wws2010

Hey everybody, I own a 2004 gt auto with 30,000. I paid 2000 down and owe 10,000 under my fathers name. I really want to trade it for an older cobra but am confused how the whole trade thing works. Is there a way to just trade cars and I continue to pay the loan for the old one or would I have to trade in the car and continue to pay off the old one?

MU71L4710N

no, they give you money for trade in value, and you get a new loan for the new car. you are upside down as hell on your current car just FYI, not a smart financial decision what you are doing. you aren't going to get anywhere near 10 grand for your 04 on trade in value at a dealership.

your BEST option if your really wanting to get a new vehicle since you are upside down (upside down means you owe more than your car is going to get for trade in value), is sell your car privately (you will get more money selling it privately than you will trade in at a stealership) and i wouldnt take any less than it takes to pay off the loan (10,000$ if you have no money, or if you have like 1000$ then take 9 grand for it and pay the car off with that 9 grand plus the grand you have). then take out a new loan on the car you want.

wws2010

Thanks man, I was wondering!

MU71L4710N

yeah its just not smart to try to trade in a car that is very upside down. basically say they give you like 5 grand for your car as 'trade in value'. they will pay your bank off the 10,000 you owe so they can get the title, and tack 5,000$ onto your new loan. so say the cobra you want is 10 grand. they pay your GT off, then you end up with a loan for 15,000$ on the cobra. so immiedately your cobra is now WAY upside down.

and to go the opposite way:

say they were to give you 15,000$ for your car. they pay your 10 grand off, and take 5000$ off of the price of the new car you want to buy. so if the cobra was 10 grand, you trade your car in and take the cobra for 5,000$ instead of 10.

its all about titles. you will not be keeping your current loan when the dealership takes your car, they want the title because they cannot sell the car without the title. and your bank owns the title until the debt against it has been completely satisfied.


edit:
well i just punched in the KBB for a zip code in LA and did a GT in pretty good shape (not sure the c ondition of yours). 50,000 miles with leather and all that stuff in 'good' condition is listed as 9700$. but dealerships will try to lowball the hell out of you they aren't exactly thriving right now, and it depends very much on your zip code and your cars condition. check it out and see what they are willing to give you then make your decision from there.

Crazycarnut

autotrader is a good place. I've sold a car on there no problem and there fees arnt bad at all.

stangt08

I use craigslist alot, but I notice alot of people are tire kickers, and they will offer you almost nothing for your car lol.

grogan

Lots of scams on cl because its free to post and it doesn't cost anything to say hey ill buy it.