Is it possible to trade in a car that is still being financed? We have 3 years to go on the car loan but we would like to upgrade to a newer model. How does this work? Thanks!
I know that you can trade in a car being finacned...b/c we are looking and they asked if my car was still financed and there was a spot for how much...
Are you looking for the same manufacturer? I think youd have better luck that way upgrading...but as always shop around...the 2003 are clearanced now
ILT1221
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Re: Dumb question about buying a car
Thanks Erica. It seems like it would be less for us to get an upgraded model b/c now so many car dealers have 0% APR.
ChristineC68
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Re: Dumb question about buying a car
We just traded in our toyota for a saturn. We still had a year of payments left on the toyota. They valued the car and reduced that from the purchase price, computed the sales tax, then added the pay-out balance of the loan to the final purchase price. We saved over $1,000 on sales tax.
Shop around for the best trade in value. We got 3 different values from 3 different dealers.
dgtlsunshine
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Re: Dumb question about buying a car
YOu can do that but shop around. When I traded in my car I went to carmax and they did not want to pay out my car loan. They wanted me to put $2k to finish paying off the car after they put their amount.
I went to the nissan dealership and they paid out my car loan 100% and that way I did not start off a new loan with negative equity from my first car.
