Negative Trade In?

[larryeastwood]

Anybody have experience with trading in a vehicle you still owe money on and rolling it into a new vehicle purchase?

 

[jjs07]

It could work in your favor if your car is worth more than what you owe on your payments.

Out of curiosity, how much do you owe on your car and roughly, how much is your car worth (make/model/condition)?

 

[jaypesoz]

My boy traded in his 350Z for an FR-S and he had $1k negative equity at the time. I'm assuming they just broke that total up in his lease. Pretty simple stuff.

But yeah, Jj mentioned the other side of the coin. It just depends what kind of vehicle you have compared to what it's worth to the stealership.

 

[larryeastwood]

It could work in your favor if your car is worth more than what you owe on your payments.

Out of curiosity, how much do you owe on your car and roughly, how much is your car worth (make/model/condition)?

I owe 4,000 on a 2003 Monte Carlo SS Just hit 80k miles. I keep up with the routine maintenance and keep it clean.

 

[bravelude]

why dont u sell it, n why u wanna take a negative hit dat way,

 

[jjs07]

It could work in your favor if your car is worth more than what you owe on your payments.

Out of curiosity, how much do you owe on your car and roughly, how much is your car worth (make/model/condition)?

I owe 4,000 on a 2003 Monte Carlo SS Just hit 80k miles. I keep up with the routine maintenance and keep it clean.

Yeah, I don't know the value of your MC, but I'm going to assume it's worth more than 4gs. You can EASILY use the money you get towards the trade in.

*Or like dude above me said, you can try to sell it on your own....this way you'll most likely walk away with more $ than the dealer would offer.

 

[bigboss]

I owe 4,000 on a 2003 Monte Carlo SS Just hit 80k miles. I keep up with the routine maintenance and keep it clean.

@IKnowNuffin  will buy that in a heartbeat, that's his dream car.

 

[larryeastwood]

I am considering other options as well. Just wanted to gather personal experience/opinions on this as well too.

 

[yanky]

What are you trying to get?

 

[stillin729]

you will get the difference in the trade

it's only negative if you owe more than the dealer is quoting you on the trade

 

[crcballer55]

First, you'll get at least a couple grand more if you do a private sale. Second, you're just owing more on the vehicle you're buying, meaning it will cost you more in the long run since you'll be underwater on that one for A LOT longer.

 

[iknownuffin]

@IKnowNuffin
 will buy that in a heartbeat, that's his dream car.

Very funny
Good thing you didn't give advice
(He owes 30k on a bmw that's not even worth 30k now or in a year when he has to replace the engine
Then brags about how he's 25 and how many 25 year olds can have 30k in debt for a car )

Basically you gotta find out how much it's worth to dealers or on cl. If it's worth more than what you owe. Say it's worth 500 more than what you owe then the excess (500) goes toward the new car.

Ps this "internet ganster" is still waiting for your punk *** to see what's up

 

[hybridsoldier23]

View media item 1486414

 

[bigboss]

 

[superblytrife]

Serious business up in here!

 

[MVP]

I'm pretty sure my 2012 Camaro is worth more than I owe on it, may just trade it in for the 2016 if they look decent to get out of this crazy interest rate I'm in right now. 

 

[Chopper]

I owe 4,000 on a 2003 Monte Carlo SS Just hit 80k miles. I keep up with the routine maintenance and keep it clean.

God damn you are doing it wrong.

 

[Betonblck]

Yep, I do. All they do it roll it into the new purchase like a trade in. If your car is worth $5k more than you owe, you get $5K towards the new car. It is the opposite if you owe more than the car is worth.

It's pretty simple and the dealer does all the work, you just tell them who the car is financed through, they call them and it takes 2 minutes to find out your exact payoff amount. They take care of paying off your old loan. Then you sign all the paperwork for the new loan.

 

[iknownuffin]

Exactly so either shut the **** up
Block me
dont block me and stop worrying about me
Or you know where I am