Feb
Just wondering if i could trade it in while i am stillpaying a bank for the loan for my car and if i can how does the process work? Thanks!
Answer:
that is actually a very common occurrence - the dealer will pay off your loan and add the difference of the trade in value (unfortunately it will usually be less than the loan balance in many cases so you end up in a negative equity type situation) so the price of the new car ends up seeming to be more expensive than the original price - that doesn't always have to be the case though - often enough to mention, there are some really good deals on remaining stock from last year (2007 or even 2006 on some specialty cars) that have super rebates and incentives from the automaker and you end up not losing anything at all - it all depends on the situation but, don't let any dealer lie to you and make you think that they are the only ones that will offer that "favor" - every dealer does this type of deal at least once a day - in fact I'd bet that half or more of their deals are done that way. A lot of people never keep cars for more than 2 or 3 years anymore and cars are a lot more expensive than they used to be so paying off a $30K loan for an ordinary car is harder to do since salaries haven't kept up with inflation in any sector except maybe medicine.
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the bank and the car are separate. you might have trouble getting another loan for a new car though. the two should not affect one another. you still have to pay off the loan no matter if you have the car or not.
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i think you should ask a bank or something
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YES
they will add it to your new loan.
I would not do it.
Answer:
Depends whether it was car finance or a personal loan
If you want to sell a car that has car finance on it you will need to get a loan and pay out the car finance before you can sell it.
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Yes you can, as long as you'll have enough money for the pay-off amount you can sell it at any tme.
Answer:
Yes. When you trade your car in, the amount you owe gets added to the cost of your new car. Basically the dealership pays the debt you owe, and you pay them back with your new car payment.
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Yes, but remember, you may be what is called upside down with your current car. Meaning, you owe more than it's worth. In that case the difference will be added to your loan.
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You need to tell the person or place where you are going or planing on trading in your car, that you still owe money on your car. More than likely, they will pay off whatever you owe.. and you will be ok.
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You can do this, but you want to be up front with your bank and the car dealer about it. If the Car dealer accepts your car in trade they will have to contact your bank and agree to pay the loan off to secure title and ownership to it.
Good luck
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If you're trading it into the place that is your current loan holder otherwise that is theft by conversion (selling something that you don't really own yet)
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If you are trading in a car that isn't paid off yet the dealership will tack on the payoff value of your old car into the new loan of your new car.
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No… I bet the loan institute has the title anyway.
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yes you can trade it in. The dealership will decide what they will give you for trade in which gets subtracted from the asking price of the vehicle you want to buy….then the payoff of your original loan gets added to that. Hopefully they give you at least what you owe on it for trade in.
Answer:
it depends on the dealership you are trading with, generally they will pay off your car and add the balance to your new one. but be careful you could end up paying more for your new car than it is worth. you would be better off selling your car out right for at least what you on it if not more and apply the gain to your down payment
Answer:
Gosh, does anybody really know how this works? LOL
Here is what happens.
1. You bring your current vehicle to the dealer. Dealer appraises the vehicle and gives you that dollar amount.
2. You and dealer compare the appraisal value to the amount you still owe on the vehicle. If you owe less than appraisal, you're in good shape; if you owe more than appraisal, you are what is called "upside down."
3. You select your new vehicle and negotiate a selling price with dealer. Dealer begins paperwork.
4. Dealer takes sale price, adds your loan amount, and subtracts your appraisal value. This is where being upside down factors in; if you are several thousand dollars upside down, you need to select a new vehicle that can absorb the additional amount you will need to be financing.
So….if you have a car that is appraised at $5000 and you owe $10,000….and you select a vehicle that is priced at $15,000….you will essentially be financing $20,000 (less any down payment you may have). But if you have this $5000 car and you only owe $2000, then you can use the additional $3000 as your down payment and finance $12,000.
Once you go through the process and sign the paperwork, the loan officer at the dealership will contact your current lender to arrange payoff of your trade. You do not need to pay them off first; you do not need to deal with them in any way (though you may need to call them while at the dealer's, to give them permission to tell the dealer your payoff amount).
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sell it to pay off the currant amount FIRST.then get your next one.backwards or forwards .your choice
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you probably shouldn't look to buy a new car if you haven't paid off your present one, but yes you can trade in your car.
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Your bank loan agent is qualified to be of some assistance answering your questions. I'd also ask a good attorney, too–because property loan transfer laws vary by state.
Logically, your potential buyer must be cleared by the bank to qualify for maintaining the loan. Arrange a meeting between you, the buyer and the bank loan agent. If they're cleared to do so, it's a matter of signatures noting legal loan responsibility is transferred from you to them. Don't expect to make a profit from this arrangement, given you attract a buyer to agree to do this.
How this may affect your credit score is not known.
Then again: some car dealerships may accept your car trade in and loan for it; but there's surely to be catches with your next car purchase, should you accept their offer.
Answer:
Yes you can. How it works is your car is worth an amount for trade in. Let us say it is worth $10,000 for a nice round number on trade. Now lets say you owe $8,000 on it. Your trading on a car that is $13,000. So you would take the $13,000 for the new car subtract the $10,000 your car is worth which would bring you to $3k then you would add your payoff back, so that would bring you to a new loan for $11k.
Now if you owe more than it is worth things change. If the car is only worth $8K and you owe $10K then you would be financing $15K plus tax etc for the new car.
Do your research and shop. kbb.com is a good place to get trade in value for your car!
Answer:
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Answer:
You can try to trade in your car. But I don recommend it. Dealerships will always give you the lowest amount for your trade in. Since you still owe on it find out how much you owe and do some research on how much is your car being sold for. I recommend you use AutoTrader.com. Call you finance company and find out what you pay off is. If its higher than the the amounts the unit is being sold for than you would need to pay the difference. If you sell it as a private seller and working with your finance company you should be able to get a better price for you car. Otherwise if you do a simple trade in the you will get very little for youre car and the diffence will be added to you new loan if its not to much. Any questions? email me Book Mark it-> del.icio.us | Reddit | Slashdot | Digg | Facebook | Technorati | Google | StumbleUpon | Window Live | Tailrank | Furl | Netscape | Yahoo | BlinkList