If i still owe 5k on a car thats not worth that much how would that work? If i wana trade it in for a used car.
2007-08-26 19:06:02 · 3 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
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2007-08-26 19:37:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Its value toward the trade in is determined by the car and not how much you owe. If you try to trade it in, you will have to pay off the $5K that you owe on it. I'm sorry to tell you but your car has negative value (its value minus the $5k owed)
2007-08-26 19:17:14 · answer #2 · answered by MICHAEL R 7 · 0⤊ 0⤋
You are still paying the $5,000 less whatever the dealership says your car is worth. For instance, if you are buying a $20,000 car and the dealership says your trade is worth $1,000, they will sell you the new car for $19,000, then add in the $5,000 you still owe. They will then send a check to your current finance company, and your new loan would be for $24,000.
2007-08-26 19:20:05 · answer #3 · answered by Stephanie73 6 · 0⤊ 0⤋