Can you trade in a vehicle at a dealership with payments still owed on it? Like a 2006 Chrysler Sebring???

Question

Wanting to get into a car with better gas mileage this gas price is killing me as I travel for work

Answer 1

Yes, you can,   but here is some things you need to know.   Do some research to find out how much your vehicle is worth.   The NADA is the best source to determine the trade in value ( That is what the dealers use)  Arm yourself with that information.    Now if your vehicle is worth more than what you owe,  which is rare,  you will be in pretty good shape as far as the potential payments on your purchase,  now if you owe more than what it is worth,  you are considered to be "upside down".    Here is how it works,   When you decide on the vehicle you want to buy,   the dealer will determine the value of your trade in,  ( fight for what you want, cause a dealer tries to give as little as possible and will find excuses not to give you a fair value)  When you agree on the value of your trade in vehicle,  that amount will be subtracted from the price of your purchase, before taxes,  title fees, etc.     Then they will find out how much your payoff is,   they will call your finance company to get the payoff amount,   commonly called a 20 day payoff,   they will then add that amount to your new purchase price then add taxes,  tags, title fees, etc.  and give you your bottom line amount that you will pay.   You have the option to do the tags and title fees on your own.  I would suggest that if you can because that will not be included in the payments if you pay it yourself.   Take the time which is the most benefit to you,   to keep what you have, or to go through the hassle of a trade in with new payments.   Good Luck!

Answer 2

You can, but you will be upside down in it.  What that means is, you will owe more than it is worth.  The dealer will take it in trade but take the amount owed on the trade in and add it to the deal you are making on the new car.  Lets say you owe 10,000 on the Sebring and the dealer says the trade in value is 8,000.  You are upside down by 2,000.  If you are buying a new Crossfire for 20,000, the dealer will add the 2,000 owed from the other car.  So your new Crossfire is now 22,000.

Answer 3

Yes.

The dealer will just roll the money you owe into the new loan. You will loose so much on this deal that you could buy 100's of gallons of gas. Tune it up, change the oil, and slow the frick down and you can get 35mpg out of that thing.

Answer 4

Your payment will be higher,and you have to buy one more than you owe.A Jetta diesel would be the best bet.After warranty,you can convert it to burn free wvo.

Answer 5

Yes, but if you owe more than the trade in value on the vehicle, the negative equity will be added into your new loan and you'll be even further upside down in your loan.

As already pointed out, the additional money you are going to be paying out after you do the trade in will buy a LOT of fuel.