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How to Trade in a Car you Owe Money on or is NOT Paid Off (Former Dealer Explains)

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Description How to Trade in a Car you Owe Money on or is NOT Paid Off (Former Dealer Explains)

Comments How to Trade in a Car you Owe Money on or is NOT Paid Off (Former Dealer Explains)

Vroom is offering me several thousand more than the dealership Could I use that at the dealership to see if they will meet it? Comment from : @pencraftsmanship

My daughter bought her first car Still owes 8K on the loan She blew a cylinder! no compression Still runs but needs a new engine would a dealership take a case like this? lol Comment from : @jbaz964

Exactly , THANK YOU !! not everyone has a choice Comment from : @dannystiasny3891

What if your in positive equity, credit is good,never missed a payment and the vehicle you want is $7,800 but the balance of your current vehicle is $6,900 with a estimate of 20 months left? Comment from : @ulescole3332

Liked subbed Good info Thanks Comment from : @michaeljohn8905

Thanks Comment from : @jonniekiv1688

What if I have missed payment on the car I wanna trade in and also haven't paid off yet??? Comment from : @NZNTRUCKING

What if I have 23 silverado not paid off but want to trade in for a 19 raptor we’ll say the pay off on silverado is 57 with 13k miles Raptor 40k miles at 56 pay off, do I have a chance?? Anybody? Comment from : @Beto-kx9bg

Question, what if the if your car is worth 27 and you own to the bank 23 , and the car you want is 20, what happen? Comment from : @lionscott1663

confusing as hell Comment from : @williamsmith151

What if the engine is bad wat to do???? Comment from : @bobbywilson5183

I had a 2016 transit connect cargo that I owed 12,600 on it It was broke down for a year and a half prior to getting it fixed Engine wiring harness was bad At 155k miles I felt it was a ticking time bomb Oh yeah, paint was horrible and had two accidents on its record brThey gave me 2700 for it and rolled about $10k onto new car, a 2024 Kia forte gt2 Now since it was a cargo van nobody would refinance me and my rate was 15 The Kia is 67 I feel like I came out ahead My payment is $75 a month higher but I save that in gas going to and from work brAnd this car is dependable and sooo much nicer Comment from : @Modern-Muscle-PNW

It's a much-appreciated video what if I'm under $12000? Comment from : @Realsonocesare

what if a person is leaving the country, my friend is, and does not need to buy a new car Will in this case car dealership still pay the negative balance for you? Comment from : @LifeIZlife-33

I don't know what to do I have a car I've been paying on with a 1199 interest rate I bought it for 12,000 and after almost 2 years of paying 491 a month I still owe 11,400$! It has 142,000 miles on it and if I don't get rid of it now I'll be paying for it 10 years after it's broke down I don't know a price range for a new car I should pick or anything The kbb value of the car I have is only about 3-4,000 so if I go trying to trade my car in for a 20,000$ car and they give me 3,000 for the car I have I'll add like 8,000$ onto the 20,000$ I really don't want to mess up this time😢 Comment from : @gocowboys51411

So if I have a car loan I got for 10k can I trade it in for a car around 7k? Had the car for about 2 years Comment from : @jaysrt21

Thank you for this valuable info I have learned today Comment from : @barbarahodges8835

I just put 20k down on a new 24 Tacoma I’m financing 25k Say I want to trade in a year or so and I owe less than 20k on my loan How would that work and would I get a good deal Comment from : @codyjordan9420

they dont have achoice? how about stick with the trade in lol Comment from : @antiquarian1773

You lost me with the Boston Celtics sweatshirt nothing like social justice that bounces a ball Comment from : @commoncents864

Question and this isn’t pertaining particularly to your video, but why does everyone consider it ‘rolling over’ your balance if the bank is going to expect you to pay the difference of the value to debt ratio anyway Essentially the car is just being bought at a shitty trade in price that makes them money, and the bank is just agreeing to acknowledge, your loan before will be paid, incase they dont want to give a second or 3rd loan, while expecting you to pay off the difference and no amount of anything related to the car or old loan is even being ‘rolled’ over…? Are there invisible costs for this type of transaction? Comment from : @tht1guyfromtht1place70

Wow, I should’ve did that with my trade value I’m still happy with my purchase, but if I would’ve known, I can ask the dealer to cut me a check and go pay off the little bit that I owe because honestly all I needed to do is wait one more month and I would’ve had all the money, but I didn’t want this specific Car to get taken off the lot, but this information was very very useful for in the future Comment from : @MelosGeckosLLC

Bro have you ever heard of mono audio? Shit is coming through only one ear Comment from : @ayoung2138

Thanks, I subscribed Comment from : @sewdutch2

i’m trying to trade in my 2019 nissan with 103k miles for an older toyota/honda i still owe 15k after having it for a year the highest value i’ve seen for my car was 86k Comment from : @dsgcarlos6318

Anyone have helpful advice for a dumb young guy I financed a brand new car not long ago and owe 34k, I don’t really want to continue to pay for its upkeep and wanted to trade in for a suv that is worth 12k I spoke to the bank and they said they can create a new loan for me to pay off whatever is remaining but will I be f-ing myself over? Comment from : @ericguido0

thankyouu very much buddy Comment from : @rossmurrayfam1568

This helped if the car lot DOESNT match your cars worth but what if they do?? brYour car is worth 14k, you owe 18k, you trade it in for something 14k, would you still need a down payment for that or would the 18k just transfer over onto the new one that’s paid off so you’d only really owe what you did in the beginning? Comment from : @Yes-dy3nx

Never borrow money to buy a car new or used You will enjoy a car a lot more when it’s paid for Comment from : @Bonsai-Miata2020

The biggest thing missed with his scenerio with the check thing is you lose thousands of dollars on tax savings if you do this route Imagine buying 100k car (example purposes) not trading it in at the original dealer and going to Carmax, you lose thousands and thousands of dollars on taxes that you could’ve saved I appreciate the video, but this is the most simplest and less detailed approach and on top of it a bigger headache when we’re squabbling in the example of just wanted two grand which could’ve been saved on taxes alone Comment from : @sinhalo

Full stop…brbrStop buying cars you can’t afford Stop buying cars every 3-4 years Stop stop stop brbrNegative equity is financial slow death Comment from : @tessp100d4

You lost me on the part about the $3000 check the dealer gives you They’re are required to give you a check? I would just like a little more information to understand better Comment from : @WillEaster-ix9dr

I have a Mitsubishi mirage that I owe 10 thousand on and it’s only worth 2 thousand for trade in Comment from : @Jayy-xx6gl

Made an impulse buy for a Mazda miata 1 year later I hate it because there is not space Can’t even do grocery I’m willing to own my mistake for taking in extra debt but need a more practical car that I can actually do groceries with Comment from : @lesterdelacruz5088

Okay dumb question … but what if this cars engine is messing up and I still owe 20k ? Is there a way to somehow get out of it ? Is there a way to somehow settle with a bank ? Comment from : @Ricomigo-21

This was the most helpful trading information on negative equity I found so far online! Comment from : @louisandrews8234

I want to trade in my truck I"m sure I can afford to pay the truck down to whatever the dealership/bank offers me for my truck Should I do that and go into the new loan without being upside down? Comment from : @Christopherdreamless

3 min in and this guy is still beating around the bushpfff!!! Comment from : @joesamson8666

Can I trade in my vehicle with another vehicle with the same loan amount? Comment from : @yeooo-_-2301

Can I trade in a Malibu that I owe $18,258 on? Loan was $24,500 Bought in march 23’ Would trade for truck around that price Credit was 776 now it’s a 751 It’s possible? Comment from : @yeooo-_-2301

Wow it’s like you knew i had a 2015 accord and i owe 15000 on it😭 Comment from : @primetimejaeyt2213

The dealers still going to go thru the whole spiel signing you up with a loan with like 10 grand off because they’re gonna expect that you’re gonna give them the amount you get for your car from the other dealer But it will make your payments A hell of less than you got now, even with the three or $4000 check that give you, but they’re not gonna give you a $4000 check without signing you up for a new loan seeing if you’re approved first Comment from : @jessewynne8193

Thank you Comment from : @bhicks1098

Best thing to do is crash the old car you dont want😂 Comment from : @resdawgs

Don't waste your time listening to this bozobrPay cash, don't enslave your self to debt and misery Comment from : @joshmonus

Thanks for this information !! I was trying to figure out how to go about this Gonna give this a try Comment from : @bossclazzic

If you have negative equity keep your car and pay it off Comment from : @61britchie

I got help by bpatriciawillams0/b she could help you also Comment from : @PaulStileslester

I must appreciate bpatriciawillams0/b for a wonderful service I successfully trade my car finally with the help of her Comment from : @PaulStileslester

I'm thinking about trading in my car in which I owe 30k for a car that's going for 36k should my cars trade value cover the difference to keep my payments around the same? Comment from : @kisoshi898

Thank you very much for the advice Comment from : @cesardariovargas

My car is valued at 20k right now and I owe 17/18k on it but want to trade for a used Tesla that’s 33k Is this unreasonable? 😭 Comment from : @kiarabragg1445

I have a 2015 Chevy Malibu I paid 5k on it already the car is worth 10k but I want a dodge challenger 2012-2022 is it possible for me to get it still Comment from : @TimBailey-jl8ec

If I owe 33 thousand but trade in for a 26 thousand dollar car do I just pay the difference of 7-8k? Comment from : @MuchtebaAlawsi

Rebates, rebates, rebates Look for a vehicle that has a lot of money in rebates and have a healthy down payment A good interest too, and you'll come out pretty good Comment from : @Hats1976

Hi quick question Does it hurt your credit score? If you trade in your loan car for another car that you have to get another loan for? Comment from : @jayjayxpxd

Ok got it , so the current dealer will rolled in the remaining balance however if we shop around that balance could be less ?? Comment from : @marlon9683

what if you’re trading with a private dealer? such as a car on the street for sale owned by that person while still owing money on your car Comment from : @dereklight4804

Appreciate your video Comment from : @carolace3074

I got 9k negative what’s best option? Comment from : @esandoval9235

How about if you have a new car and you ain’t happy with it Comment from : @carloscervantes618

I have a nissan altima 2017 I want to trade it the dealer is asking me for 1000 deposit when the car has low mileqgeWhat should I do should I give 1000 Comment from : @childofjesuschristnazareth5653

I have a 2013 Tahoe and I have 9000 left on it how would I go about getting another vehicle that's maybe also around that 9000 dollars? Comment from : @ejkoolin4308

I trade a 2018 dodge ram for a 2022 chev silverado so I still owe 15 k from the ram so now the total is 85 k brnow I not sure it was a good deal Comment from : @thesixCanada

This mam just gave you all a lesson of what it's like trading your vehicle if you know you know Comment from : @vicyoung6102

Is it debt if you’re car is running out of time? Or you got sold a car that is easily turning into a lemon Comment from : @skyleyva9790

Im 4k upside down with a 30 apr Wanna trade in or refinance for a lower rate Once i refinance can i trade in for a car cheaper than 21k? Comment from : @blackred1032

Hopefully this helps Comment from : @thecamp2446

thank you Comment from : @BabiRae

is this still possible to do if you’ve co-signed and the co-signer has never made a payment/ doesn’t live in the same state as you anymore? Comment from : @FollowKatEverywhere

I didn’t know much so I got a loan for 14,000 they got me with a really high apr, making it a total of above 20,000 which is nothing near what the car is worth So if I plan to sell it I have to get the whole 20,000? Or just pay off the 14,000 which is what I initially asked for ? Comment from : @jacquelinemartinez6235

The American dream Buying a 60,000 truck on a 40,000 salary Comment from : @jerrythomas4457

This is really 100 well explainedthis is how everyone should have done their content straight to the point ❤ Comment from : @dizboi607

I currently own a 2020 Chevy Camaro that has a value of $27000 However, I still need to pay off $12800 for it My intention is to trade it for a 2023 Cadillac CT5 Can you please advise me on what to do based on your experience? Comment from : @SM4YL-LA

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 ! br br br brReply Comment from : @Mocker-you

That 2015 hits different Comment from : @SadfoxGuyver

Asking for a friend; lets say a car came out to a total of $58,000, car sticker price was $39,000 You’ve paid basically the interest of the car Would it be smarter to just keep the vehicle? I’m not asking for a friend I’m just in a weird spot of wanting to sell my car for a truck🤣 Comment from : @estebandelatrinidad1846

Okay, so let me ask brI got a GMC Sierra payoff of 50,000 (just got it about 5 months)brI want to get a new one, which is valued at 58,000 at my local dealerbrDoes it mean that if the trade value is 39,000 would only owe 19k on the new vehicle? Comment from : @jbryansoto

What does cash down with trade in ? Comment from : @ACHASTITY25

Thank you for the information 🤙🏿🔥 Comment from : @Caligrown213

I have a 2017 focus They sell this car for 14k My loan amount is 18k The trade in value is at most 11k what sold I do next? I told the dealer that I needed a bigger vehicle before accepting the loan and they told me they will trade it in for me and now no one wants to respond or help me 😢 Comment from : @autumnmayhan-brice4601

Ok I have a question for you I bought a 2017 BMW X5 a few months ago I just got it apprised for trading it in for a new Audi Q7 and the value came back at the same price I purchased the vehicle 4 or 5 months ago Honestly I don't care for the Audi I'm a BMW guy, this is now my 4th I was wondering if you had any advice on how to proceed trading in my financed X5 for a lease on an new one? brbr **Note 1 out of 4 BMWs will make you pull your hair out Comment from : @Ccstaj

Subscribed 💪🏽 Comment from : @1kouchielato

So if I wanted to trade in a van I owe $25,000 on KBB trade in value is 23,000-25,000 brLooking to trade in for a TeslabrWould I be better off trading in directly to Tesla or trying to get a full cash offer from kbb, vroom or another comapny to match what I owe? Comment from : @McGD4

Thanks so much for this video it made so much sense and like you said I don't have a choice but I need a bigger vehicle It'll be paid off in the same amount of time I hope thanks buddy! Comment from : @ianreza1222

I just feel like there is no way I’m getting a new lease or loan from the dealership without amazing credit And getting a check from them to pay off the other loan to add it into a loan or lease that I can’t even get smhh😅 Comment from : @lifestyleofcori1792

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