SOLDSHORT

How does a trade in for a different model work when money is still owed on the car?

rygenstormlocke

Dealer gives you a price to buy the car, then the difference is applied to the financing of the new car, so depending on what the dealer offers you, you could get screwed on monthly payments on your new car.

Kriger

If you owe more then it's worth, "Upside down" on the loan they'll just carry the balance over into your new loan. Most likely the first two years of a loan it is very likely to be in this position. I suggest 12 to 24 month lease options if you plan on changing cars so soon. Leasing cost a little more in the sense that you have nothing to show for your money however financing in a previous loan balance on a new loan is kinda the same thing plus your paymnets will be higher due to the balanced carried over. Better to lease if changing often.

If your looking to get a GT, try and find one at a smoking deal or 05 used with a few grand down to get out of the upside down situation thus lowering your new payments.

Cobrakev

If you have a Carmax near you, I would sell it there. They were $1000 over what the dealer wanted to give me for my trade-in. It takes about 30 min for them to look it over and get you a price.

Kev

whatdaproblemis0

nice question I was looking at trading mine in because it only has 7hundred something miles but wasnt sure what they would give me..... for it.