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trading in a car you still owe on

Posted by on Jan. 23, 2013 at 3:38 PM
  • 7 Replies

Hey has anyone traded in a car to get a new one but you still are making payments? We still owe like $12,000 on our car but we are due soon with our 2nd child and need something bigger. How does it work? Will it affect our credit? I'm trying to figure out if its a smart move or not. Thank You.

by on Jan. 23, 2013 at 3:38 PM
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Replies (1-7):
Arwyn724
by on Jan. 23, 2013 at 3:42 PM

If the car cannot be marketed for more than what you owe, the dealer will have to pay off the first car and will tack the balance of what you owe onto your new car.

mama728
by on Jan. 23, 2013 at 3:45 PM

 

oh ok. thank you

Quoting Arwyn724:

If the car cannot be marketed for more than what you owe, the dealer will have to pay off the first car and will tack the balance of what you owe onto your new car.


 

BabyGsMommy11
by on Jan. 23, 2013 at 3:48 PM
DH had a truck. Owed "X" amount on it still.
Went to Nissan - leased a new Altima. Nissan paid off loan for truck, but tacked it onto the lease. Lease was coming close to being up. Over on miles. Went into Nissan and walked out with a brand new Altima with 2 vehicles rolled into it's loan. We now pay $416.37 a month!!!! I don't suggest rolling another vehicle into a new or used one.
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davnrori
by on Jan. 23, 2013 at 3:51 PM

 If what the dealer offers you is less than what you owe on the car, say they offer you 8K, then the additional 4K will be financed into the loan for your new car. So if you were buying a 16K car your loan would be for 20K. It can be a smart move if you get a good price for the car you are getting rid of. Make sure you do your research and know what your car sells used at a dealership. That will give you a good starting point. Any cosmetic damage to the car will bring the price down, as will any mechanical problems. I would get the car checked out by a mechanic before going to the dealership so that you have proof that the vehicle is in good working order. It would also help you out if you had the records of all maintenance done on the car while it was in your possession. I would also ask the dealer how many of your type of vehicle they have on the lot because the more they have, the less they will offer you. Good luck!

frndlyfn
by Emerald Member on Jan. 23, 2013 at 3:51 PM

We only owed 200 so not sure if our experience will be yours.   I was pregnant and it had been run into while we were in our apartment.  It would not start at all so we called a local dealership and they picked us up to go over there.  We were able to buy a year old slightly used car and they put the payments for other car into the grand total for newer car..

mama728
by on Jan. 23, 2013 at 3:56 PM

ok thank you everyone. I have it figured out now. :)

Jubileee
by Member on Jan. 23, 2013 at 3:57 PM
Negative equity. I don't suggest doing it. My dh did and it sucked!
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