Trading in a financed car for a cheaper one?

This is the situation. I have a financed car two years into the finance. The car is worth more than the remaining balance by about $6, 000. I would like to trade it for a cheaper car and get the difference as well as lower my monthly payments. How this should be done? Is it possible? Do car dealers help in this situation? Please be as specific as you can. Thanks so much for your help!

Responses:

Will the dealers "help" in this case - that depends on the dealer. The dealers definitely can do this kind of thing, but you have to find the dealer that will pay you as close to the trade in value that you are expecting as possible. Not all dealers will give you a good price on the trade in. I am currently looking to trade in my vehicle and I know. Do not ume that any dealer will help you. you have to help yourself to get the best deal. 1 Find out what your car is worth 2 Know exactly which car you want to buy and price range. Kbb.com, edmunds.com can you help you with these two steps. For step 2 you can refer to carreview.com to get user opinions on various cars. 3 It is not always the best thing to sell the car outside and go and buy a different car because when you trade in a car you save sales tax on the price of the trade - in. Let's say your car is worth $10, 000 and your new car is worth $6, 000. In this case you will not need to pay sales tax on the new car at all since the value of the new car is less than your trade in value. If the new car is worth $12k then you will pay sales tax on the $2k. So regardless of how you do it you have to figure this in to see which is the better deal. If you have a car that is in high demand, you may be able to get a good price outside and thus net out better if you sell outside and buy a new one outside. 4 Shop around for the car you like and negotiate the price. Bring up the trade information at the very end. 5 If you are going to finance the new car it is better to arrange your financing outside before you walk into the dealership that way you can avoid all the scams that they pull with monthly payments, rates etc. 6 You may also want to look into trading the car in at CarMax. Good luck!
Im in the EXACT same situation! I havent gone as far as going to the dealership to see what they can do but i have been told by friends in the car business that dealerships are not interested in this too much. They generally are not interested in HELPING YOU so much as they are all about making money. You are "upside down" - means you owe more than what it is worth. I suggest keep making payments and try to refinance if it is too expensive for you. I am trying to remedy my situation by paying a little extra each month. Hope this helped a little!
My brother was able to trade in a used SUV for a new minivan and walk out with a check for the difference. The first step is to find the car that you want before you discuss anything else with the dealer. Once everything is set for the purchase for the car you want, you say, "Oh yeah, I have this other car. " and explain the situation. If you reveal everything all at once, you will not be able to negotiate as low a price for the car you want. Another way to do it is to sell your current car to a private party, use the profits to pay off the loan, and use the rest as a down payment on a new car
If your car is worth that much more than you owe on it, sell it outright, spend a few dollars cleaning it up. The dealership will certainly "help" you, but they are in business to make money, put your vehicle in the paper and get what you can for it, The dealership will either farm your vehicle out or just give you the least amount they can talk you into taking, and then try to make you feel like they are doing you a favor
Dealers want to sell new cars but they also want to make money. Basically, you want to trade in one car and buy another. There are two transaction. The question is how do you get the most for your trade and get the best price for your new car with the least aggravation. Here is what I would do. 1. Go to KBB.com and figure out a fair or target price for your existing car. 2. Go to the dealer and negotiate the best possible purchase price for your new car. 3. Only after the purchase price is agreed upon, see how much you will get for your trade if you give it to the dealer. If it is not close to what your target price is, sell your existing car privately
i Believe you need to be more specif about your situation. I ume you are in a situation like this you owe 6000 on a vehicle that is Worth 12000. That being the case and if you want a cheeper car with a cheeper payment or no payment at all. Research what you are looking for go to Nada.com or kelly blue book and know what cars are worth exactly then you can goto dealer lots and check on the cars available and know there value. Also be sure to check the trade in value of your vehicle most likely this is all they will give you for your vehicle at best. KNOW what you want when you go in and do not let the salesman talk you into anything else know what you are willing to deal for and do not budge not even a dollar either they will make the deal or they won;t but be willing to walk away. Be upfront and rude if necessary. I am a ex car salesman I know a lot of the tricks and they will try to to get you to buy newer to extend the payment etc. Know what you want to pay know what you want for payment and how long you want to make payments. And most of all good luck

Tags: kind, cleaning, interested, outright, question

Follow this dicussion..

Related Images:

Knowledge Base

Is the "Cash for Clunkers" plan a ploy to get people to take out car loans they can not afford?

if you have an older car which works perfectly fine, even if it's not the most fuel efficient, will putting $4500 towards a new car a good idea? will it er people into taking out new car loans because of this unbelievable carrot dangling in front of them?. i had (car warranty reviews)

Can an Auto dealer a spare key a VIN number?

do no good vehicle is towed to dealer so program key to electronics of vehicle, locksmith cut a key to enter vehicle cheap. yes they can. yes they can cut a new key for you provided you show ownership of the vehicle, a copy of the le / registration or (car rental vegas)

Does anyone know of a website with cheap reliable cars for sale in Indiana?

my family e looked but and i are in need of a cheap but reliable mini van? i have been looking but having no luck. used cars can be found everywhere. but it is your job to find the reliable from junk. people do not say, oh i have a (car rentals)

Related Images:

Knowledge Base: Cheap Car

Where can i find cheap used cars online ?

where can i look for cheap used cars online ? i need a decent car that i can get for around 1000. craigslist. can go to a junk yard. do not buy cars online!. check easyexport. us / ?a_aid=49e6f684c12b9. there are a lot of used cars. you will find something. (cheap vehicle)

looking to by a car cheep like 500$ any good web sites?

i get on cragslist all the time and im just not finding any thing good i need a cheep car to get here and there i live in yamhill or. if that helps any!. lol. autotrader.com. yeah sounds rediculous but you may actually find something if you check around about (cheap cars for sale)

What is a cheep car to insure for a new 17 year old male driver?

im a new 17 year old male driver and am trying to find a cheep car to insure. all cars iv looked at have a serious amount of money to insure, some up to 3 or 4 grand, does anyone no a cheep car to insure?. finding cheap insurance when (cheap cars for sale)

How do I get cheap vehicle insurance quotes?

with all the various providers, how can i determine which is the lowest. go compareeeee, go compareeeeeee, when in doubt check them out go compareeeeee. did you really need to ask this questiion? all you can do is what everyone else does - phone around and compare. i do not (cheaper car)

how do i buy a cheep car im 16 ?

hi! ill make my question simple. - i need advise on getting a car for a teenager i am 16, i have 2 jobs - my parents are making me pay for insurance, registration, and a car - i need a cheep car but not a wreak, but where?! how?! (cheap used cars)

Related Images:

Knowledge Base: Cheaper Car

How would this work out in trading a car in for a cheaper car?

the car has $17, 000. 00 left in payments, and the blue book is only 9, 000. 00 trade in. if the car was traded in for a car much cheaper like 7 - 8 thousand, what becomes of how much is owed and how are the payments affected by (cheaper car)

Do you think it is better to buy or to lease a car? I never drive far and my husband says it will be

cheaper. the window - at the end of your lease, you have nothing to show for it. to buy the car. some people love leasing and others do not. personal preference. i always bought a new car. i drive low miles and take excellent care of my car. you can (cheaper car)

if i get a cheap car will my insurance be cheaper or more expensive?

i have a car that i can have given to me it is about 5 years old but can not aford the first years car insurance out right if i sell it and gt a cheaper car will the insurance be cheaper or more expensive because it is an older (cheaper car)

Can I trade my new car of a cheaper one at the same dealership?

hello, in december, i bought a 2008 elantra and pay 456. 22 per month. the car is financed by the dealership chysleter misspelled. now, i have come across hard times and i was thinking can i trade in the car for a cheaper car for cheaper car payments or can (cheaper car)

Trading in a financed car for a cheaper one?

this is the situation. i have a financed car two years into the finance. the car is worth more than the remaining balance by about $6, 000. i would like to trade it for a cheaper car and get the difference as well as lower my monthly payments. how this (cheaper car)