Id like to buy another car and trade in my old car but still owe money on my old car.How does this work?

Question

Do they add what I owe on my old car to my new payments on my new car?

Answer 1

When you trade in the car owing money, it is subtracted from the trade in value. If you owe more than it is worth (upside down), the excess amount is added to the cost of the new car.

Example 1:

New car cost - $20,000

Trade in value of old car - $7,500

Owed on old car - $2,500

Total cost of new car - $15,000

Example 2:

New car cost - $20,000

Trade in value of old car - $5,000

Owed on old car - $5,500

Total cost of new car - $20,500

Good luck!

Answer 2

well depending on your credit all remaining cost of your car should roll over to the new one all dealers can and should be able to roll all costs over