there willing to keep you as a customer and deal with you!!!