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Anyone ever traded a car in that you still owed on?

post #1 of 6
Thread Starter 
I currently have a Chrysler Sebring, which is a great car, but my monthly payment is almost $370 a month and I am thinking about taking it in and seeing what they give me versus what I owe and if I can find a low-mileage small used car, like a Corolla or Civc. Right now I have a really low interest rate, 6.25%, with my father co-signing for me, and I really don't want to drag him into it again, although I'm sure he would. But I'm pretty positive that I wouldn't be able to get one that low on my own. I have 3 years left on my loan (30 months paid on a 66 month loan) and my car has 70,000 miles on it. Really wish i would've just gotten the Corolla in the first place! Any advice or experience with this?
post #2 of 6
been there, done that!! Paid on it forever!

Whatever you do,, make sure they pay off your existing loan.. Don't make your car lopsided.. No matter how hard you try you can't get away from a lopsided car ever! Trust me,, I paid 6 years on an intrigue because I was soo lopsided...

go to www.kbb.com, and find out what they should offer you for your car.. Don't take any less.. If they say,, We will give you $5000 for your car, and you owe say $7,000,, walk away.. Trust me.. You'll be happy you did... Plus depending on your credit, your payment might even sky rocket because of the rate.. 6.25 is a good rate if you don't have good credit..... Trust me,, I went through a divorce and a nasty bankruptcy,, thanks to my stupid ex. and now my credit is all messed up.. I had a 6% rate, and then went to a 20% rate because of it... Not a pretty picture...

Good luck
post #3 of 6
hahaha I Had to do that. I had a Truck, which ...I paid prolly 14k for used.. And It was too tall for me to get in and out of anymore..*Bad back* So I had to trade it in after a yr. And I was Upside down on it.. meaning i didnt pay enough to make it even on what it was worth. Because of gas prices, the prices of trucks and SUVs went down.. Soo I had to find someone that would Buy it from me for a good price,then sell me another car,and put the remander of what I owed on that one.. And i found that VERY Difficult. You could prolly pay more in the long run.. :-/ And if you were to trade in that car, U will DEFENTLY Be upside down, and MOST Likely .. they wont do it in a used, Just into a new car.. there is more value in them, and banks wont finance ones that are too low of value *Used* Good luck
post #4 of 6
Another thing someone told me, Try to sell it to someone your self. Like putting it in the paper. You will get more that way. Since you dont have to take a cut from the Dealer, they will give u less then they sell it for, so they make a profit.
post #5 of 6
Thread Starter 
Thanks for the link angelkitty, according to Kelley, even if my car were in "excellent" condition, which it isn't they wouldn't give me half of what I owed I still owe approximately 13,000 on it and the trade-in would be 6,000 looks like I'll have to wait another 3 years, but by tht time even a small car will cost more and I'll probably end up paying the same!.... unless I crash, which has been known to happen

Those were basically my fears animalhouse, not happy to see they weren't unfounded
post #6 of 6
I wored in auto finance for 20 years and what everone is saying is correct.
Those longer term loans with little or no money down as terrible!!! Studies show most people want to trade after 30-36 months and are seriously "upside down" in their current vehicle. Your only option is to continue paying this vehicle off.
Some times financial institutions will let your carry that amount you owe onto the next (mainly current used and new) vehicles. Your payment most likely will not be less.
I can't tell you how many of these situations I have seen.
If you need any more info feel free to pm me!!
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