Can i trade my car in?

Question

hello, i hav ea 2005 saturn ion 2, and i owe about
$12,000.00. i would like to trade it on soon, for a new model. can i do that? and how will the finance payments work out ? please help, lost & confused

Answer 1

if you can find one of the deals going on ,where they pay off your trade in,that would be the best thing to do,this way the only debt you will have will be on the new one,there are deals at some dealerships where they pay off you old car regardless of how much you owe on it,so id look for one of those other wise ,you could sell this one individually ,or let someone take over the payments on it,just look around at some of the dealers and see if they can help you with it,good luck on it.

Answer 2

You can always trade no matter what anyone tells you. However, You may owe too much to trade with out some money down so you will need to be prepared for that.

It sounds like you do owe quite a bit on your car. Do your homework and determine what is the best trade in price you should receive for your car. Then you will do best finding a dealer that has rebates from the manufacturer. That will help cover up some of the negative equity that you probably have on your car. (Any amount owed on a car that is above what the car's current market value is will be called nagative equity.)

In your situation you will be financing part of the current loan balance on the new loan so I would like to most definatly encourage you to purchase a gap protection policy. They will offer you this in the finance department when you are getting ready to sign the contract. This is also a profit margin for dealers so negotiate that too.

If you are unaware of what gap protection is. Lets just say now on your current vehicle you owe 12,000 dollars and the current market value is 8,000. If you totaled your car today you have a 4000 dollar balance that you will be responsible for to your lender. If you have a gap protection policy they will pay the balance off and you could start from sctrach. I used to sell cars and it was aweful when this had happened to someone and, through no fault of their own, they had a balance with their lender for a car that they couldn't drive and they have to pay that money.

Good Luck

Answer 3

The salesman will give you the details. The dealer will give you a trade in figure for the car. They will deduct the payoff amount of the loan. The resulting balance will either be deducted from what you owe or added to it if you owe more than they are giving you. Your loan amount will be based on that principle amount at the given interest rate.

Good luck.

Answer 4

sure you can trade it in. they will add the difference from what you owe to what they give you for your car onto your new car. expect to be hosed cars work that way.

Answer 5

You owe too much on it, its only worth $7500.00.