How To Trade In Vehicle When We Still Owe Money

[unit731]

Originally Posted by SoCalCpl2

What do you mean just return it????

Read post # 5.

There is no free ride. If you are upside down on the value of car you will have to pay for that with real money. Your money.

And the suggestion to just "roll" in the deficit (money) that you owe will not help you the next time you wish to get a new car.

[Nov3]

Gotta love the upside down deals! Some salesman is having a wet dream over this scenario. Sure hope it wasn't a 5 or 7 yr loan...Some companies won't touch those roll ins. The moment your car rolls off a lot..You are out 20% of its value...Your first year (at minimum) is trying to play catch up on the loss.
Getting refinanced with a rollin needs to match or exceed the value (MSRP) of all items being newly funded.
Example: trade up value owed:23k. Customer wants to buy instead a Honda for 32k. So the MSRP of the new asset needs to be at minimum 55k. Which even then runs the risk of high payments or not approved. Let alone meeting the underwriter booked value.