WebI want to trade my car in for something cheaper and better on gas So pretty much I want to trade in my 2015 Kia Optima for a Toyota Prius for better fuel efficiency. I have had my Kia for almost 3 years now and my trade in value is 9,000 and I owe about 16,000 on it.
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WebApr 21, 2021 · It's also cheaper for a dealer to repair a vehicle than for you to take it in for service, so if the repairs on your car are more costly than your car payments, it's time to trade in. When It Has Equity Vehicles are depreciating …
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WebJun 18, 2021 · If you're upside-down on the car loan, meaning you owe more than the car is worth, a trade-in won't do you much good. You'll still owe the remaining balance on the original loan after the trade-in. Most dealers will just roll that amount into a new loan, which means you'll still be upside-down on your car loan for a cheaper car.
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WebApr 21, 2021 · Be aware, however, that if this right deal comes along right after you just bought your current car, trading it in may have to wait. It's typically more difficult to trade in a vehicle that you've just purchased, and you may have to wait at least six months to a year for it to be financially feasible. If you trade in a car that hasn't had
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WebMy brother really wanted a Mustang, not a truck, so he traded the truck, which valued at more than $50k, for a <$30k Mustang (not event a GT). Sadly, he had no clue the value of the truck, and had never bought even a used car before. He also took a pot-head friend with him to "supervise" the deal. The dealership took him to the cleaners.
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WebSo pretty much I want to trade in my 2015 Kia Optima for a Toyota Prius for better fuel efficiency. I have had my Kia for almost 3 years now and my…
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WebJun 17, 2021 · If you put down a sizable down payment, and you have positive equity on the vehicle, you can certainly trade the car in for something cheaper. The value of the car you trade-in will go toward your current loan balance (and should pay it off). If you have negative equity (you're upside-down) on your car loan, you could trade in your car, but
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WebMar 25, 2020 · 3 Tips to Prepare Your Trade-In. In order to get the most out of your trade-in, take a look at these tips: Clean your vehicle – Clean, well-cared-for cars may fetch a better price at trade in time than a messy vehicle that's unkempt. Be sure to give your car a thorough cleaning both inside and out. Springing for a detailing may not get you
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WebJun 17, 2021 · If you put down a sizable down payment, and you have positive equity on the vehicle, you can certainly trade the car in for something cheaper. The value of the car you trade-in will go toward your current loan balance (and should pay it off). If you have negative equity (you're upside-down) on your car loan, you could trade in your car, but
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WebMar 7, 2022 · March 07, 2022. You can technically trade in your car after 6 months or 6 minutes, but you should do a little research to make sure it makes financial sense for you. If you worked with a finance company to take out a loan, you'll remain legally responsible for paying out the loan balance, regardless of whether you make it to the end of the
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WebMay 27, 2019 · The Bottom Line Even though it's possible to get out of negative equity quicker, or trade in or sell your car when you're upside down, we don't recommend this. Instead, you should wait until
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WebA: If you still owe money on the car, you can trade it in for a cheaper one. If, for example, you owe $15,000 and the car is worth $20,000, the dealer can purchase the car as a trade-in, pay off the loan, and put the $5,000 toward your new auto loan as equity. If you don't owe money on the car and own it outright, there's nothing stopping
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WebJul 13, 2018 · If you still owe $2,000 on your auto loan, but your vehicle is worth $6,000, you have $4,000 worth of equity. In situations like this, trading in a car that's not paid off is a breeze. The dealership will take your trade-in, pay off the lender to remove the lien, and then the vehicle is theirs to resell on their lot or at auction.
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WebMar 7, 2022 · March 07, 2022. You can technically trade in your car after 6 months or 6 minutes, but you should do a little research to make sure it makes financial sense for you. If you worked with a finance company to take out a loan, you'll remain legally responsible for paying out the loan balance, regardless of whether you make it to the end of the
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WebA: If you still owe money on the car, you can trade it in for a cheaper one. If, for example, you owe $15,000 and the car is worth $20,000, the dealer can purchase the car as a trade-in, pay off the loan, and put the $5,000 toward your new auto loan as equity. If you don't owe money on the car and own it outright, there's nothing stopping
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WebJun 18, 2021 · If you're upside-down on the car loan, meaning you owe more than the car is worth, a trade-in won't do you much good. You'll still owe the remaining balance on the original loan after the trade-in. Most dealers will just roll that amount into a new loan, which means you'll still be upside-down on your car loan for a cheaper car.
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WebJul 13, 2018 · If you still owe $2,000 on your auto loan, but your vehicle is worth $6,000, you have $4,000 worth of equity. In situations like this, trading in a car that's not paid off is a breeze. The dealership will take your trade-in, pay off the lender to remove the lien, and then the vehicle is theirs to resell on their lot or at auction.
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WebOct 21, 2022 · But even with negative equity, trading in your car for something cheaper can help you recoup some of your losses. 1. Collect the necessary documents Dealers will want to see basic
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WebMar 10, 2020 · Big Risk #1 "You're trusting that the dealer you're trading the vehicle in to, " Clark says, "is going to pay off the loan on that trade-in." The truth is that the dealer has no legal obligation to do that and here's why: "You signed the note originally for the vehicle you traded in," Clark says.
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WebMay 27, 2019 · Meghan Carbary. May 27, 2019. It's sometimes possible to trade in your car when you're upside down on your auto loan, but it might not be a wise choice – especially if you're struggling with bad
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