It is important to find out what the dealer markup is. i suggest you go to auto-trader and search for a similar car and see how much they list it as, and then use this information to try and negotiate with the dealership. this may take some time so if you have patience, this may be your best bet! however, maybe there are other financing options at your disposal such as contacting a local bank or simply walking away from the car. if these don't work for you then it sounds like trying different dealerships might be useful as well (also remember that bargaining on price generally only bumps up the price by 1-2 thousand dollars).
is it possible to trade in a car that isn't paid off?
answer: yes.
if you owe $5,000 on a car and the car is valued at $10,000, much of the time it's possible to trade in the vehicle yourself with monthly payments that are less than what you would pay if you owed money. you simply sign a new contract for a lower balance and then take your old contract with your balance of $5000 to the bank to use as collateral against another loan. if all goes well, this will leave you owing nothing on your old car and feeling good about saving money every month by paying off a new one!
how do you trade in a car you still owe money on?
to trade in a car after you have finished making payments or still owe money on it, you will need to take your car to the dealership, fill out some paperwork showing that you are the owner of the vehicle, and are trading it in. then they can look up what you've paid for your vehicle, figure out how much would be left if we were to sell it now, and give you an amount with which to finish paying off your loan with them.
is it a good idea to trade in a financed car?
answer: it would depend on your financial situation, and the time of the trade-in. there are a lot of factors to be considered in order to find out whether or not it's a good idea.
it would depend on several factors such as:
• how much money you owe still on the car
• the total cost difference in interest and residual amount between trim levels
• whether you're interested in putting negative equity towards another newish pre-owned vehicle that has lower payments and better fuel efficiency (let's say 30mpg) that depreciates faster
• whether the difference in interest rates will make up for any negative equity if they add options such as trade protection (free service up to 5
will a dealership buy my car if i still owe?
if the purchase price is more than you owe on your car, yes.
if your car is in excellent condition and they are making a profit when they buy it for resale, chances are that they will want to come look at it. dealerships often buy cars when people owe on them because the interest makes up for part of the money lost when they sell the vehicle at auction or when they try to sell it privately. it's also possible that dealerships might offer a deal if you take something else off their hands to get rid of a clunker that has been sitting around collecting dust. basically if your car is selling for good money and there isn't anything wrong with it, then odds are dealerships may want to
