Can you get turned down from a trade in of a car? and after the trade in is done, do you have to pay anything?

Question

Can you get turned down from a trade in of a car? and after the trade in is done, do you have to pay anything?

Answer 1

When you are buying a new car from a respectable lot, I don't think that they would turn a trade-in down too often.  Let's face it they want you to purchase the new car/truck so they will do almost anything to make that happen.  The down side is the condition of the car/truck that you are trading in.  If it is not worth a lot then they will only give you a small amount for it.  See car dealerships don't make that much money off of the trade in because in most cases they sell the car/truck to another dealer of only used cars.  So due to that transaction sometimes they will consider how much they can re-sell it for and that might be the price that they give to you on the trade in.  Sometimes it is better to sell the car/truck yourself then use that money to get your car.  

Try it though...go to your dealership of choice and ask how much they will give you as a trade in value.  Shopping around might be good to do in this case too!

Good Luck.

Answer 2

Very rarely, but yes, you can get turned down on a trade in. For example, It's very unlikely that the BMW dealership would take a barely running Datsun for a trade (or at least give you anything worth the effort). The majority of the time a car is traded, it is worth less than the car being bought, so yes, you will have to pay. It is highly unlikely that a reputable dealership will offer a trade without cash changing hands.

Answer 3

Dealers rarely ever "turn down" a trade, they will just give you a low value if it's a vehicle they will not keep for their inventory. If you buy a car and trade in your previous vehicle and you gave them the title, you are done.

However, if your trade still had a balance on it <loan>, then it's your responsibility to make sure the dealership pays off your old loan in time. If they do not, it will reflect negatively on your credit report, which will not be removed even if the dealer is at fault. Good luck and I hope this helps. You can email if you have questions.

Answer 4

If you owe money on the trade in the dealer will add it too your

loan so it will be payed off so they can resale it ...

I learned the hard way I traded in a car that i had owed  $2,700 on so if you want to trade that in say 3 years down the

line and you do not have it payed off,, they will say they can not do it because you  owe more than what the car is worth

that is because the dealer ship added the $2,700 to your loan to get the  trade in payed off for you but you are still paying  off the trade in.  I hope you can understand that.

                                                               b.Jerry30

Answer 5

Your question could be answered better if more information about the deal was disclosed. After reading some great comments, I thought of another scenario that you may be dealing with. Have you taken possession of a newer car and now the dealer is calling saying that the trade-in has problem? Or has the bank come back and denied the loan and the dealership is trying to get you to bring it back to "unwind the deal"? If this is happening you do need to take it back unless the bank wants more down payment. The trade-in value as far as that is concerned should not change, unless they were going to have it appraised first. All of this should show up in your vehicle buyers order (contract). If this has not been completed than they have only loaned you a newer car so far.