If I am still paying on a car note, how can I turn it in and get another with out a repossession?

Question

I want a new car, without having to keep my old one, or going thru the hassle of selling it. Is there a way of doing this. Someone told me dealers would buy your old car and sell you a new one. Is this true?

Answer 1

Yes.  The process is called trade-in.  You bring your car in and pick a new car.  The dealer will tell you how much they are willing to pay for your car, how much is the new car cost.

Once you're okay with the price you've negotiated, the dealer will payoff your old loan, and put what ever left toward the new car price.  Though, most ppl will ended up with negative credit (you owe more than what dealer willing to give you for your old car) and pay for negative balance or add this balance toward the new car loan.  

Bad idea.

On the side note, it seem that you're inexperience with the whole buying/selling process.  My advice would be find someone you can trust and know what he/she's doing and ask them to help you out otherwise this "no hassle process" can easily turn into your worst nightmare.  Also check out edmunds.com for their advise for buying/selling/trade-in.

Answer 2

Yes they will give you value for your trade-in, they actually jack up the first asking price expecting you to have a trade, and expecting to be haggled over the price. Sometimes the dealer will be able to work out a loan for you even when you owe more on your trade than what it is worth.

Answer 3

Yes it's true. Car dealers do offer to buy your old car.  It's called a trade in.

The money they pay you for your car will go towards paying off the loan or it will be applied to the new car as a down payment.