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re: At local Honda dealership this morning
Posted on 1/13/24 at 12:37 pm to lsufan1971
Posted on 1/13/24 at 12:37 pm to lsufan1971
I didn't realize you could even trade in a car that you're upside down on 
5
Posted on 1/13/24 at 12:39 pm to Powerman
quote:
I didn't realize you could even trade in a car that you're upside down on
Generally they just role the current loan into the new one. Effectively you’re paying the dealership to take the car from you.
Posted on 1/13/24 at 1:17 pm to Powerman
quote:
I didn't realize you could even trade in a car that you're upside down on
As long as you have the credit to take on the rest of the bank note added to the new car, you can.
If you owe 30k on a car that is worth 15k while trying to buy one that is 60k, you would finance 75k for that new 60k car.
Posted on 1/13/24 at 1:19 pm to Powerman
quote:
I didn't realize you could even trade in a car that you're upside down on
Yeah, you can.
Main reason to do that is if the old car is about to self destruct and you want to get SOMETHING for it rather than take a total loss.
Posted on 1/13/24 at 1:55 pm to Powerman
quote:
I didn't realize you could even trade in a car that you're upside down on
You absolutely can, it just means the dealership has your nuts in their hands for longer. Also, average monthly auto sales finally came back up to the bottom of the pre-COVID range in June, since then it's dropped. Inventories have risen, but rates and continued high sticker prices have put dealerships into a position to make deals any way they can.
96-month car note anyone?
Posted on 1/13/24 at 4:40 pm to Powerman
quote:
I didn't realize you could even trade in a car that you're upside down on
They love that. They will inflate the numbers to make it look like you are really upside down even if its not that bad.
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