Is a trade in posible if ur financing?

[b0x]

Im really considering trading in my auto for a used 5speed or 6speed. My question is, is it possible even if i havent payed off the car yet? And what do i need to know before i can do the whole trade in deal? I know i have to get my car back to stock first, thats for sure.

[GeeTeeEss]

You don't reallly need to puyt it back to stock... But make no mistake, you are going to pay out the ass for your new car... I went from a 00'GT 5-spd to my 6-sp and I pay almost $500 a month now...!

[2002GT_Celica]

Yeah, it is possible, people do it all the time. I suggest you go down to the dealership and see what they will do for you.

[b0x]

geeteeEss, did you get a used 6speed? or did u get a brand new one? I have a 2002 and i'm looking to get a 2000 or 2001 -5speed-

did you have to pay anything when u traded? Or is ur monthly rate just higher now?


Oh, and whats this about not having to bring it back to stock? I was wondering if i could just swap some of the things on the car. Like i painted my center console. I was wondering if when i got my new car, i could swap them? It sounds stupid, i know - but i just gotta know :)

[XYRCNCP]

Ok, when you finance, this is the way dealerships work:
They get your payoff from whoever you got it financed, then they come up with your trade value (it would be better to come up with that first), then they add whatever the difference is.
Example:
You owe $17000 from bank ABC
Your car is worth $16000
The new car is $18000

Calculation:
18000(new car)-16000(trade value)=2000+17000(existing payoff)=$19000 (this is what your new loan will be) that's why the monthly payments might be higher.

Then again, if your car is worth MORE than the "new" car then it works like this:

You owe $15000 from bank ABC
Your car is worth $16000
The new car is $18000

Calculation:
18000(new car)-16000(trade)=2000+15000(existing payoff)=$17000 (this is what your new loan will be) and you pretty much stay with the same monthly payments.

All these numbers of course are hypothetical, I dunno what your car is worth, I dunno how much you owe and I dunno how much the dealer is selling you the "new" car for. I work at a credit union and even though I'm a loan collector I was a loan officer before. Let me know if this helped you or if you have any ?'s

[ToyoGT]

yes yes prepare to take a hit. the dealership won't turn you away if you can afford it, BELIEVE me. people do it all the time.

[XYRCNCP]

just dont let them know your payoff, or let them get it until you have negotiated a trade value, but then again your car is modded so the value will be lower....., but regardless, do not let them know your payoff or who u have it financed with, unless is toyota, if that's the case then, good luck...