How to Trade in a Financed Car

What do you do if you want to trade in your old car but it’s not paid off? Find out the ins and outs of trade-ins, what it means to have negative equity vs positive equity, and what you should know before you head to the dealership,.#carselling #cartradeins #dealerships #usedcars

Want to sell your car to the dealership without a trade in? Find out what you need to know here

Chapters:
00:00 Intro
00:44 How does trading in a financed car work?
01:56 Is trading in a financed car right for me?
04:21 How to trade in a financed car

More Bumper channels:

[chris]

when they say things like "if your are in a strong financial situation " I feel like an imposter.

[chris]

3:00 " for each remaining month on the loan" Slow the speed of playback in the YT video browser 50% I dont know why or how but watching the face and hearing, that part, slowed down, is wayy more funny then it should be 🤣🤣😂😂

[dogbreathmints]

If the financed car is sold to Car max and you end up with 4K neg equity i.e.; will Carmax require getting the clear title during that time and you'd have to pay the balance of the 4K right then so they (carmax) can get the title from the lender? (If you're not buying another car).

[laidbacklow]

What if the dealership has you under a power train warranty and they didn’t know the vehicle had aftermarket parts that void out the repairs? Is there a way the dealership could work with making a trade?

[henrykleber]

I bought a car before inflation, i own 18k and the value still $24 thanks to the inflation, what can i do? Trade it and get a better APR because it will show paid off full or keep it?

[mckensismith]

How do I get the title if I still owe? Will that happen when I trade it in..?

[-Arkelon]

Hello I have brand new Honda Accord 2022 with 3 k miles only ! unfortunately was involved in an accident ! Honda fixed the car paid by insurance. By now I owe 30 k on this car in payments ! Should I keep paying this car at least for an year more, and trade in for a lower price car, or pay the total right now to avoid more depreciation ? Ps : I have ways to pay off the amount owed !

[Social_Brat]

Mine is the gas price price. Mdx 2011.

[faznout]

For car dealers it all has to do with having a healthy down payment, no matter if you have good or bad credit. In reality car dealers could really care less what you owe on the vehicle. The less you owe the better it is for you like anything under $8, 000. Plus it also depending on the value of the vehicle, what you owe, and your credit and income all makes a difference in how much they'll ask for down. But there have been people who have traded in cars where they owe $20, 000 but they paid 8, 000 or more down on the new car. But if you owe $20, 000 and say you only have $1, 000 down the deal won't happen. And it doesn't matter how nice your $20, 000 car is. It also has to do with the value of the vehicle you're trying to get. If you want a $10, 000 car but you owe $20, 000 on your current vehicle no bank will finance that because you'll be so upside down the price of your new vehicle will be way more than what it's actually worth

[eazymoney]

So if I have to pay the 2000 for the difference that just means I’m doing that to not owe a extra 2000 but I’ll still carry a 10000$ loan amount

[nebewla]

hey I have alot of questions is there anyway i can contact you privately?

[yerosgp]

What about a cash back on your trade and use some on the trade in portion for the down payment

[ruhsjtw]

If I owe 12956 dollarsand 94 cent and my book file is only 4294 dollars, and my equity is $8662.94. What would be the smartest thing to do? Traded in back at the deal I got it from.

[krimstix]

I owe 16k and my trade in value is 24k according from Kelly blue book

[antoniocruz]

Can I trade my car with another dealership?

[danb]

Yes, rolling over your negative equity into another car purchase, is usually bad. BUT, what if you are trying to trade down into a lower cost car? I have about $8000 on my 2020 Charger R/T Daytona, and I'd like to buy a cheaper car. I would be prepared to add the $8000 into that new cheaper car's loan if the dealer agrees to this. The goal is: to get a lower cost loan and lower payments. Credit score is meh, at around 645 with no late payments or negative public records. Do you think this is a decent strategy to downgrade a car with negative equity, into a USED car (that has less depreciation impact)? Thanks!

[margaritaramos]

Question. What if I want to trade in a 2020 for a 2018 model?

[lyndsipratthorsemanship]

I owe a low amount on my car, and I’m in a financial situation to pay it off, but I’m looking to trade in ASAP. Is there any financial benefit to paying it off directly vs taking it to the dealership still owing? I could pay it off online now but it looks like I might not receive the title for up to 6 weeks and I don’t want to wait if possible.

[Mr_Racooner]

Still confused. If I owe 19k on my current car and trade my car for a better one that is let's say 10000 and my car is worth 15000 does that mean I have 5000 to pay of my.loan and I continue my normal loan?

[tommyvercetti]

So whatever your trade in value is, that’ll act as a down payment for your new car? And if you have negative equity it’ll roll into your new car you finance ?