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Joined: Jan 2005
Posts: 125
fabric862
Member
fabric862
Member

Joined: Jan 2005
Posts: 125
Beltsville, MD
Apr 2, 9:46pm - #433164 
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?

Joined: Aug 2004
Posts: 169
hs2g
Member
hs2g
1997 Red Toyota Celica GT
Member
1997 Toyota Celica GT

Joined: Aug 2004
Posts: 169
St. Cloud, Minnesota
Apr 2, 9:59pm - #433165 
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.

Joined: Jan 2005
Posts: 41
toonie
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toonie

Member
2000 Toyota Celica GT

Joined: Jan 2005
Posts: 41
Brooklyn Center, MN
Apr 2, 10:00pm - #433166 
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

Joined: Jan 2005
Posts: 125
fabric862
Member
fabric862
Member

Joined: Jan 2005
Posts: 125
Beltsville, MD
Apr 2, 10:00pm - #433167 
I am confused. I am trading a celica in a dealer for a tc.

Joined: Aug 2004
Posts: 169
hs2g
Member
hs2g
1997 Red Toyota Celica GT
Member
1997 Toyota Celica GT

Joined: Aug 2004
Posts: 169
St. Cloud, Minnesota
Apr 2, 10:56pm - #433168 
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?

Joined: Apr 2003
Posts: 1,917
tru_Asiatik_Pride
Blue MnM
tru_Asiatik_Pride

Blue MnM
2003 Toyota Celica

Joined: Apr 2003
Posts: 1,917
Southern California
Apr 3, 12:20am - #433169 
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?

Joined: Jul 2002
Posts: 10,123
VSGTS14
05 WRB
VSGTS14

05 WRB
2005 Subaru WRX STi

Joined: Jul 2002
Posts: 10,123
Milford, NJ
Apr 3, 4:57am - #433170 
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
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Haulin_A_Doo
Specialist
Haulin_A_Doo
Specialist

Joined: Jul 2004
Posts: 2,016
Ontario
Apr 3, 5:25am - #433171 
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

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