How does trade in works?
05-24-2008, 11:13 AM
#1
How does trade in works?
So i got a 04 TL 5AT with 33k miles on it. I still owe the bank $16k. I want a new car, since i owe the bank some money, how does the trade in work? If i trade it in do i still have to pay off the 16k i owe? How does it work when your trading in a car you still owe payments on? Thanks... 
05-24-2008, 11:24 AM
#3
IF your car is worth 16 grand they will pay it off or if its lets say worth 15k they will pay the 16 and put the $1000 extra onto the next car. I doubt its worth less then 16 but I can't see the car. NEVER EVER roll money over into another car. I used to collect on past due loans and I would see 2 year old F150's that owe 40k and just think...HOLY SHIT!
05-24-2008, 11:26 AM
#4
Suzuka Master
Originally Posted by xoulu
So i got a 04 TL 5AT with 33k miles on it. I still owe the bank $16k. I want a new car, since i owe the bank some money, how does the trade in work? If i trade it in do i still have to pay off the 16k i owe? How does it work when your trading in a car you still owe payments on? Thanks...
The car company figures out what your car is worth, subtracts that from what you owe, then adds anything that is left over to the price of the new car. If you owe $16K and your car is worth $10K and the price for the new car is $30K, you will owe $36K on the new car and the dealership takes your old car. If your old car is worth $20K, then the price of the new car is $26K and of course they still take your old car.
05-24-2008, 11:27 AM
#5
Not Asian
Originally Posted by JJ4Short
IF your car is worth 16 grand they will pay it off or if its lets say worth 15k they will pay the 16 and put the $1000 extra onto the next car. I doubt its worth less then 16 but I can't see the car. NEVER EVER roll money over into another car. I used to collect on past due loans and I would see 2 year old F150's that owe 40k and just think...HOLY SHIT!
05-24-2008, 11:32 AM
#6
Originally Posted by phipark
I've seen someone roll almost $20k.
05-24-2008, 11:47 AM
#7
Suzuka Master
Originally Posted by JJ4Short
I have no idea how people do that shit. I swear I am sticking to used cars my whole life. I would feel sick to owe someone more then 40k for a money pit.
this is the first time I've ever bought a brand-new car. Showroom demos/loaner cars FTMFW.
Trending Topics
05-24-2008, 12:20 PM
#9
The Third Ball
Join Date: Sep 2002
Location: Los Angeles, Ca
Age: 45
Posts: 49,199
Received 4,850 Likes
on
2,588 Posts
How has this not been moved to car talk yet?
05-24-2008, 01:00 PM
#10
I drive a Subata.
iTrader: (1)
The question has been answered thoroughly. So... what are you getting?
05-24-2008, 04:24 PM
#14
.... .... .... ... ....
Depending on where you go you could have positive or negative equity. Really you should have positivie equity of about 2K$. Take the 2K$ and use it as a downpayment towards the new car.
05-24-2008, 06:17 PM
#15
I drive a Subata.
iTrader: (1)
Originally Posted by xoulu
thx all, i will search for that, Im planning to trade it in for a 04 Escalade
05-24-2008, 06:47 PM
#16
Are you ready for the increased maintenance, decreased gas mileage (by almost 70%!!!!!!!!!!), and body work (surely when someone keys the car for driving an SUV).
I would pass on it. Whay in the world would you get an SUV when you probably don't need it.
I would pass on it. Whay in the world would you get an SUV when you probably don't need it.
05-26-2008, 06:39 PM
#21
Senior Moderator
Join Date: May 2003
Location: Better Neighborhood, Arizona
Posts: 45,640
Received 2,329 Likes
on
1,309 Posts
Originally Posted by 03bl AC k CL
^^^ do people really key suvs just because they are suvs???
05-27-2008, 08:00 AM
#25
Team Owner
iTrader: (4)
Depends on what they give you for your trade. If they give you $15K, then they will roll the extra $1000 into the new car. If they give you $17K for it then they will take $1000 off the amount you finance.
Based on KBB, it seems like you will probably get just about what you owe on the car, so it will probably be a complete wash.
Based on KBB, it seems like you will probably get just about what you owe on the car, so it will probably be a complete wash.
Last edited by RaviNJCLs; 05-27-2008 at 08:03 AM.
05-27-2008, 09:02 AM
#26
Senior Moderator
Originally Posted by RaviNJCLs
Depends on what they give you for your trade. If they give you $15K, then they will roll the extra $1000 into the new car. If they give you $17K for it then they will take $1000 off the amount you finance.
Based on KBB, it seems like you will probably get just about what you owe on the car, so it will probably be a complete wash.
Based on KBB, it seems like you will probably get just about what you owe on the car, so it will probably be a complete wash.
05-27-2008, 09:07 AM
#27
Suzuka Master
Join Date: Dec 2005
Age: 41
Posts: 5,115
Likes: 0
Received 0 Likes
on
0 Posts
Originally Posted by Ken1997TL
Yes, all the time actually. Plenty of assholes in the world. You DO live in New Jersey, i'd imagine it happens hundreds of times everyday there.
Spare me the "I know this guy who gets 35 mpgs on the highway!!111" Yes, I know sports cars can get good mpg - Im just commenting on the hypocrisy of it.
05-27-2008, 09:40 AM
#29
Suzuka Master
Might be worth taking it to a couple of dealerships and Carmax if you have one. I have traded in numerous cars and have been quoted a difference of 6K from one stealership to the next. They say they all get their info from the same place but that is BS.
05-27-2008, 12:08 PM
#32
The sizzle in the Steak
'04 Escalade + not knowing how a trade-in works = FAIL
Simple math.
Thread
Thread Starter
Forum
Replies
Last Post