I have a car that i financed about a year and a half ago...i hate it!! its a 2 door coupe with crank windows and manual lock, i hate the way it drives for i am a RWD kinda girl. I would put up with it, except im pregnant now and its SOOOOO hard to get in and out of and its goign to suck ttying to get a baby out of the back seat and its impossible to open the door and windows on the passenger side....but i still owe alot oon my loan...is there anyway to get a dealership to take my car and my excisting loan if i buy a different car, and take a new loan?
2007-09-19 05:24:27 · 9 answers · asked by Jordyn's Mommy 2 in Cars & Transportation ➔ Buying & Selling
They probably will do it if you are purchasing a new car, but not for a used car. Beware when you do that, though, since they will be paying off your loan and adding it to your new loan. Might get very expensive.
2007-09-19 05:31:14 · answer #1 · answered by Tammi B 3 · 0⤊ 0⤋
Tammy does not know what she is talking about. Your credit will make the difference on how much a lender is willing to carry on another car new or used. It does help if you are looking at new cars just simply because they have rebates that will help offset any negative equity you have. Here are some things you need to do before you go shopping:
1. Go to www.kbb.com and look up the value of your car and look between "Fair and Average" for a real value. This way you have a good idea of what your car is worth before you ever walk onto the lot.
2. Check with your bank or credit union for what you qualify for with term, amounts and rates.
3. Know what you can afford to pay monthly and stay within the amount of car that will qualify adding in your negative equity.
Good luck!
2007-09-19 05:41:04 · answer #2 · answered by Oblivious 3 · 0⤊ 0⤋
Yes Here's a simplified example.
If your car is worth 10k and you owe 15k, the dealership pays out your loan of 15k, and will add the difference of 5k to your new loan.
So if you know the car you are buying is 20k, the dealer will show an increase on paper of 5k because you cannot pay out a loan if you owe more than it is worth. The figures get inflated so that the amount you owe on your trade is the amount that you get on trade.
So basically the 5k that you stll owe after you trade gets hidden in the inflated price of the new car.
2007-09-19 12:52:40 · answer #3 · answered by dons650g 2 · 0⤊ 0⤋
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2007-09-20 22:05:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, assuming you are buying new, and willing to go into a LOT of debt. If you owe more than the vehicle you are trading is worth you will start out with that balance on the loan, plus the cost of the new car...so, yes you can, but be careful.
2007-09-19 05:33:59 · answer #5 · answered by oklatom 7 · 0⤊ 0⤋
Yes, a car dealer CAN do that. What'll happen is, well, let's put some numbers.
Say you have a coupe, worth $20K, and you still owe $15K on it.
(Please note that it is possible for a car to be worth LESS than what you owe on it, due to the rate of depreciation on a car, please check with your dealer. If you owe more than what your coupe is worth, then the difference will be ADDED to your new loan, as you'll have NEGATIVE equity).
You want to switch to a sedan, price is about $20K as well.
First, negotiate the price on the sedan.
THEN mention you have a trade-in, THEN negotiate the trade-in value of the vehicle. (Have it washed and cleaned before taking it to the dealer) Dealer won't pay you full retail, so the trade-in value is, well, let's say it's $17.5K.
As you still owe $15K on the car, you have $2.5K equity. So dealer will take your coupe, apply the $2.5K to your sedan as down payment, and you have a new monthly payment.
(and the dealer takes your coupe, sell it for $20K, and makes 2.5K profit!)
2007-09-19 05:50:16 · answer #6 · answered by Kasey C 7 · 0⤊ 0⤋
Yes you can but whatever you owe it will land on your next loan. Unless you can come up with the difference. Or put up with it until you come even on the loan or you get someone to buy your car on the streets. But the bank will go by blue book value.
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2007-09-19 05:42:42 · answer #7 · answered by spammer 6 · 0⤊ 0⤋
Sure, if you don't mind losing money and ending up in a big negative equity position on the new vehicle.
2007-09-19 06:48:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You post your profile on this webiste and then lenders come to you. I recommend trying
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2007-09-22 22:01:52 · answer #9 · answered by Anonymous · 0⤊ 0⤋