im thinkin of trading in my truck. its a 2004 toyota tacoma extended cab and have about $11,000.00 left on payments. im wondrin how this works. if my trade is worth $10,000.00 or more, then they still have to pay off my truck. so i dont know how that works. say if i wanted to trade it in for something that costs about $10,000.00, how much would they take off of that? or do they add to it?
Take how much the truck is worth and subtract what you owe.
That is how much value you'll get towards your new vehicle.
Your vehicle will be paid off no matter what, however, you will probably only get 6-9k for the vehicle, and the negative equity (the difference between what you owe and what they will give you for it) will be rolled into the vehicle that you pick out.
awesum, jus what i wanted to hear. appreciate it, thanx guys. welp, i guess the next question is, is it a good idea to trade it in? im tryin to get lower payments...
It is almost never a good idea to trade a vehicle in. It is almost always
better to sell the vehicle on your own, get the full value for it, then use
said cash as a down payment. However, you have negative equity in your
vehicle, so it will be easier to trade it in, and have them deal with the
And if you want lower payments on your current car, you have to do one of two things:
2. Buy another car
alrighty then.....thanx again! i want a chevy silverado.