I have a car that's basically junk and has been in the shop 3 times in last 7 months. I still owe $3000 on this car, but I don't want it anymore. Can I trade this car for a different car and just add the balance I owe for the junk car to the new car?
2007-07-11 06:04:07 · 0 answers · asked by Brandy 3 in Cars & Transportation ➔ Buying & Selling
there are a lot of ways to get out of your loan. first is the way you are going to try. it is o.k. to do that however they do add the money owed to your new loan. try looking into a car with a rebate that is close to the amount you owe. that way it will lessen the total amount needed to be financed. you can also sell your car online, in a news paper etc. or you can , and only because you owe 3000.00 or under you can keep it and not have to add the money to the next loan. all are good examples but you can also look into fixing it once and for all and not have any payments. so as a dealer i would tell you if the newer car is really what you want and the numbers make sense, then go for it and be sure you take gap insurance on the new loan, also the dealer ma actually pay off you entire loan and not have to add any difference to the new loan.
good luck!
2007-07-11 06:34:22 · answer #1 · answered by MARIO R 3 · 2⤊ 0⤋
1
2016-12-24 04:53:27 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, you can. It's called transferring the negative equity of your car onto your new car loan. Just be sure that whatever you are buying is something that you are willing to drive for a LONG time because you will be "upside down" in that new car for at least 2 years.
Also, I dont recommend that you tell the dealership that you have had so many mechanical problems with your trade in.
2007-07-11 06:29:40 · answer #3 · answered by heathermis@sbcglobal.net 2 · 1⤊ 0⤋
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2014-12-18 14:23:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Absolutely, the dealer will pay the note off and add the amount to the trade difference on your new car.
2007-07-11 06:07:55 · answer #5 · answered by bikertrash 6 · 0⤊ 0⤋
Yes, most car dealers will pay off any trade-in , They will most definitely put it on the balance of the new car, unless they just bought it from you............
2007-07-11 06:12:20 · answer #6 · answered by juice 1 · 0⤊ 0⤋
You can do that, it's just a matter of finding a dealership that's willing to work with you. Call around.
2007-07-11 06:09:13 · answer #7 · answered by amarie0223 2 · 0⤊ 0⤋
Sure you can, the dealer will pay whatever they give you for the trade to your current creditor then you pay off the rest
2007-07-11 06:08:41 · answer #8 · answered by Anonymous · 1⤊ 0⤋
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2016-09-26 13:35:23 · answer #9 · answered by Anonymous · 0⤊ 0⤋