Selling/Trading In a Car You Still Owe Money On??

s0lefunk · Mar 22, 2012

Could use some insight..

The job situation has improved and I have been thinking about changing cars. Currently have an 07 Maxima but I have been eying an 09 CTS. I took out an auto loan from the credit union and still owe about 10k.. I was wondering how I could go about this? I think the simplest way would be to sell privately, pay off the loan, use the rest for a down payment or whatever, and apply for another loan. I have no idea how it would work if I went through a dealer..

This is just a random thought and I'm not set on doing this any time soon. I love my Max. Got it hooked up, its in great shape, and have yet to have any issues with it *knocks on wood*

Anyone have experience with a situation like this?

a55a5in11 · Mar 22, 2012

keep the nissan and save money while you are finishing the payment. than use that to cop whatever you like

richie4dayz · Mar 22, 2012

You can trade it in to the dealership but keep in mind it will probably be less than if u went the private route. Also if u went through the dealer they do all the paperwork so it would be less stressful, so there would be pros and cons both ways.

23kidd · Mar 22, 2012

Im wondering about this as well.

I have 2k left to pay it off, might as well go ahead and wait till i pay it off right?

ebozek9 · Mar 22, 2012

Also thinking about this. Really wanting to trade in my '08 Nissan Versa hatchback. Way too light (wind blows it all over on the interstate), gas mileage isn't what it was made out to be, and the damn thing is so slow.

ricky409 · Mar 22, 2012

Your plan sounded straight.

You get more if you sell private then try to trade it in...

Then you can swag out in your CTS

s0lefunk · Mar 22, 2012

Originally Posted by 23kidd

Im wondering about this as well.

I have 2k left to pay it off, might as well go ahead and wait till i pay it off right?

If I were you I would just pay it off. I dont know your situation but 2k could be done quickly if you just cut back for a few paychecks

BANLEU · Mar 22, 2012

I've done this before and I went the trade in route. I financed a 2007 Jetta for $10,000 in February of 2009. Last May I got hit by a tow truck and it got repaired by the other guys insurance company.

However, after it was repaired it just didn't run the same, so we decide to trade it in for a 2011 Jetta in August. The dealer we traded it in to gave me $9,500 for it and I only had about $5,000 left on the loan, so I ended up getting a $4,500 credit towards the new Jetta.

Therefore, if I were you I would check with the dealer and kelley blue book to see how much your car it worth. If it is worth more than you owe, than trade it in.

Betonblck · Mar 22, 2012

Originally Posted by s0leFUNK

Could use some insight..

The job situation has improved and I have been thinking about changing cars. Currently have an 07 Maxima but I have been eying an 09 CTS. I took out an auto loan from the credit union and still owe about 10k.. I was wondering how I could go about this? I think the simplest way would be to sell privately, pay off the loan, use the rest for a down payment or whatever, and apply for another loan. I have no idea how it would work if I went through a dealer..

This is just a random thought and I'm not set on doing this any time soon. I love my Max. Got it hooked up, its in great shape, and have yet to have any issues with it *knocks on wood*

Anyone have experience with a situation like this?

You can't sell something you don't own.

Your only choice is to go to a dealer, have them pay off your loan and they will add that to the loan on the 09 CTS. (So if the CTS is 15 grand, you will owe 15 grand + the leftover loan amount from the maxima)

jaehow · Mar 22, 2012

Originally Posted by cguy610

Originally Posted by s0leFUNK

Could use some insight..

The job situation has improved and I have been thinking about changing cars. Currently have an 07 Maxima but I have been eying an 09 CTS. I took out an auto loan from the credit union and still owe about 10k.. I was wondering how I could go about this? I think the simplest way would be to sell privately, pay off the loan, use the rest for a down payment or whatever, and apply for another loan. I have no idea how it would work if I went through a dealer..

This is just a random thought and I'm not set on doing this any time soon. I love my Max. Got it hooked up, its in great shape, and have yet to have any issues with it *knocks on wood*

Anyone have experience with a situation like this?

Click to expand...

You can't sell something you don't own.

Your only choice is to go to a dealer, have them pay off your loan and they will add that to the loan on the 09 CTS. (So if the CTS is 15 grand, you will owe 15 grand + the leftover loan amount from the maxima)

yep.

jayhood23 · Mar 22, 2012

Being that upside down would blow, just pay off more of that loan. Patience will pay off

polobimmer · Mar 22, 2012

07 maxima > 09 CTS....why would you do this?

polorico · Mar 22, 2012

^

Get a caddy with a V-8 like an STS , or a DTS...

DTS fully loaded >>>>>>>>>>>>. maxima.

kaycurrency · Mar 22, 2012

Just keep paying your payments until you owe just as much as the car is worth...Then sell the car and use that money to pay off the rest of your loan.

For example... You owe $15k and your car is worth $10k...Keep paying off your loan until you break even with the worth of your car, then sell, pay off the balance of your loan...Go to the dealership and cop that New-New with a clean slate...

xhxxkxxdx · Mar 22, 2012

Pay it off, then sell it privately. If you go through a dealer they'll take it in and make it seem so easy. At the same time giving your nada for the max and in turn you'll be into the CTS for more than its worth.

ninjahood · Mar 22, 2012

Originally Posted by poloBIMMER

07 maxima > 09 CTS....why would you do this?

RWD > FWD every damn day.

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Selling/Trading In a Car You Still Owe Money On??

s0lefunk

a55a5in11

richie4dayz

23kidd

ebozek9

ricky409

s0lefunk

BANLEU

Betonblck

jaehow

jayhood23

polobimmer

polorico

kaycurrency

xhxxkxxdx

ninjahood

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