trading in a financed car for a cheaper car

Plus you will still owe the. From what I understand is that if you trade in your car that in valued at 8000 and receive a 4000 car they would give you the difference of 4000.

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25k trade value - 20k still owed.

. If you financed your new car and have equity the dealer will pay off your loan and deduct the equity value from the price of the cheaper car. Look up the value of your current car as a trade-in vs private sale on one of the several car websites. If you are not underwater on the car you can sell it or trade it inIf the car is now worth less than you owe on it then you will have to pay the difference if you trade it in for a new car or sell.

On the most basic level trading in your car is pretty simple. Ad No Credit Rejected New or Used Cars Immediate Response. Pick out the new car you want to buy.

Apply Drive Today. Ad Read Expert Reviews Compare Your Auto Financing Options. If you owe more on your.

You find a new car that fits your budget. As to your numbers assuming your figures on trade and the new car are accurate youd end up with a trade balance of 5-6000. You could apply that.

The following steps occur when you trade in your car with a loan. You decide on the new car you want the dealer will look at the Kelley Blue Book Trade in Value of your car and the value of your. Completing this step first makes sure you have a car when you trade.

Yes but you must do your homework first. Obviously you cant sell it. Rates w AutoPay for Great Credit.

Yes its possible to trade in a financed car for a cheaper one but it really all depends on your situation. If the equity in your car exceeds the value of the. When you trade for a car valued at 7000 the car salesman will deduct any processing fees and costs from the excess 3000 and provide payment to you in the form of a.

Those 4000 should go toward your. You can return the vehicle to the dealer but if its before the lease expires youll likely face some stiff early termination fees. Compare Apply Now.

Then do the same for the cheaper car that you. Shop for Cheap Used Cars Today. Ad Best Prices From Local Dealers.

Consumers trade in cars that they still owe money on all the time. Rates w AutoPay for Great Credit. Quickly Filter by Price Mileage Trim Deal Rating and More.

You can also solicit cash offers from dealers using the Instant Cash Offer tool. If you plan to trade in a car you still owe money on first contact your auto loan lender and ask for your payoff amount which could be slightly higher than your remaining balance.

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