I WANT TO KNOW IF ITS POSSIBLE FOR ME TO TRADE THE CAR FROM A 2003 TO A 2007, I REALLY DONT KNOW MUCH ABOUT THIS, AND IF IT IS POSSIBLE , I WANT TO KNOW HOW IS THE PROCESS? OR IF NOT WHY IS THAT,,,, ANYBODY CAN HELP ME?????
2007-05-14 19:07:40 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Sure it's possible, but you might get "upside down" in the process. IE; lets say the car is worth $10,000 on a trade in, but you owe $11,000. The 2007 is probably worth more than your 2003, and dealers will find a way to finance the $1000 overage into the new car. Problem is, you now owe $1000 more than the new car is worth, hence the term upside down.
Research on the KBB what your current car is worth, see how much your loan payoff is, and make sure that the dealer will give you enough on your old car to pay off the loan. You don't really want to start out by paying for the new car, and what you owe on the old one as well. Don't simply multiply your remaining payments times the cost of each payment; that gives you what you would pay with interest if you took the loan to term. Call the bank and find out what the payoff is, it will be far less than the amount you get if you multiply payments.
2007-05-14 19:16:34 · answer #1 · answered by Callisto 2 · 1⤊ 0⤋
It can be done but the only thing is can you afford it. When you buy a vehicle unless you put a large sum down you are going to be upside down for the first 2-3 year. Meaning you owe more on the car then it's worth due to interest. If you go to trade it in now all the negative equity that you have will then be rolled over on to your new car so you are still actually paying off the first one. Plus when you buy cars every couple months it distroys your credit because the bank isn't making any money off of you.
2007-05-15 09:20:26 · answer #2 · answered by dodgegrl97 1 · 0⤊ 0⤋
Def. possible - any dealership will work with you and they will be anxious to do so since you are shopping for a new car - they will just add what you owe to the old loan to the new one you sign with the dealer -- and take off what they give you for the car you trade in.. TIP** deal on the new car first and then mention the trade in after you've set on a price.. it's also a good deal to check bluebook values of the car your looking for and especially the car your trading in - good luck!
2007-05-15 02:18:23 · answer #3 · answered by Trisha B 1 · 0⤊ 0⤋
Dealers do it all the time. Take the payment book with you to the dealer. They do everything. You just relax and sign some papers.
A little tip, clean you old car up. Vacuum the inside.get a good wash,(tires too) . and clean out the trunk. Makes a better impression.
2007-05-15 02:13:30 · answer #4 · answered by TedEx 7 · 0⤊ 0⤋