I owe a lot on a car I'm financing can I trade to a dealer for a less expensive older car for a lower payment?

Question

I owe a lot on a car I'm financing can I trade to a dealer for a less expensive older car for a lower payment?

Answer 1

YES, at their price and at your loss. This the facts of life..At least you had some enjoyment out of it for a little while.

Answer 2

Not likely, what happens is that they have to "eat" the remainder of what you owe into your new car.  They have to then show the financing company that you are buying the new car at X amount plus the amount owed.  If the financing company doesn't think the car is worth that much they will say no on the financing.  Best to try and sell your current car on your own, enough to pay off what you owe, then go buy the other car directly.

Answer 3

Depends on how much you owe. If they inflate the sale price of the older car to accommodate the newer vehicle, the only thing you'll be doing then is paying for an older car with an even bigger payment. The best thing to do is find some down payment money to get out of the newer car. Find a car that has some serious rebates to use as the down payment.

Answer 4

Yes you can, but you are still going to take one in the #&@# by doing it.  You are going to lose a lot of money and have to down grade quite a bit to actually make a big difference in payments.

It would help if you put what car you had up there.  So then people could help.  

You should try to sell the car yourself (hopefully it's not a truck b/c if it is... good luck!)  Then w/ what money you got from that, pay off your loan and buy your new car.  I would go w/ that route.