Trade-in scenario
#1
Registered User
Thread Starter
Join Date: Jun 2007
Location: Indiana, USA
Posts: 130
Likes: 0
Received 0 Likes
on
0 Posts
Trade-in scenario
A buddy and I were discussing a scenario that involved trading a car in the other day, and neither one of us were sure how this would work.
What happens when you trade in a car that you owe slightly more than the trade-in value but you trade it in for a car that is worth less than the trade-in value?
example: Say you owe $20k on a car that has a trade-in value of $18k and you trade it in for a car that is worth $16k. Do you end up paying the difference between what you owe and what the new car is worth (20k-16k = 4k) because the value of the car is covered in the trade-in value?
I've never been involved in any type of trade-in, so i hardly feel like an expert.
What happens when you trade in a car that you owe slightly more than the trade-in value but you trade it in for a car that is worth less than the trade-in value?
example: Say you owe $20k on a car that has a trade-in value of $18k and you trade it in for a car that is worth $16k. Do you end up paying the difference between what you owe and what the new car is worth (20k-16k = 4k) because the value of the car is covered in the trade-in value?
I've never been involved in any type of trade-in, so i hardly feel like an expert.
Thread
Thread Starter
Forum
Replies
Last Post
sir_not_appearing
2003-2009 Nissan 350Z
6
10-16-2002 04:12 PM