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Hi Has anyone recently traded in their car? I'm not sure how it works but I have a 2005 that has 9,000 left on the loan not sure if that's tacked on to the "New" total of another car I would trade for

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Anonymous

Asked by Anonymous at 11:39 PM on Feb. 17, 2009 in Just for Fun

Answers (7)
  • depends. if the car is worth less than what you owe, that is "upside down" and typically they will not trade a car in. but with the way the economy is and how some businesses are doing they may take other things into factor, but i am not sure.
    MissHeidi0304

    Answer by MissHeidi0304 at 11:41 PM on Feb. 17, 2009

  • actually usually... If you owe 9000, and say they figure that it is worth 6000... They will take the 9000 and give it to the bank and your loan will be paid off but they will tact the other 3000 ( the extra they gave the bank to pay off your loan) and put it onto your new loan... so say you buy a car for 20,000 and they gave you 6000 for your already owned car, your loan will cost your 23,000 plus whatever your interest is.... does that make sense?
    Anonymous

    Answer by Anonymous at 11:44 PM on Feb. 17, 2009

  • Yes it does thanks just trying not to get scamed being I'm going alone & always feel somehow I'm gonna get screwed lol just trying to get some experince under my belt before I go : )
    Anonymous

    Answer by Anonymous at 11:54 PM on Feb. 17, 2009

  • Find out the value of your car. You can go to kellybluebook.com. If your car is worth more than the 9K then you are putting that amount toward the purchase of the new car. If it's worth less than 9K then you won't get any value for the trade in. But hopefully the dealership will just take the car off your hand, including the note.
    hopelessnance

    Answer by hopelessnance at 12:09 AM on Feb. 18, 2009

  • Make sure you check out kelley blue book and kelley BLACK book... also NADA car guide... NADA is what the bank goes on to decide whether the car is worth what the dealer is trying to sell it for... Also i dont know if you know anything about the miles but it usually goes 12,000 for every year... so you would be looking at 48,000 on your car would be considered good miles anything lower would increase the value because it has lower milages than the average car from that year. Dont let them tel you they cant make a profit off your car... I had a 2000 jetta and the one place told me 1500 when i owed 6000 on it and another place gave me 3100.... and i bought a cheaper car at the place that gave me more... ( usually if you buy a more expensive car, they will give you more for your car) but not in my case... oh btw, dont go to a friend unless hes raly going to help you
    Anonymous

    Answer by Anonymous at 12:11 AM on Feb. 18, 2009

  • My hubby is a car salesman and he says that anon 11:44 is correct with her statement. so there ya go! Good luck!
    jokermom

    Answer by jokermom at 12:16 AM on Feb. 18, 2009

  • btw, if you need any tips on what ?'s to ask and how to make sure you dont get screwed feel free to Message me...............
    jokermom

    Answer by jokermom at 12:18 AM on Feb. 18, 2009

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