Can I trade in a car I'm still paying on?

Can I trade in a car I'm still paying on?

Postby cook12 » Tue Mar 15, 2011 10:03 pm

My parents got a loan and bought me a car, I've had it since June but I want to trade it in but haven't paid off the loan is it even possible to trade it in for a newer car that $10,000 more than the car I have now? And would it help out more if I put a couple $1,000 on a down payment?
Another thing about this car is it's a infiniti g35 I bought it & it was in brand new condition this being my first car it's not as great as when I first got it, it has a dent in the fender it's not too big, & it has a dent in the bumper the size of a basket ball I took it to body shops and they told me $1,000 + to fix them. So if I was to trade it in should I leave it as it is or repair the dents?
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Can I trade in a car I'm still paying on?

Postby eljin » Tue Mar 15, 2011 10:04 pm

Yes you can...you may or may not get enough to pay off the other loan...if not, they increase the cost of the new car to compensate. I'd repair the car and make it pretty before trading it in...also, any money you put down helps you get better terms and rates for the loan.

Good luck!
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Can I trade in a car I'm still paying on?

Postby aghy68 » Tue Mar 15, 2011 10:06 pm

Hello Good Day,

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God bless you all in Jesus name amen
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Can I trade in a car I'm still paying on?

Postby caseareo73 » Tue Mar 15, 2011 10:08 pm

Of course you can trade it in. This is America, you can do anything you want as long as you are willing to pay for it.


Here's how it works.

When a dealer makes you a trade in offer then are basically offering to buy the car from you. The money they offer you MUST go directly to the bank to pay off that remaining loan balance. If there is money left over you can use that as a down payment. If the money they offer you does not cover the entire loan balance then you must pay the remaining balance out of your pocket.

There are two very important numbers that you must be able to manage in order for this deal to work.

You need to know your loan balance. This number is fixed, you can't change it.
You need to know what your car is worth on the open market. This number you have some control over since you can do things to the car to make it more valueable. You can go to different dealers looking for a better offer or you can sell it yourself and get more money for it.

Your task is to reduce or eliminate the difference between what you owe on the car and what someone is willing to give you for it. if you can't do that then you will lose money on the deal.

In the end your loan must be paid off in order to sell or trade in your car. If the buyer doesn't pay it off then you have to. There is no deal until that title is in your hands and you don't get the title until the loan is closed.
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Can I trade in a car I'm still paying on?

Postby baethan » Tue Mar 15, 2011 10:10 pm

to elaborate on the comment before mine, you don't have to pay "out of pocket" to compensate for negative equity in your vehicle. Rather, the dealer will roll the remaining money owed into the loan on your new vehicle, given that the bank approves it. In that particular case, money down is always a plus for the banks and dealers to see because it helps compensate for that negative equity.
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