Antonio323

I was just wondering if an unpaid car can be traded in for a new one and not have to pay off both cars. I'm a noob when it comes to all this stuff, so forgive me if it's a dumb question. I still have about $12K left to pay off for my V6. Let's say I wanted to trade it in for a GT. How would I go about this?

RyanzWhipple

Are you paying off the bank or?

Antonio323

Yeah, I'm paying it off a bank.

alkemist

If you trade it in to the dealer, the trade in money goes to pay off the lien holder first and then you are liable for the cost of the new car, i.e. getting another loan. If there is left over money from the trade-in, it gets credited to the car you are purchasing.

Forgot to add, if your trade-in doesn't cover the full lien owed, you are liable for that too, they might roll it into the new loan you are getting if you are getting financing from the dealership.

dmhines

Yes .. happens all the time.

daredevil95

Yes, you could trade the car in. The dealer will probably give you less then kelly blue book value, dealers don't give much money for trade-ins. Go down to the dealer and ask to trade your car in for a GT, they will be happy to help you out. I attached the Kelly Blue Book Link, you could look up the value of your car.

http://www.kbb.com/whats-my-car-worth/

I also attached a link to True Car, this site gives a good estimate on what a new car should cost.
http://www.truecar.com/prices-new/fo...2013/2B6B06C1/

Antonio323

Cool. If I consider this, it wouldn't really be any time soon. It may depend on whether or not I can get into the LAPD. I am eligible for the background test on January and it's a 6 month process. If all goes well and with the salary for an officer, I may just as well consider such a trade/upgrade.

jcieutat

This is the story of my life, negative equity!!!!!!

UberDuper

It's the American way.

iamgone

Me too!