I am making payments on my car, but recently have been thinking about buying a new one. Do I have to wait til I paid my car off first? Or do they just add my balance to the car price? Anything else i need to know?
Tags: car price
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You can trade it in anytime you wish.
The dealer will payoff the balance on your loan and if you have equity it will be applied as downpayment on your next car. If you are upside down (meaning u owe more than its worth) then the negative equity will raise the price of your next car by that amount.
you trade it in. a dealership will look at your car and give you an offer for it which is usually a low ball offer and you will be upside down on your payments. If you’re upside down, you will lose lots of money on a trade in. It is best to sell your car privately so you can get the money to pay it off or maybe even a few grand more than you currently owe.
You can still buy a new car.
Your trade will go towards paying the balance of the loan.
You then start over with what is left.
This only becomes a problem if you owe more than the vehicle is worth to the dealer.
Most dealers no longer use a blue book to derermine the value of a car. Most now use a private service availible only to dealers called Manhiem. Manhiem gives the high ,low and average prices that a similar vehicle vehicle has sold for at a auction in the area. The dealer will use this price for their offer. Why would they want to you more money if they can get the same vehicle for less at an auction?
If you owe less than its worth you should be able to trade it in. The dealer will handle it for you.
you can trade owing money which gets added back to the end of the deal that you pay.i answered this in detail earlier for someone that didn’t want to get "screwed over" on a trade in ,like 20 mins. ago.
Your basic assumption is correct.
When you trade in a car the dealer is actually buying the car from you. If they make you an offer that is more than the amount you owe the bank the balance gets applied to the new car as a cash down payment.
If their offer does not pay off the loan completely the discrepancy must be paid by you. You can pay it out of your pocket in the form of a larger cash down payment or in some cases (but not all) you can roll the amount into the price of the new car.
If you roll the amount into the price of the new car you will be paying more for the car than it is worth creating an instant upside down situation. Something you should try to avoid.
What’s wrong with your car now, Just be thankful you have a ride, and be content. I know I sound angry and stuff but come on look at our country we’re in the shape we’re in b/c of people like you, they aren’t content!!!