Trade-in Advice/Question - CarForums.net

Jagster · 10-06-2009, 08:19 AM

Here is my situation....

I have a 2002 Jaguar X-type w/roughly with 87k miles. I have about $13K left on my loan. My credit wasn't good and didn't have much choices and this particular dealership worked with me. I've had the car for about 4 years now. KBB trade-in value is about $5k. Babied this car and also upgraded some items if that makes any difference.

I wanted to get rid of this car by possibly trading it in for a used semi newer year car. Not trying to get fancy but just something more economical and practical like a used civic or something to that effect. My question is how is this going to work? Meaning I know I still owe money on the car and the trade-in value is alot lower than what I owe. How does the trade-in process work and what should I be expecting from the dealer?

Basically I want to know what happens if you try and trade car in that is worth less than what you owe on it?

deltaolds · 10-06-2009, 09:09 AM

if you trade in, remaning debt will be applied towards new loan, in other words you get fvcked again, deeper this time. assuming they even give you loan.

AK-47 · 10-06-2009, 09:13 AM

total the car and claim total loss

deltaolds · 10-06-2009, 09:17 AM

Quote:

Originally Posted by Big Daddy Don

total the car and claim total loss

lol, bad advice, ins. will pay out book value, they don't care what you owe, he'll still be responcible for the debt. it would work if his car was worth more then he owed, or at least as much. but if that was the case, we wouldn't be having this thread.

AK-47 · 10-06-2009, 09:27 AM

gap insurance?

Jagster · 10-06-2009, 09:41 AM

Quote:

Originally Posted by Big Daddy Don

gap insurance?

I don't think I elected the gap insurance.

So basically if the car is worth $5K and I have $13k on my loan remaining, they will tack on $8k on to the new loan?

deltaolds · 10-06-2009, 09:47 AM

Quote:

Originally Posted by Jagster

I don't think I elected the gap insurance.

So basically if the car is worth $5K and I have $13k on my loan remaining, they will tack on $8k on to the new loan?

pretty much, pbly even more, they have to pay out your loan, than return their money, with interest.

AK-47 · 10-06-2009, 09:50 AM

yup that's how i ended up paying $27k for a $20k car

10-06-2009, 09:09 AM	#2
deltaolds Car Fanatic CF Senior Member Join Date: Dec 2006 Posts: 5,456 Vehicle Profile: Year: 2009 Make: Honda Model: accord	if you trade in, remaning debt will be applied towards new loan, in other words you get fvcked again, deeper this time. assuming they even give you loan. __________________

10-06-2009, 09:13 AM	#3
AK-47 Ahmadinejad for U.S. pres CF Senior Member Join Date: Oct 2005 Location: Boston Posts: 8,672 Vehicle Profile: Year: 2009 Make: Toyota Model: Avensis coupe	total the car and claim total loss __________________ Look, I can't change the way I think And I can't change the way I am But if I offended you? Good Cause I still don't give a fúck

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10-06-2009, 09:27 AM	#5
AK-47 Ahmadinejad for U.S. pres CF Senior Member Join Date: Oct 2005 Location: Boston Posts: 8,672 Vehicle Profile: Year: 2009 Make: Toyota Model: Avensis coupe	gap insurance?

10-06-2009, 09:50 AM	#8
AK-47 Ahmadinejad for U.S. pres CF Senior Member Join Date: Oct 2005 Location: Boston Posts: 8,672 Vehicle Profile: Year: 2009 Make: Toyota Model: Avensis coupe	yup that's how i ended up paying $27k for a $20k car

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