If I owe $5K on a car can I still trade it in?

[nitrousninja]

I have no idea how this works. I was looking into getting a new car but I still owe on my 96 Mustang GT. I would probably get a descent trade-in on it because I only have 45K miles on it and a lot of options as well. I'm not sure what I'm looking for though but was just pondering the idea. Thanks for any info or help. Matt

 

[Theslowone]

Yes you can still trade it in, they will do some calculations, screw you over and you will end up paying for it.

Your car is probably pulling 7k as a trade in, so they will just basically take it like its a 2000 dollar down payment.

Not sure if this is how everone does but it probably is close.

 

[LAUST]

Yep, they pay-off what you owe and anything left over goes for the trade-in

 

[gooseman]

What LAUST said.

 

[Don Vito Corleone]

I imagine for the most part this is actually more common than people trading in cars to which they hold clear title. Every dealer is prepared to deal with the administrative hassles associated.

 

[nitrousninja]

thanks guys , thats kind of what I thought.

 

[nitrousninja]

Kelly Blue Book Gives me about $7800.

 

[thereds]

I currently own a 2001 VW Passat GLX, but I have falled in love with a 1997 BMW 540i.

The dealer posts a price of 29995 for the beemer. KBB says 25k something. Do dealers ever go down on their prices to match KBB's value?

 

[TallBill]

prolly not all the way down to KBB.. they'll give you a lame excuse.. but.. they will probably lower it some.. maybe meet you halfway.. depends on the dealer and the car

 

[d33pt]

yes make them give it to you for under KBB unless it has exceptionally low miles or has extras

 

[thereds]

<< yes make them give it to you for under KBB unless it has exceptionally low miles or has extras >>



This is the one.

SO pretty.

 

[ddjkdg]

If you're going to bring up blue book prices also check NADA and Edmunds. If they also have about the same price for that car then you'll have more ammo going in.

 

[Thegonagle]

Get your stang detailed and shined, make sure it's running properly, and fix any obvious little problems (bald tires, missing trim, pulls to the right, etc.). It can literally be worth thousands on your trade value.