I Recently bought a car in may - It is used I an not completely happy with it - I would like to trade it in for another I pay for it monthly - thru the dealerships financing company. Should I wait a little while longer - also the car I want is from another manufacturer would that present another problem ?
2007-07-18 01:48:04 · 6 answers · asked by Jennifer D 2 in Cars & Transportation ➔ Buying & Selling
in the USA we are free to do what ever we want with our Private property ,,we can buy a car for $1000 and sell it immediately for $10 to $5000 or any other amount we want
ain't it great!!
2007-07-18 02:23:44 · answer #1 · answered by mobile auto repair (mr fix it) 7 · 0⤊ 0⤋
You can trade in a car whenever you want...the question is, how much of a loss are you will to take? If you haven't had the car very long, yeah, unless you've been making huge payments you will take a loss. What you may want to do is check the blue book value to determine the current trade-in value for your car and found out what exactly it is you owe on the car yet. From the way I see it, you may as well hold on to the car for a while (usually at least two years) then go for the trade (or sell it outright, which would likely bring in more $).
2007-07-18 02:10:49 · answer #2 · answered by Sunidaze 7 · 0⤊ 0⤋
well first off you do not own the car you are driving. Whoever is financing your $14.5 owns it because they have a lien on it. You are paying off the lien with your monthly payments. Now the question becomes who is financing your loan? Auto company through their financial arm? Bank? Credit union? ETCETC? Contact them see what they can/will do for you. Is the car you desire to purchase from the same manufacture? If so, you might be able to quickly work something out with the finance arm. BE AWARE that your car is NOT worth now what you paid for it---it is a used car. It has depreciated. Be prepared to swallow the probable difference. You can trade a car basically at any time, easiest if you own the car outright: like now the financing must be cleared first or you will have severe legal problems. Talk and listen to the dealers you want to deal with, after first talking and listening to your leinholder. They will give you a payoff figure on your present car.[DO NOT be surprised if it is more than you think] Good luck.
2016-05-21 16:44:58 · answer #3 · answered by lelia 3 · 0⤊ 0⤋
Trade it in the day after you buy it if you like. From a financial standpoint, best to wait untill you have enough paid to pay it off and have a bit left for a down payment on the next car. Call the dealer with the info about the car and get a ballpark idea of what they offer on trade for it; and see how that compares with what you owe
2007-07-18 01:51:43 · answer #4 · answered by wizjp 7 · 1⤊ 0⤋
You are free to trade at anytime. The only question is financing. If you owe 15K on your car and the one you want is 20K Then they have to finance the two.Dont worry about the "upsidedown" speech thats just a way for a dealer to give you less for your car.But in your case you will be ok.Just do not take over 8% on your financing.
2007-07-18 01:52:33 · answer #5 · answered by triple sec 2 · 1⤊ 0⤋
Upside down means you owe more than car is worth, you will be financing the difference plus the next car.
2007-07-18 01:56:04 · answer #6 · answered by James B 5 · 0⤊ 0⤋