Trading in a car that's not paid off yet?

Answers:3   |   LastUpdateAt:2012-10-20 01:58:02  

Question
Nyasha
Asked at 2012-08-31 15:56:02
I have a focus 08 that I've only had for 5 months, bought used . the issue is that I 'm making payments on the loan for the car , but I want to change it to something cheaper in the used car dealer himself . Is this possible ? Will I lose money ?
Answer1insertmynamehereAnswered at 2012-09-01 12:20:05
Firstly own financial advice from a trusted source . MedlinePlus MedlinePlus Yes , it is possible in Australia is called "trade back " . That is trade your car more expensive to a cheaper one , the dealer pays the lender what is owed ​​and the balance ( if any) is paid . We still hope to have a loan because the agreement can not cover all of what is due in Focus 08 plus the cost of replacing the vehicle. MedlinePlus MedlinePlus The distributor is on offer to earn money for what is likely to miss a bit on the deal. However, you can free up some of your disposable income (less depreciation ) , if that's the case , then you have an advantage when that happens . MedlinePlus MedlinePlus Personally I would sell the private car ( taxed ) . Immediately pay the lender . So, with all the money left to buy the replacement vehicle from a licensed motor auction . Careful here , because if the price that sells the Focus 08 is less than what is owed on the loan , then you will have a commitment to the financial institution , regardless of having sold the car . MedlinePlus MedlinePlus If you need to take a smaller loan to finance the purchase of cheaper car. MedlinePlus MedlinePlus This is not financial advice . Just my personal opinion .
Answer2PrettyPlzHelpAnswered at 2012-09-06 13:56:03
Will not happen again . MedlinePlus MedlinePlus You have negative equity in your car . So let's add that with the lowest cost of the car , and it will not balance . MedlinePlus MedlinePlus Basically , there is no economic benefit for them , so there is no interest for them to help.
Answer3GhadahAnswered at 2012-10-20 01:56:48
As a rough estimate of the dealer offered $ 3,000 - $ 5,000 less than they paid for it . He buys cars wholesale so if you want another approach that could buy it for thousands of dollars less than you paid for it . In addition , the 2012 models are coming out to his car a year older means a loss of value depreciation.
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