Previous Thread
Next Thread
New Reply
Print Thread
Rate Thread
HOW DO CAR TRADE INS WORK IF THE CAR ISNT FULLY PAID FOR? #433164 Apr 2, 8:46pm Apr 2, 8:46pm
Joined: Jan 2005
Posts: 125
Beltsville, MD
F
fabric862 OP
Member
fabric862 OP
F
Member

Joined: Jan 2005
Posts: 125
Beltsville, MD
HOW DO CAR TRADE INS WORK IF THE CAR ISNT FULLY PAID FOR?
HOW DO CAR TRADE INS WORK IF THE CAR IS NOT FULLY PAID OFF?

Re: HOW DO CAR TRADE INS WORK IF THE CAR ISNT FULLY PAID FOR? [Re: fabric862] #433165 Apr 2, 8:59pm Apr 2, 8:59pm
Joined: Aug 2004
Posts: 169
St. Cloud, Minnesota
1997 Red Toyota Celica GT
hs2g
Member
1997 Toyota Celica GT
hs2g
1997 Red Toyota Celica GT
Member
1997 Toyota Celica GT

Joined: Aug 2004
Posts: 169
St. Cloud, Minnesota
I think they give you the money and you pay the rest off. Or they just send the money straight to the bank.

When I sold my car it wasn't paid off, me and the buyer went to the bank where I got the loan from and paid it off. The the bank gave us the lien(spelling?) release.

Re: HOW DO CAR TRADE INS WORK IF THE CAR ISNT FULLY PAID FOR? [Re: fabric862] #433166 Apr 2, 9:00pm Apr 2, 9:00pm
Joined: Jan 2005
Posts: 41
Brooklyn Center, MN
toonie
Member
2000 Toyota Celica GT
toonie
Member
2000 Toyota Celica GT

Joined: Jan 2005
Posts: 41
Brooklyn Center, MN
it's like this, if the car you bought is 17000 and you still got 15000 left; you go trade your car in for a 12000 car and they buy yours for 12000; they'll add that 3000 from your car that you still owe to the car your getting; so pretty much the car your trading in for will be 15000+tax,title,etc. correct me if i'm wrong but that's what i know from a guy that told me how it works

Re: HOW DO CAR TRADE INS WORK IF THE CAR ISNT FULLY PAID FOR? [Re: hs2g] #433167 Apr 2, 9:00pm Apr 2, 9:00pm
Joined: Jan 2005
Posts: 125
Beltsville, MD
F
fabric862 OP
Member
fabric862 OP
F
Member

Joined: Jan 2005
Posts: 125
Beltsville, MD
I am confused. I am trading a celica in a dealer for a tc.

Re: HOW DO CAR TRADE INS WORK IF THE CAR ISNT FULLY PAID FOR? [Re: fabric862] #433168 Apr 2, 9:56pm Apr 2, 9:56pm
Joined: Aug 2004
Posts: 169
St. Cloud, Minnesota
1997 Red Toyota Celica GT
hs2g
Member
1997 Toyota Celica GT
hs2g
1997 Red Toyota Celica GT
Member
1997 Toyota Celica GT

Joined: Aug 2004
Posts: 169
St. Cloud, Minnesota
How much do you still owe and how much is the TC? And how much are they quoting you for the trade in of your car?

Re: HOW DO CAR TRADE INS WORK IF THE CAR ISNT FULLY PAID FOR? [Re: toonie] #433169 Apr 2, 11:20pm Apr 2, 11:20pm
Joined: Apr 2003
Posts: 1,917
Southern California
tru_Asiatik_Pride
Blue MnM
2003 Toyota Celica
tru_Asiatik_Pride
Blue MnM
2003 Toyota Celica

Joined: Apr 2003
Posts: 1,917
Southern California
Originally Posted by toonie
it's like this, if the car you bought is 17000 and you still got 15000 left; you go trade your car in for a 12000 car and they buy yours for 12000; they'll add that 3000 from your car that you still owe to the car your getting; so pretty much the car your trading in for will be 15000+tax,title,etc. correct me if i'm wrong but that's what i know from a guy that told me how it works


yup you're on the money

maybe if i put it an equation, its easier to understand

example:
current car and still owe = 20,000
trade in value = 15,000
---------------------------------
what you will owe = 5,000


cost of new car = 25,000
what you owe from trade = 5,000
---------------------------------
actual cost of new car = 30,000

this is called, being "upside-down" on your loan


on the other hand, if the trade in value is higher than what you owe, they will deduct it from the cost of the new car.
does that make better sense to you?

Re: HOW DO CAR TRADE INS WORK IF THE CAR ISNT FULLY PAID FOR? [Re: tru_Asiatik_Pride] #433170 Apr 3, 3:57am Apr 3, 3:57am
Joined: Jul 2002
Posts: 10,123
Milford, NJ
VSGTS14
05 WRB
2005 Subaru WRX STi
VSGTS14
05 WRB
2005 Subaru WRX STi

Joined: Jul 2002
Posts: 10,123
Milford, NJ
the difference between what the car is worth and what you owe on it is subtracted from the cost of the new car.
unless of course, you owe more than the car is worth, then it's an upside down car


SUBARU TECNICA INTERNATIONAL
Re: HOW DO CAR TRADE INS WORK IF THE CAR ISNT FULLY PAID FOR? [Re: VSGTS14] #433171 Apr 3, 4:25am Apr 3, 4:25am
Joined: Jul 2004
Posts: 2,016
Ontario
H
Haulin_A_Doo
Specialist
Haulin_A_Doo
H
Specialist

Joined: Jul 2004
Posts: 2,016
Ontario
If you owe a lot more than the car is worth, your deal may not go through. You might have to arrange alternative financing & make a lump sum payment when you make the purchase to makeup for the shortfall.

It sucks when you trade-in a negative networth car, it makes it that much harder to get a head on your next vehicle. thumbsdown

Join the conversation - Register Now or Log In to add your comment


Moderated by  isaac 

Member Spotlight
gts_drew
gts_drew
2000 Toyota Celica
Nc, Usa

Posts: 218
Joined: December 2004
Show All Member Profiles 
Recent Topics
stock radio hardware
by 97celica. 12/12/2017 12:12 PM
FS: 2000 Toyota Celica for sale Los Angeles area
by LaRN. 12/10/2017 9:52 AM
Toyota Celica Upgrades
by FlawlessGamerYT. 12/09/2017 11:06 AM
Why did my tachometer stop working
by NinjaMasterShaw. 12/08/2017 6:20 AM
Gauge cluster board aftermarket
by NinjaMasterShaw. 12/07/2017 5:06 PM
How would I go about giving my steering wheel a facelift
by NinjaMasterShaw. 12/06/2017 2:22 PM
Hard to press cluch pedal?
by Arve2afm. 12/05/2017 6:40 AM
Hello! New Member here :)
by Kizmo_JW. 11/29/2017 2:30 PM
Customize Your Toyota Celica Privacy Policy · About · Contact
Privacy Policy · About · Contact
CelicaHobby.com is an independent Toyota Celica enthusiast website. CelicaHobby.com is not sponsored by or affiliated with Toyota Motor Sales, USA, Inc. in any way. The Toyota and Celica names and logos are trademarks owned by Toyota Motor Sales, USA, Inc.
© CelicaHobby.com, 2001-2017
Powered by UBB.threads™ PHP Forum Software 7.6.1
(Snapshot build 20171122)