If you have a car that is not paid off, say you owe $7000 on it, I heard that if you attempt to trade in the car the $7000 gets added on to the price of the car you are trying to bye. So basically, you are paying for your new car and your old car. Is this true?

 

When you trade in a car that you still owe on, the bank gets their cut from the trade-in price. So, if you trade in a car you owe $7,000 on and the dealer gives you a trade-in value of $7,500, all you get applied toward the new car is the $500.

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2000 Firepeper Red Pearl, Black Chrome emblems, Burlwood Shift, CD Changer

 

Soundspeed . . .if you are thinking about buying a new car or used car check out this site. Its bad A**.
www.carbuyingtips.com

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Thanks for the website, looks really interesting.

 

Soundspeed, It's called "rolling-over" and it is not done without your consent. You can choose to pay the bank off or roll the pay-off onto the new car. It's only good to roll-over if you get an outstanding finance deal which can absorb it. Like 1.9%.

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1999 Firepepper Red
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<FONT COLOR="#800080" SIZE="1" FACE="Verdana, Arial">[This message has been edited by adamyankee on April 23, 2001 @ ]</font>

 

Rolling the payoff onto the new car just means taking the difference between the trade-in value you get from the dealership and what you owe and putting it down onto the new car, right?

 

Actually, my fault for any confusion.

If you owe the bank 7,000 and your car is worth 10,000, you get 3,000 down either way and the other 7,000 will be added to the total of the car and will be included in the finance. This is because the dealer in essence, pays you car loan off for you.

Not really recommended unless like I said you get a REALLY low finance rate.

It really is only good for the opposite.

My fiancee had a Beretta worth less than her payoff so instead of scrounging the rest of the cash for the payoff, she rolled the balance onto her Monte Carlo. Kinda sucks cuz she now has 60 month at $489 when I have 48 month at $478. She could be driving a TL for the money she pays.

Hope I clarified that enough for you.

 

So basically, if your car is worth 10 grand, you owe 7 grand, then you get 3 grand down on the car you are trading in, but the 7 grand you still owe gets added to the new car you are trying to get, correct?

 

You're marrying someone that drives a Chevy????

Just kidding. The new Monte Carlos are pretty nice. I rented one a few weeks back. Nice power.

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1999 Satin Silver Metallic 3.2 TL w/o Navigation

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Funny thing is she saw my Z34 and went out and bought an LS herself.

Her's isn't so bad, just dirty.

I sold my 96 Z34 for 13k, paid off the bank and went right out and made a fat downpayment on my baby. I have driven Chevy's my whole licensed life, but not anymore. My TL is the first car I really love owning.

Soundspeed, Yeah that is correct.
They won't give you anything until the bank is paid off, whether you do it or they do it.

<FONT COLOR="#800080" SIZE="1" FACE="Verdana, Arial">[This message has been edited by adamyankee on April 24, 2001 @ ]</font>