How to Trade in a Financed Car

What do you do if you want to trade in your old car but it’s not paid off? Find out the ins and outs of trade-ins, what it means to have negative equity vs positive equity, and what you should know before you head to the dealership,.#carselling #cartradeins #dealerships #usedcars
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Want to sell your car to the dealership without a trade in? Find out what you need to know here
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Chapters:
00:00 Intro
00:44 How does trading in a financed car work?
01:56 Is trading in a financed car right for me?
04:21 How to trade in a financed car
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[@c1h2r3i4s56987]

when they say things like "if your are in a strong financial situation " I feel like an imposter.

[@c1h2r3i4s56987]

3:00 " for each remaining month on the loan" Slow the speed of playback in the YT video browser 50% I dont know why or how but watching the face and hearing, that part, slowed down, is wayy more funny then it should be 🤣🤣😂😂

[@stephanierodriguez3001]

How soon is too soon?

[@dogbreathmints]

If the financed car is sold to Car max and you end up with 4K neg equity i.e.; will Carmax require getting the clear title during that time and you'd have to pay the balance of the 4K right then so they (carmax) can get the title from the lender? (If you're not buying another car).

[@laidbacklow8605]

What if the dealership has you under a power train warranty and they didn’t know the vehicle had aftermarket parts that void out the repairs? Is there a way the dealership could work with making a trade?

[@Social_Brat]

Mine is the gas price price. Mdx 2011.

[@user-pn9oz1gs2f]

Does this apply to leasing also?

[@faznout]

For car dealers it all has to do with having a healthy down payment, no matter if you have good or bad credit. 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

[@NewYoutuber1111]

My car not running it’s under 10k right I want to trade it in instead of getting it fixed what can I do

[@henrykleber8611]

I bought a car before inflation, i own 18k and the value still $24 thanks to the inflation, what can i do? Trade it and get a better APR because it will show paid off full or keep it?

[@user-ye7ro5sg4p]

What about a cash back on your trade and use some on the trade in portion for the down payment

[@S4_QUATTROPOWER]

You can do that for sure.

[@danb8606]

Yes, rolling over your negative equity into another car purchase, is usually bad. BUT, what if you are trying to trade down into a lower cost car? I have about $8000 on my 2020 Charger R/T Daytona, and I'd like to buy a cheaper car. I would be prepared to add the $8000 into that new cheaper car's loan if the dealer agrees to this. The goal is: to get a lower cost loan and lower payments. Credit score is meh, at around 645 with no late payments or negative public records. Do you think this is a decent strategy to downgrade a car with negative equity, into a USED car (that has less depreciation impact)? Thanks!

[@mr.untouchable9448]

Having this same issue atm looking for the answer lol

[@baddantt1141]

I want to trade a 2021 jeep wrangler JL for a scatpack 2018 or 2020

[@danb8606]

@@baddantt1141 That's awesome. Gas mileage....not so much lol

[@danb8606]

@@mr.untouchable9448 I think you actually can, but depending on how deeply upside-down you are, you may need to buy an extremely cheaper car, in order to stay lower than your current loan.

[@mr.untouchable9448]

@@danb8606 okay thanks man! Yeah right now I’ve got a 2018 Honda Civic for 20k lol nothing to Crazy ive had it for over a year near with my mom as a co sign I’m 21 now ab to be 22 but I wanna trade it in for a cheaper but more sporty car with the entire thing in my name.

[@-Arkelon]

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 !

[@mckensismith6798]

How do I get the title if I still owe? Will that happen when I trade it in..?

[@eazymoney6158]

So if I have to pay the 2000 for the difference that just means I’m doing that to not owe a extra 2000 but I’ll still carry a 10000$ loan amount

[@antoniocruz1520]

Can I trade my car with another dealership?

[@krimstix]

I owe 16k and my trade in value is 24k according from Kelly blue book

[@user-ru4hs4jt7w]

If I owe 12956 dollarsand 94 cent and my book file is only 4294 dollars, and my equity is $8662.94. What would be the smartest thing to do? Traded in back at the deal I got it from.

[@nebewla5382]

hey I have alot of questions is there anyway i can contact you privately?

[@tommyvercetti1264]

So whatever your trade in value is, that’ll act as a down payment for your new car? And if you have negative equity it’ll roll into your new car you finance ?

[@rainestorm762]

Yes. I used the trade in value as my down payment.

[@margaritaramos3393]

Question. What if I want to trade in a 2020 for a 2018 model?

[@ayoooooodaniel]

Same concept applies

[@Mr_Racooner]

Still confused. If I owe 19k on my current car and trade my car for a better one that is let's say 10000 and my car is worth 15000 does that mean I have 5000 to pay of my.loan and I continue my normal loan?

[@carlosnoriega2724]

If I had negative equity when the dealer bought back my new vehicle would gap insurance pay what I still owe???

[@bumperdotcom]

No unfortunately. Gap insurance pays out if and when your car is written off, i.e. it's been stolen or totaled.

[@JesusSanchez-oq2po]

I want to trade in my car for a new car, it’s a 2018 Toyota Tacoma and I owe about 20k on it but got a offer from car max for 31k. Do I need money down to get the new car or do I have to still put down money?

[@myopiniongoodyouropinionbad]

Damn, Tacomas really hold their value. I owe that much on my 2019 CRV and its worth 18k :/

[@lyndsipratthorsemanship]

I owe a low amount on my car, and I’m in a financial situation to pay it off, but I’m looking to trade in ASAP. Is there any financial benefit to paying it off directly vs taking it to the dealership still owing? I could pay it off online now but it looks like I might not receive the title for up to 6 weeks and I don’t want to wait if possible.

[@PTxBeastx14]

I have a car with a trade in value of 22,000. I still owe the bank 9,000 for it. If I was to trade in this vehicle for a cheaper one lets say 15,000. Does the dealer pay for the loan plus gives me the money from the difference between the cars which would be 7,000?

[@interetycreativity3940]

I have the same question bc my car trade is 22000 as well but I’m 5000 in negative equity

[@raulalmodovar4149]

If i sell my car thats i own 33,000 and the car i wanna trade is 54,000 but they only give me 31,000 for my car how much will be my negative, and how much will the car will come out to?

[@OFFONE]

I would recommend going on Kelly blue book for an accurate assessment, but yes that’s correct and the amount can depend dealer to dealer

[@leonardo1519]

You own the car raul. Your negative equity on new car(54k) is whatever offer you take for your car (31k) and now you will have to finance the 23k left. If you didn't own the car and took 31k you would add 2k to your loan. 25k

[@bigfootninjajr1481]

What if you trade a negative equity vehicle for a lower priced vehicle?

[@keianasimpson7162]

That’s what I wanna know! I’m $2,000 in negative equity.

[@joegarza6529]

Wait how do I need a title if I’m financing my car it says in my contract I don’t get the title until the car is paid off what?!

[@Blossom-q2j]

Same here

[@degaben]

Would have loved to finish watching the video, but after 40 seconds it feels like your background music is blowing out my ear drums.

[@blackred1032]

I wanna refinance my car the car is worth 21k and i still have 24k left as my apr is 30% im only paying interest. Before i refinance the same car with my private bank can i trade it in for another car? I plan on paying off the 4k within the next 5 months