trade in value...

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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?

posted by  weedfan

Take how much the truck is worth and subtract what you owe.
That is how much value you'll get towards your new vehicle.

posted by  DBain

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.

posted by  Godlaus

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...

posted by  weedfan

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 payoffs.

And if you want lower payments on your current car, you have to do one of two things:

1. Refinance
2. Buy another car

posted by  Godlaus

alrighty then.....thanx again! i want a chevy silverado.

posted by  weedfan

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