I need to know. so i can pass this info to my mom.
moms wants to pay something so that the people where we got this car will not repo it, so when the time comes to trade this in, we can! But the questions remains, who takes over payments on the trade-in car??
2007-11-30 05:01:02 · 7 answers · asked by Doc Rick 3 in Cars & Transportation ➔ Buying & Selling
When a car is traded in, any and all outstanding liens must be satisfied before title can be transferred! In simple terms: the dealer will pay off the balance owed, so there are no longer any payments due! If you owe less than the value of the vehicle you will have the balance applied to the new vehicle. If you owe more, you would have to pay the difference in cash, or roll the balance into the new car loan!
You have to keep your payments up to date, or your credit ration will be negatively impacted. Unless you are going to trade the car in within 10 days of the payment due date, make the car payment. The payment will reduce the payoff balance anyway, so you are not saving anything by not making the payment!!
2007-11-30 05:10:42 · answer #1 · answered by fire4511 7 · 2⤊ 2⤋
you have to keep paying until the day you trade it in, the easy way is to do it about two weeks BEFORE the next payment is due, gives paperwork time to get from place to place and where ever you done the trade to notify the lender they are paying it off and you no longer have it. If yo wait til the last minute, it will get don AFTER the payment was due and show on your credit report there was a late payment
2007-11-30 05:08:02 · answer #2 · answered by silverbullet217 4 · 3⤊ 0⤋
When you buy a car and still owe money on the old car the dealer will make you a trade in offer and assume payments but add what you owe into the new financing.
2007-11-30 05:06:29 · answer #3 · answered by Miss Motor Mouth 4 · 1⤊ 3⤋
depending on the finance options available in the dealership, some dealers will pay off your trade-in in order to get you into one of their cars. work the numbers with a few dealerships before coming up with a conclusion. make sure you know exactly how much you owe on your trade-in as this will make it much easier to get accurate numbers...alot of dealerships will give you more back for the car if you're trading up to a new car....it's a lil harder to get the same deal from a used car. just do your homework...
2007-11-30 05:05:55 · answer #4 · answered by Skater_Guy5 1 · 1⤊ 2⤋
the car you are trading in will be part of your deposit on the new car...so if you owe 2,000 on the car they offer you 900.00 bucks you will owe the difference and take a loss as well...so on a fair note...DO NOT let them offer you any less than you owe. That way they will take care of the payment...We do it all the time...we trade up...
2007-11-30 05:07:03 · answer #5 · answered by h_carlin 5 · 1⤊ 2⤋
The car has to be paid off prior since title is changing hands and so it will no longer be on your mom's credit report as a debt.
Nice try though.
2007-11-30 05:04:56 · answer #6 · answered by Dude 5 · 2⤊ 4⤋
You must pay all immediately, so that you can tranfer ownership to the other person. It has to be paid in full (by you).
What you mother is proposing is something you'd call a crime. They're not going to be dumb enough to fall for that.
2007-11-30 05:03:23 · answer #7 · answered by Firebird 7 · 1⤊ 3⤋