Can i trade my car in for a new one even if i still have payments?

Question

Can i trade my car in for a new one even if i still have payments?

Answer 1

yep but you will have negative equity

Answer 2

yes and if your loan is more then its worth then they will tack it on the new car so you don't have to deal with the other loan the dealership will take care of all of this if you have problems go to another that will

Answer 3

Yes but if you owe more than the car is worth, you will take a beating when they sign the new contract. They'll add the remaining balance on top of the new loan amount, so then you get to pay interest on all of it.

Answer 4

Yes , they will pay your old on off and the value of what you payed in will be applied to down payment.

Answer 5

Yes.

Answer 6

Yes, hundreds of people do it every day.

The difference between your loan payoff and your trade allowance will be added in to the price of your new car.

If you owe less than that car is worth and end up getting a higher trade in allowance than your payoff that money will be used as additional down payment cash.

Answer 7

Sure, but you will still be responsible to your lender to pay off your original auto loan.  On top of that, dealerships won't give you what the car is worth...so if you still owe a considerable amount the trade-in money you get won't pay off your original loan.  If you don't have to buy a new car immediately, you are much, much better off personally selling your old car for at least as much money as you still owe if possible.

Answer 8

No problem about 1/2 the car buyers still owe payments on their old car. The dealers want to move their invoice more than ever so you should be abe to get a good deal.

Good Luck

Answer 9

Yes, but make sure you are not upside down...you should owe less than the car is worth.  The dealership will pay off your current note and they will just refinance you again for the new car...BUT hopefully your car is not upside down so you can get a smidge out of it to put towards the new car!