I want to trade in my car, but there is still a balance on it?????

Question

I have a 2007 Subaru WRX STi. I owe about 25K on as of last month. I want to get a new car, a cheaper, more gas efficient car, ie: a prius or a civic hybrid. Can I do this? And how would I go about doing it? I don't understand the whole process...

Answer 1

BUY A CHEVY !!! o yeah funny answer by the way on that stupid chick askin why people copy her.. look at mine.

Answer 2

why would you get rid of an sti for a dinky car... I say keep it and buy a beater.. you'll have it as your weekend car.. don't lie its a fun car...

but if you must then when you trade it in, the trade in value has to go toward paying it off.. its like someone owing you money for something, and them giving it to somone else.. you still expect your money in the end right

Answer 3

OK go to edmunds.com and get a good value on your car on a trade-in. Then do some real homework and pick a new car. Now go to the dealership and get them to give you a trade in value . Your trade in minus your payoff is your +/- equity.

If you are in the plus column, you can use this excess towards a down payment. If you owe more than the trade in, you either have to cover the balance, or make it part of the new loan/pmts.

DO NOT ROLL IN NEGATIVE EQUITY!  It is a bad idea for a young person, because they usually don't keep their cars.

The last option is to sell it privately. This gets a little hinky. You could use a site like NASIOC.com to see what the interest might be in your neighborhood. If you find a buyer, if they would payoff the loan, they would have to wait for the title. It's a little hard to pull off, but anything worth doing is. Email me if you find a buyer, and I'll tell you how to pull it off.

Lastly, you might sell it directly to a Subaru dealer. The STi is a desirable car with a following. They might just pay cash (payoff the loan) if the numbers are right.

Whew...I'm tired.

Answer 4

Short and sweet answer.  Go to the dealership and they will give you a price that they will give you for your car.  Then negotiate something for the new car, and finally carry your balance left over from the old car.