If I wanted to trade my car in, and get another mustang ofcoarse, what would happen to the payments left on my current car? I know a few people who have traded their cars in with alot of time left on their current lein, and ford just switched over the payments to the new car and took the trade in value of the old car and put it as a down payment on the new one. Reason I am asking is, my father told me not to put a supercharger on my 2010 gt, and just take the $5,000, when I get it, and trade in mine for a shelby. Sound all nice and dandy but how would I go about this?

 

Depending on how much you owe on your car trading it in is not always a good idea.
You could end up upside down.

Now... if you are ahead of your payments or put down a good down payment you could be in good shape.
Basically the dealership will tell you what your car is worth... what they are willing to give you for your car.
Now... you have to find out how much you OWE on your car.

ex: trade in 20k.
how much you owe: 15k

So you have 5k left which will be put towards the new car.
If the new car was say 36k... then 5k would be taken off of that so your cost
would be 31k that you would now owe on your new car.

That is how I understand it works.
Get it?

 

I get exactly what you are saying but problem is I owe more than its worth =/

 

Are you seriously asking what will happen with the amount you currently owe on the car?

Kids nowadays........

 

Clearly that was the question, sorry I am not 50 years old and purchased 10 cars, this is my first and looking for honest help. But thanks anyway

 

+1

I thought it was a joke...but not quite so sure now.



you will get raped on the trade-in...then they will over-charge you on the purchase of the new car...then you'll drop $5,000 that will go towards paying off your current car and the overcharge for the new car.

When all said and done, I can see you easily paying $10-20k over what a new car is currently worth because it's blatantly obvious you have no idea what you are doing


keep you current car and supercharge it

 

OK THANK YOU. WAS JUST LOOKING FOR A GOD DAMN ANSWER

 

Never mind sorry for the stupid question I just realized what I was asking. Say I owe $30k and the car is worth $25k on a trade in, they will take the extra $5k and take it on the shelby, or whatever new car. Never mind

 

edit: didn't see your post above. glad you got it figured out now

 

Rule is if you owe more than the car is worth it is a no no to trade it in for something that costs more.


As far as the nuts and bolts.
You'd be surprised at how many aged adults don't realize the odds and ends
on trading in a vehicle.

Don't be so hard on him.
He came here TO LEARN so there is no reason for bashing him for trying to get
educated on the subject.
Some of you are talking as if he already went in and traded it without asking questions
or trying to get informed.

To be honest he is doing EXACTLY what he should do by asking questions.