Is there a way to trade in your car if you are upside-down on the car loan?

you can but i would not. stick it out or sell it to someone but it looks like you are stuck because you r upsisde down

The business is in crisis right now, so you will be attacked and treated like the enemy more than ever before. You have to know the real WHOLESALE value of your vehicle with all the features, mileage and damage. Don't be unrealistic but don't be bullied either.

Then get on the Internet and find out what the car you wish to buy actually cost the dealer after they get manufacturers incentives etc. A good resource for this number is a local credit union or your insurance agent (if they have car loan resources). There are also many independant resources.

If your credit bears it, you can go to the dealership and lay out the deal. Don't allow the sales person to bully you with the "Four-square" plan. That is a lie. Every dime you put as a down payment is pure profit to them regardless of the deal. Regardless of the car or what you owe on your vehicle, there are two things to keep in mind. 1. You should pay no more than a total of $500.00 profit to the dealership. That is a fair ammount. 2. At the end of the deal, now you must decline ANY form of extended warranty. And you must also negotiate interest on the loan. The best way to do this is to get a letter of committment from your bank in your pocket with a good interest rate. then when you go to the dealership you can negotiate honestly and in confidence. They will make every effort to better the deal. Don't buy extra anything from them or they will bury you in extra charges.

I hope this helps.

Answer 2:
Try looking for dealers that offer cash-back incentives and rebates. You can ask them to apply all those amounts combined to what they will allow you for your car. If they want to make a sell, they'll work the numbers for you!

Answer 3:
I recently had to deal with this situation and YES, it is possible. You have to really work the dealers though...it is a long stressful process of negotiations but the fact remains, they want to make a sale!! There are ways around it by shopping at several dealers and let the dealers know that you are looking at other dealers. This will get them in the competition mode of wanting to beat their competetors. Look for rebates and special deals. A strong way to accompish what you want is to look for a new model that is a year old. You will get a new car with the new smell but with a larger rebate and lower price. Do your research and have an idea of what is a reasonable monthly payment that you can handle and then research the vehicle you want to get an idea of what extras you can afford and want included. One tip is to make a spreadsheet showing the price of any entertainment packages, equipment packages, DVD players, radio's, etc... that are available as options and determine how much each option will increase the price. This will help you know what you want and how much it should cost you.

No comments: