Question about Vechicle trade-ins

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xmaddchillx

Member
Joined
Nov 9, 2008
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126
Location
Boca Raton, FL
Has anyone ever traded in a financed vechicle with money still owed to the financial institution for another vechicle? How does the process work? Might sound stupid but I really want to attempt to get rid of my chrysler 300 for some sort of SUV.
 
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The dealership you are trading it into will pay the existing loan off for you.

The key is to not be upside down in your current car. Meaning don't owe more than what it's worth.

If the car is worth $5,000 and you owe $8,000. The dealership will pay off the existing $8,000, but then they will tack on the difference ($3,000) onto your purchase of the SUV. Or at least they will try to.
 
A lot of dealerships are REALLY struggling right now, so don't be afraid to drive a HARD bargain. Whatever you're interested in, go and see it several times over several weeks....the more time the sales reps have invested in you, the more they want to make the deal happen.
 
Yea, heck find as many friends or neighbors as you can that want new cars and all of you go together and work out a deal for 10 cars or something. You might get one thrown in for free.
 
Try to seel it on your own, it is bad times, but used cars go up in value when new car sales decline. You will have to come up with the difference between what you get for it and what you need for the payoff. Call who ever holds the note on your old car and ask for a 30 day payoff amount, then try craigs list, or E Bay and see if you get as close to it as you can. Then shop for your new car.
 
If you sell it yourself, you have to have the amount of the difference either in hand or ready to sign papers at a bank. If someone buys a car, they don't want to wait a long time to get the title from a private sale.
 
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