Help on my car trade in!?

Question

i'm going to look for a new car tomorrow and I'm going to trade in my civic and have the dealer pay off my balance. the dealership I'm going to will pay off my civic and if i owe 8,000 more than its worth they'll still pay it. will they still tack on what i owe on my civic?

Answer 1

Yes you will have to pay the $8000 and they put it on your new loan. No offense, but if you are up side down $8000 you should not be buying another car.  I don't know of any banks right now that will loan you $12,000 more than what the cars worth.  By the time they add in the $8000 plus sales tax and so on, I don't see any bank loaning that kind of money right now.

Answer 2

I don't know what the dealership will do, but I guarantee you will be paying that car off one way or another.  They will just roll your current debt into your new loan.  Why would you want to do that to yourself?

Answer 3

Everything is negotiable in an auto deal. If you have some cash to put down then you will get a better deal on a new car. You also need to start thinking about gas mileage! The price of gas is never going to go down (the greedy buggers) so invest in a hybred vehicle or electric. There is a company here where I live that can turn your old car into an electric auto. And $8K is a lot less to owe than say $30K!!!! Not to mention, your auto insurance is going to go up. So think green, and ride your bike more.