How to Trade in a Car you Owe Money on or is NOT Paid Off (Former Dealer Explains)

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Negotiation Guides

Negotiation Guides

3 жыл бұрын

In this video, I explain How to Trade in a car you Owe Money on or is NOT Paid Off.
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Пікірлер: 361
@pencraftsmanship
@pencraftsmanship 3 жыл бұрын
Vroom is offering me several thousand more than the dealership. Could I use that at the dealership to see if they will meet it?
@negotiationguides
@negotiationguides 3 жыл бұрын
Yes you can certainly ask for a match and if not a check to pay vroom any difference owed
@erikceniceros119
@erikceniceros119 3 жыл бұрын
@@Kryptic1046 so its kind of like I sell my car to dealership B with the help of their money so I can use the total money to buy a vehicle back at dealer A the one that gave me a check?
@Kryptic1046
@Kryptic1046 3 жыл бұрын
@@erikceniceros119 - Correct.
@benjaminbenson8914
@benjaminbenson8914 2 жыл бұрын
@@negotiationguides hey Ari I live in Massachusetts Haverhill Mass.. I have a 2019 Toyota Camry SE nightshade edition.. I leased it my lease is up in July I owe 15 g's and change on it I got a quote from CarMax they offered me $20,800 for it... So I got about five grand of positive equity, my question is I wanted to get in to like an affordable Lexus or even that Kia K5 GT... Even with putting four grand down it seems like my car payments are still going to skyrocket I only play two 10 a month for my 2019 Toyota Camry and they tried to rape me and make my payments 3:30 something and I talked them all the way down.... I just want to get into something a little sportier and more bells and whistles with three to four grand down and keep my payments in the 200s at least is this feasible?
@TOXIC-jq3ry
@TOXIC-jq3ry Жыл бұрын
@@benjaminbenson8914 just go to the dealer and ask. Or go directly to the bank or union and ask for the loan and negotiate the payments directly with them. Payments are based on your credit, the amount your asking for, and your history with debt and paying it. A down payment of a few grand isn't really going to make much of a difference.
@victoriarosado7705
@victoriarosado7705 3 жыл бұрын
I love that. “ some people don’t have a choice” The accuracy is 100%
@Operation3Sixty
@Operation3Sixty 5 ай бұрын
Yea they do. Don't trade your car in
@tingtaiji
@tingtaiji 5 ай бұрын
No. Im in that position. Just got a car 4 months ago been in the shop 3 times. It’s still under warranty so it’s getting fixed and not quite hit my state’s requirements for lemon law. Meanwhile, the car has now severely depreciated and I have negative equity on a crap car.
@icryglitter444
@icryglitter444 Ай бұрын
​@@tingtaijiyep I agree. I still have 10,000 and probably more due to interests but I've only had it for a year and I will have spend about 2,000 in repairs. I have a 2012 Chevy Cruze and I don't want it anymore lmao
@kellyshirley7356
@kellyshirley7356 22 күн бұрын
Thank you so much. I am one of those people. I was screwed at a car dealership because I was uneducated and ignorant. I have already dished out thousands fixing this “new” car and something else that costs $3k to fix just messed up. I can’t do it anymore. I HAVE TO GET A NEW CAR. Thank you so much.
@joshhogan7378
@joshhogan7378 Жыл бұрын
Great information! And the bit at the end. Super necessary! Thank you for meeting people where they are in their current situation.
@faznout
@faznout Жыл бұрын
Just to simplify everything it all has to do with having a healthy down payment. In reality car dealers could really care less what you owe on the vehicle. The less you owe the better it is for you like anything under $8,000. Plus it also depending on the value of the vehicle, what you owe, and your credit and income all makes a difference in how much they'll ask for down. But there have been people who have traded in cars where they owe $20,000 but they paid 8,000 or more down on the new car. But if you owe $20,000 and say you only have $1,000 down the deal won't happen. And it doesn't matter how nice your $20,000 car is. It also has to do with the value of the vehicle you're trying to get. If you want a $10,000 car but you owe $20,000 on your current vehicle no bank will finance that because you'll be so upside down the price of your new vehicle will be way more than what it's actually worth.
@Billyy.c_
@Billyy.c_ Жыл бұрын
This is a bad example
@Sabrinajeromej
@Sabrinajeromej Жыл бұрын
Yup…just got a charger..had it for About 2 yrs…wanted to trade for a challenger and they wanted 10k down
@StevenNeidlein
@StevenNeidlein 9 ай бұрын
Great advice
@faznout
@faznout 9 ай бұрын
@@Billyy.c_ - How is it a bad example?
@BillyBob-jb3yy
@BillyBob-jb3yy 5 ай бұрын
Car dealership the biggest rip off
@louisandrews8234
@louisandrews8234 5 ай бұрын
This was the most helpful trading information on negative equity. I found so far online.!
@jestexan12
@jestexan12 Жыл бұрын
Very simple and concise explanation. Great job!
@dizboi607
@dizboi607 Жыл бұрын
This is really 100% well explained......this is how everyone should have done their content straight to the point ❤
@barbarahodges8835
@barbarahodges8835 3 күн бұрын
Thank you for this valuable info. I have learned today.
@ianreza1222
@ianreza1222 Жыл бұрын
Thanks so much for this video it made so much sense and like you said I don't have a choice but I need a bigger vehicle. It'll be paid off in the same amount of time I hope thanks buddy!
@hippibooy
@hippibooy 2 жыл бұрын
AWSOME INFO!! Thank you.
@georgemk4370
@georgemk4370 2 жыл бұрын
Love you and your info ❤
@911Estyle
@911Estyle 3 жыл бұрын
Sounds exhausting going back and forward. It already takes for ever to get approved and get everything going. Specially when you don't have much free time.
@Caligrown213
@Caligrown213 Жыл бұрын
Thank you for the information 🤙🏿🔥
@thedeadzonemaniac5
@thedeadzonemaniac5 2 жыл бұрын
I have a 2016 ford edge sel that my wife and I are trying to trade in. We’ve been to several dealerships and none will finance the trade because of our high upside down balance of 5k, they want us to pay it off. Also dealership offered 15k for my car where as car max appraised it for 17. Definitely know your cars worth
@jodyreynolds8545
@jodyreynolds8545 2 ай бұрын
Thank you for this info.😊
@Straw_hat_htx
@Straw_hat_htx 24 күн бұрын
Do they want you to pay the 5k upfront? I’m in the same situation but I’m only looking to sell
@zackthompson6286
@zackthompson6286 2 жыл бұрын
im going to use this advice... I'm going to turn my bmw into a porche through car max and idk the buyers yet but im On my way!.
@anthonygarcia5901
@anthonygarcia5901 Жыл бұрын
Im very thankful for this video. Im someone who is im a position where I have no choice. Been stuck and lost on what to do and this helped a tone thank you.
@freebandbizzo1649
@freebandbizzo1649 18 күн бұрын
To add to this I felt the same way as I’m at the bank trying to figure exactly that!!
@Hats1976
@Hats1976 10 ай бұрын
Rebates, rebates, rebates. Look for a vehicle that has a lot of money in rebates and have a healthy down payment. A good interest too, and you'll come out pretty good.
@cesardariovargas
@cesardariovargas 9 ай бұрын
Thank you very much for the advice
@Nomadunlimited
@Nomadunlimited 2 жыл бұрын
Thank you Ari.Wish I found this video 2 weeks ago
@backatbragg
@backatbragg 3 жыл бұрын
Can you discuss the difference on the taxes difference on trading in an older car with a newer one and getting a tax credit ?
@kate60
@kate60 3 жыл бұрын
No tax credit. Sales tax is not refundable. You pay the sales tax rate in your state every time you purchase a vehicle.
@allthingsinteresting6546
@allthingsinteresting6546 3 жыл бұрын
Depends on the banks loan to market value
@carolace3074
@carolace3074 Жыл бұрын
Appreciate your video
@Frfrnetwork
@Frfrnetwork Жыл бұрын
Subscribed 💪🏽
@Rock_Reggae_Riff
@Rock_Reggae_Riff 2 жыл бұрын
I work as a Fleet Auto Technician for a rental company (which I won't say at this point). Long story short, knew what I wanted to buy, also knew what cars had common issues, which ones to buy, and not to buy. Got my employee discount as well as an additional discount since the car was sitting at the lot for more than 2 months, yes I stalked the lot since the shop is next door 😆. As of today, I still owe roughly 7k on the loan. According to KBB, the trade in value is 13-15k. I do understand the lower resale value since it was a fleet vehicle, but I do not know how much lower it really will be. Is it still possible to get a good deal at this point? Should I consider refinancing, lowering the balance, etc?
@SM4YL-LA
@SM4YL-LA Жыл бұрын
@cj reyes Greetings, I am currently seeking to make a purchase of a new luxury sedan automobile. I would kindly request your guidance in determining the comparative merits of select vehicles, namely those of the Cadillac, BMW, Audi, and potentially the Mercedes-Benz. Specifically, I am interested in evaluating factors such as their liability, maintenance cost, and comfort amenities, among others.
@bossclazzic
@bossclazzic 8 ай бұрын
Thanks for this information !! I was trying to figure out how to go about this. Gonna give this a try.
@chinothedreamgiver1629
@chinothedreamgiver1629 2 жыл бұрын
Great info
@sewdutch2
@sewdutch2 2 ай бұрын
Thanks, I subscribed
@repairaholic4858
@repairaholic4858 2 жыл бұрын
I got Stoneacre with a dodgy finance deal I'm at the point now where I can sell it add a little bit of money to get out of the trap.
@calvinnunnally5319
@calvinnunnally5319 3 жыл бұрын
Very interesting 😏 I didn't know this.good to know if u in a trade jam
@FollowKatEverywhere
@FollowKatEverywhere Жыл бұрын
is this still possible to do if you’ve co-signed and the co-signer has never made a payment/ doesn’t live in the same state as you anymore?
@ashleymarie7058
@ashleymarie7058 3 жыл бұрын
What if I am selling to CarMax with a current balance on the car loan that is behind with a settlement amount. CarMax offered me $3600. My settlement amount (to get the title and be satisfied) is $2087. The actual account balance though is 4k?
@hondas8447
@hondas8447 2 жыл бұрын
What happens if the requirements is 3 years they told you but ends up maybe 4 years to finish paying off ,can you get in trouble or they can take your car or at least they receive money still
@McGD4
@McGD4 Жыл бұрын
So if I wanted to trade in a van. I owe $25,000 on. KBB trade in value is 23,000-25,000. Looking to trade in for a Tesla. Would I be better off trading in directly to Tesla or trying to get a full cash offer from kbb, vroom or another comapny to match what I owe?
@MelosGeckosLLC
@MelosGeckosLLC Ай бұрын
Wow, I should’ve did that with my trade value. I’m still happy with my purchase, but if I would’ve known, I can ask the dealer to cut me a check and go pay off the little bit that I owe because honestly all I needed to do is wait one more month and I would’ve had all the money, but I didn’t want this specific Car to get taken off the lot, but this information was very very useful for in the future
@jacquelinemartinez6235
@jacquelinemartinez6235 Жыл бұрын
I didn’t know much so I got a loan for 14,000 they got me with a really high apr, making it a total of above 20,000 which is nothing near what the car is worth. So if I plan to sell it I have to get the whole 20,000? Or just pay off the 14,000 which is what I initially asked for ?
@lifestyleofcori1792
@lifestyleofcori1792 Жыл бұрын
I just feel like there is no way I’m getting a new lease or loan from the dealership without amazing credit . And getting a check from them to pay off the other loan to add it into a loan or lease that I can’t even get smhh😅
@johngonzalez9393
@johngonzalez9393 2 жыл бұрын
Would gap insurance cover that difference?
@na8183
@na8183 2 жыл бұрын
Hey good afternoon Ari, hi need some help I have a vehicle that has about 23,000 needed to pay off 2019 Mitsubishi Outlander looking at a NADA book value of around 10,000, I’m trying to get a lower payment I have about 45,000 to put down would you suggest I look into getting a newer vehicle to trade into or a older vehicle to trade into?
@akilianonymous5427
@akilianonymous5427 2 жыл бұрын
I have a vehicle I want to trade in I still owe 7300 on it but they only want to offer 5/6 grand for it so I’m in Negative Equity at the moment and every time I try and trade in my car they want a down payment is there anyway to trade in my vehicle and pay no down payment?
@sagetajr
@sagetajr 2 жыл бұрын
Ihow much is too much negative equity? Im currently sitting on 10k n.e. Is that a lot?
@georgemk4370
@georgemk4370 2 жыл бұрын
You are the man ✌💪
@emoneybags3673
@emoneybags3673 2 жыл бұрын
I financed a 2014 qx80 in November but want to upgrade.
@rossmurrayfam1568
@rossmurrayfam1568 3 ай бұрын
thankyouu very much buddy
@yonibuni2423
@yonibuni2423 3 жыл бұрын
Okay so the dealership I bought my 2017 Hyundai Elantra GT called and ask if I would be interested in trading in, which I am. So according to KBB my car worth is 7809, so I’m concerned about the roll over amount. Will I end up paying more on a car note if I trade in for a newer vehicle that is more than my current vehicle value? Or would it be less if I look at something closer or less than my current cars value? I hope my question makes sense.
@crimsonhawk11234
@crimsonhawk11234 2 жыл бұрын
You subtract how much your car is worth from how much you owe then add that sum onto your new loan
@Ccstaj
@Ccstaj Жыл бұрын
Ok I have a question for you. I bought a 2017 BMW X5 a few months ago. I just got it apprised for trading it in for a new Audi Q7 and the value came back at the same price I purchased the vehicle 4 or 5 months ago. Honestly I don't care for the Audi. I'm a BMW guy, this is now my 4th. I was wondering if you had any advice on how to proceed trading in my financed X5 for a lease on an new one? **Note 1 out of 4 BMWs will make you pull your hair out.
@cyrusgill1594
@cyrusgill1594 2 жыл бұрын
Thank you
@marlon9683
@marlon9683 11 ай бұрын
Ok got it , so the current dealer will rolled in the remaining balance however if we shop around that balance could be less .. ??
@Christopher.dreamless
@Christopher.dreamless 6 ай бұрын
I want to trade in my truck. I"m sure I can afford to pay the truck down to whatever the dealership/bank offers me for my truck. Should I do that and go into the new loan without being upside down?
@machinesrus9212
@machinesrus9212 2 жыл бұрын
thanks!
@Yes-dy3nx
@Yes-dy3nx 3 ай бұрын
This helped if the car lot DOESNT match your cars worth but what if they do?? Your car is worth 14k, you owe 18k, you trade it in for something 14k, would you still need a down payment for that or would the 18k just transfer over onto the new one that’s paid off so you’d only really owe what you did in the beginning?
@unspokensniperlive8089
@unspokensniperlive8089 2 жыл бұрын
Hello it’s been around 8 months since I financed a car for 36k new and now I want to trade it in for a car that’s 30k. Can I do that how will it work?
@rolandovosotros9313
@rolandovosotros9313 3 жыл бұрын
hi, I just wanted to know if I trade my car, do I have to pay for the amount of insurance inside the said loan? Or I will only pay for the price of car plus dealer fees? ty
@Zaturn_
@Zaturn_ 3 жыл бұрын
Was just doing research on this topic, for the GAP insurance that was rolled into the car loan. While not for a 'trade-in" but rather a refinance, recommended to cancel/ get refund for the cost of GAP insurance in the loan. When you refinance, you normally lose the GAP insurance, unless stated in the policy.
@LilRobby
@LilRobby Жыл бұрын
i got a car from enterprise i believe i was leasing to own something like that, ok so i got plowed into t-boned... isn't there a way i don't have to pay the remaining balance, but just a portion ? i was like halfway through my payments but isn't there a way i don't have to make payments anymore... like where i can just pay a portion of the 12,000 i owe?
@dereklight4804
@dereklight4804 Жыл бұрын
what if you’re trading with a private dealer? such as a car on the street for sale owned by that person while still owing money on your car
@dawnbrathwaite6333
@dawnbrathwaite6333 2 жыл бұрын
I have a 2018 Honda Civic Kelly Blue book value says it’s worth $19,000. I got low balled for $17,000 from a dealership and $18,000 carfax I’m in negative equity my balance $22,000. I want to sell it without a trade in I will have to basically come up with the difference?
@kebomotovibez8511
@kebomotovibez8511 3 жыл бұрын
Wow, my dealer reach out to me about that and I wasn't sure if this were for real.
@negotiationguides
@negotiationguides 3 жыл бұрын
Definitely for real
@BabiRae
@BabiRae Жыл бұрын
thank you
@vicyoung6102
@vicyoung6102 Жыл бұрын
This mam just gave you all a lesson of what it's like trading your vehicle if you know you know
@909TITO707
@909TITO707 6 ай бұрын
Hey ari! Im new to the comment section and new to the channel. I have a Lincoln Mkz and i only owe $2500 i would like to trade it in for a newer car from a different company then the one i bought the car from without paying it off. What do you recommend me do?
@jonahb8083
@jonahb8083 Жыл бұрын
Hey hopefully you can give me a super quick answer, I’m trying to buy a manual Tacoma and trade in my 2022 Honda accord I still owe 28k on it but I could sell it myself for 30 maybe it’s only got 16k miles🤔
@Silverlane.
@Silverlane. 3 жыл бұрын
Thank you for the information!!! I appreciate it
@M4RsHm3llo_Fr0
@M4RsHm3llo_Fr0 2 жыл бұрын
Can I go newer to older if I can’t afford my payments
@f32msprt4
@f32msprt4 2 жыл бұрын
So if I still owe money on the car and it’s not running it need repair, will it most likely be able to trade in or no?
@DJthe2nd
@DJthe2nd 3 жыл бұрын
I have a 2016 Honda CRV that I got in 2019 because at the time I needed another car. Old one was on its last leg. I'm still VERY upside down on it as I owe 23K on it. MY(notice I said "MY") dream car is a 2020 or 2021 Toyota Highlander. How good is resale value for used CRV's? Mine has about 42K miles on it. Is it even remotely possible to trade that in with such a huge balance remaining?
@Sly-cl3zj
@Sly-cl3zj 4 ай бұрын
What did you do
@joshuacooper5254
@joshuacooper5254 Жыл бұрын
I have a 2015 Dodge Dart GT with like 84,000 miles on it the price I’m paying monthly I can get a newer and better car and pay the same I was thinking of a 2020 Toyota Camry TRD will that work I also just got it and august
@SuaveOnFilm
@SuaveOnFilm 3 жыл бұрын
Hey Ari, I have a Kia Rio with a payout of 16.3k, my local Kia is offering me 12-13k trade in, (bought it for 12.6). My question is, if I want to trade it in for a K5, can I still shop around for my own auto loan rate or am I obligated to finance at the dealership since I’m doing a trade in considering I’ll have about 3k rolling over.
@negotiationguides
@negotiationguides 3 жыл бұрын
You can most certainly bring your own rate
@SuaveOnFilm
@SuaveOnFilm 3 жыл бұрын
@@negotiationguides thanks, just found you today. Earned my sub
@jerrythomas4457
@jerrythomas4457 Жыл бұрын
Why would you buy another car and take a hit on the trade in? That’s ignorant. That’s why everyone in America is broke
@troyelder56
@troyelder56 2 жыл бұрын
What you have positive equity? My car's KBB is worth almost twice what I owe. Does the extra go towards my new car as a down payment?
@shainakascak7259
@shainakascak7259 Жыл бұрын
I’m wondering the same thing. Toyota is offering me $15k on my 2017 Corolla and I owe $4,776 left on it so it’s way higher than what I owe. I can’t figure out what happens the money I owe since it’s not negative equity?
@JayBeauty2027
@JayBeauty2027 Жыл бұрын
Ok so question? Am im going to get the check from the third party to give to the dealership
@marilynh5487
@marilynh5487 2 жыл бұрын
How to trade my new 2020 for a new 2021 same car Nissan Maximum SR
@ejkoolin4308
@ejkoolin4308 Жыл бұрын
I have a 2013 Tahoe and I have 9000 left on it how would I go about getting another vehicle that's maybe also around that 9000 dollars?
@cristianmendoza6301
@cristianmendoza6301 3 жыл бұрын
Interesting but I have positive equity....looking to trade towards a truck
@Yvngobo
@Yvngobo 4 ай бұрын
What if i want to consolidate my loan Into a more expensive car? As crazy as it sounds hear me out I did car rentals for 3 years but i now want to get out of the business I bought all my cars and 2 years ago and of course they have lost value and i still owe on them. I want to trade 3 of my cars for one decent car that i can just focus on paying for. But i know my 3 cars have negative equity. Lets say eg all my cars are 100k would it be better to get a $120k car so the loan can blanket the equity. Then i just focus on fincing 120k car. (My credit is not an issue). Will it be possible to do that?
@SadfoxGuyver
@SadfoxGuyver Жыл бұрын
That 2015 hits different
@Ricomigo-21
@Ricomigo-21 4 ай бұрын
Okay dumb question … but what if this cars engine is messing up and I still owe 20k ? Is there a way to somehow get out of it ? Is there a way to somehow settle with a bank ?
@childofjesuschristnazareth5653
@childofjesuschristnazareth5653 Жыл бұрын
I have a nissan altima 2017 I want to trade it the dealer is asking me for 1000 deposit when the car has low mileqge.What should I do should I give 1000.
@ranger2316
@ranger2316 3 жыл бұрын
Pay your car off ... trading under negative equity is not a strong negotiating position to be in.
@1LElife
@1LElife 3 жыл бұрын
I’ve done this a few times and it can be in some instances. I was able to get $4K over trade value on a car. The dealer agreed to pay off my loan completely and I got out from under it with no negative equity
@MsMalina24
@MsMalina24 2 жыл бұрын
@@1LElife omg that’s amazing! I hope that happens for me. May I ask now much you were upside down?
@armandoperez4114
@armandoperez4114 3 жыл бұрын
Okay so I owe $22k on my Camry.. I’ve only had it for 5 months.. if I trade it in and giving 10k down will it work?
@raygova
@raygova 2 жыл бұрын
What about the tax deductible on the trade you will miss out on?
@codyjordan9420
@codyjordan9420 14 күн бұрын
I just put 20k down on a new 24 Tacoma . I’m financing 25k. Say I want to trade in a year or so and I owe less than 20k on my loan. How would that work and would I get a good deal.
@-Arkelon
@-Arkelon Жыл бұрын
Hello I have brand new Honda Accord 2022 with 3 k miles only ! unfortunately was involved in an accident ! Honda fixed the car paid by insurance. By now I owe 30 k on this car in payments ! Should I keep paying this car at least for an year more, and trade in for a lower price car ,or pay the total right now to avoid more depreciation ? Ps : I have ways to pay off the amount owed ! Reply
@autumnmayhan-brice4601
@autumnmayhan-brice4601 Жыл бұрын
I have a 2017 focus. They sell this car for 14k. My loan amount is 18k. The trade in value is at most 11k what sold I do next? I told the dealer that I needed a bigger vehicle before accepting the loan and they told me they will trade it in for me and now no one wants to respond or help me 😢
@Zeus0886
@Zeus0886 3 жыл бұрын
What about when you have equity in the trade. Does the dealer cut you a check right there or do they mail you a check?
@negotiationguides
@negotiationguides 3 жыл бұрын
Either .. I’ve seen both
@kate60
@kate60 3 жыл бұрын
The equity can be used as your down payment.
@Kryptic1046
@Kryptic1046 3 жыл бұрын
@@kate60 - Sometimes, yes. Some lenders will still want a down payment regardless of your trade equity.
@kate60
@kate60 3 жыл бұрын
@@Kryptic1046 Correct
@zachmartinez7119
@zachmartinez7119 2 жыл бұрын
My cars worth kbb trade in is worth about $29k but I still owe $26k. Can I work with that?
@michaelprichett0617
@michaelprichett0617 2 жыл бұрын
Quick question I have a 21 altima which I only had a year. I owe 30k I been looking at 21 chargers but I know I’ll have negative equity from a previous trade prior to getting this 21 altima should I continue look at the 21 charger or look at something older like 2018 through 2020 and possibly like a bmw or maxima?
@monkeys123lol
@monkeys123lol Жыл бұрын
You should get a 5k used car, save money, and stop trying to flex
@Givetheflowers
@Givetheflowers Жыл бұрын
@@monkeys123lolHey this the best thought process ever seen since researching this lol. I felt the same way. That roll over loan amount is gonna be a monster unless the car is super cheap.
@Brian-nn1tf
@Brian-nn1tf 3 ай бұрын
you had the altima for 1 year and still owed 30k ??? how ??
@michaelprichett0617
@michaelprichett0617 3 ай бұрын
@@Brian-nn1tf it was 35k when i got it i traded another car before I got the 21 Altima.
@jayjayxpxd
@jayjayxpxd 10 ай бұрын
Hi quick question. Does it hurt your credit score? If you trade in your loan car for another car that you have to get another loan for?
@Jen-fs5lp
@Jen-fs5lp 9 ай бұрын
No
@Moresco24
@Moresco24 2 жыл бұрын
So a trade in with positive equity is essentially a down payment or cutting the price of the new car by whatever the loan to equity ratio is on your trade in right ? Example trade in value is 18k and I only owe 14k. The dealership pays the loan for me and takes of 4k of the new car I’m buying ?
@Theman3806
@Theman3806 Жыл бұрын
essentially, yes.
@tallkekepink95
@tallkekepink95 Жыл бұрын
This is great for people that bought a car and the car appreciates in value. If it depreciates trading in a car is a waste of money and time. Trade in is a what of money especially, if you have negative equity.. I thought different lol. But I’m so glad your comment broke it down to make way more sense. I’d rather pay my loan off and run the miles up for 4+ years and then sell it and get all or at least more than half of my money worth.
@Queenlife101
@Queenlife101 Жыл бұрын
@@tallkekepink95 makes a lot of sense. I’m in between right now I only owe 4000 left on my car that I bought brand new. I need a bigger car and was going to trade it in for a down payment . I’m So up and down
@Meechy1985
@Meechy1985 3 жыл бұрын
I'm trying to get rid of my 07 nissan murano for 2021 honda accord sport and I was pre-approved for the one I want. I have a loan that I took out with One Main Financial and my balance is $11,515.24. I know that they will add that balance on to my new loan if approved for what I want. Is it likely they will be able to get me into something.
@peoplesinfo1727
@peoplesinfo1727 3 жыл бұрын
I’m in the same boat with 2013 but I owe 10k n I’m tryin to get a 2019 but my credit is good
@TimBailey-jl8ec
@TimBailey-jl8ec 10 ай бұрын
I have a 2015 Chevy Malibu I paid 5k on it already the car is worth 10k but I want a dodge challenger 2012-2022 is it possible for me to get it still
@elijahberenschot3510
@elijahberenschot3510 3 жыл бұрын
What if I’m not upside down on the loan and I wanna trade it in to buy a cheap car in order to be debt free?
@kenyatta4rmdabeach745
@kenyatta4rmdabeach745 3 жыл бұрын
That's exactly what I'm thinking about doing I currently drive a 2018 Nissan Altima and I currently want to trade it in for a 2008 Buick Lacrosse
@jayboddie8718
@jayboddie8718 2 жыл бұрын
You positive equity will go to the new car for smaller monthly payment
@tallkekepink95
@tallkekepink95 Жыл бұрын
Right now I got a 2020 SUV and I wanna downgrade at least to a 2016. This was a very impulsive purchase 😅
@thomasreed8259
@thomasreed8259 3 жыл бұрын
I’m about 3,000 upside down but now gas prices are soaring my suv may even have less value
@kate60
@kate60 3 жыл бұрын
No. SUV market is very strong especially on used.
@lesterdelacruz5088
@lesterdelacruz5088 4 ай бұрын
Made an impulse buy for a Mazda miata. 1 year later I hate it because there is not space. Can’t even do grocery. I’m willing to own my mistake for taking in extra debt but need a more practical car that I can actually do groceries with.
@user-cm2lg1vk2b
@user-cm2lg1vk2b 10 ай бұрын
If I owe 33 thousand but trade in for a 26 thousand dollar car do I just pay the difference of 7-8k?
@jessewynne8193
@jessewynne8193 7 ай бұрын
The dealers still going to go thru the whole spiel signing you up with a loan with like 10 grand off because they’re gonna expect that you’re gonna give them the amount you get for your car from the other dealer. But it will make your payments. A hell of less than you got now, even with the three or $4000 check that give you, but they’re not gonna give you a $4000 check without signing you up for a new loan seeing if you’re approved first
@Yes-dy3nx
@Yes-dy3nx 3 ай бұрын
Okay so the way I always understood it was, let’s say I have a Kia optima worth 14k but I owe 18k, and I want to trade it in. So, I find a Chevy Malibu that cost 14k, I trade it in and essentially the 14k that my Kia was worth, is what I use to pay off the 14k Malibu, and then I only carry over the 18k that I owed in the beginning. Or maybe I’m wrong?
@shortair84
@shortair84 2 жыл бұрын
If I understand this correctly.. dealer a had the new car you may be trying to by but dealer b is offering more for trade in .. You can ask dealer a to write you a check for 3 grand and add that into the loan of which is connected to the car you are trying to buy from them. And then taking that 3 grand and giving it to dealer b along with trading/selling older vehicle to them do they can pay the difference off to the bank ... Dealer b gets your old car and can sell it and dealer a you can buy new car with loan that has that 3 grand attached to it?? Do dealerships just buy cars even if you don't buy from them?
@ACHASTITY25
@ACHASTITY25 Жыл бұрын
What does cash down with trade in ?
@zurielthompson6420
@zurielthompson6420 3 жыл бұрын
My friend has a 2014 Dodge Charger he still owes 24000$ and carmax offers him 13300$ and he wants to buy a car for 19000$ at a Ford dealership is that possible
@jbryansoto
@jbryansoto Жыл бұрын
Okay, so let me ask I got a GMC Sierra payoff of 50,000 (just got it about 5 months) I want to get a new one, which is valued at 58,000 at my local dealer. Does it mean that if the trade value is 39,000 would only owe 19k on the new vehicle?
@HustleHarder_
@HustleHarder_ Жыл бұрын
yes
@jeninhadelima2181
@jeninhadelima2181 3 жыл бұрын
I have a question so if my honda civic 2014 is owed a balance of 6200 and the dealership wants to value my trade in for 5500 can i pay the difference of whatever is remaining. ? Would they start a whole new financial 4 or 5 years with me again i want to trade in my 2014 for a 2017 for fewer kilometers. My civic stands at 222000 km
@rolandjosh8238
@rolandjosh8238 3 жыл бұрын
Greetings ,I live here in Texas, I Just started trading last week, I am a beginner I never believed I’ll make upto $18,000 in just 1 week from trading but when I met Mr Raini he guided me for free with his strategy and he guides me with the exact time frame to trade and now I just received my first withdrawals $18k in my bank account today I’m very happy I recommend you contact him.,he is very honest and trustworthy he will guide you to make consistent profits
@rolandjosh8238
@rolandjosh8238 3 жыл бұрын
Rainititan@gmail.com)
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