Question:
What is the process in trading in a car that has not yet been paid for?
Answers:
Lien Question?
you go to the dealer and make a firm deal on the car you want. then AFTER that is done you tell them that you want to trade what you have as a down payment or toward the down payment. they will appraise the car (probably low-so research first) and let you know how much they will buy it for. if all that is acceptable to you then if THAT amount is lower than what is owed on the car the balance owed on the trade in is simply added to the contract that they will have you sign to seal the deal. your payments will be greater and it's a really great way to get in upside down on the new car all over again. the money that was added (from your outstanding balance) willmake the purchase cost of the new vehicle MORE than the vehicle is actually worth.
Anyone drive a TVR S3?
I depends on who you are trading it with. If you cant find anyone to trade it with you could try selling it on carsoup.com. It is about $35.00 until it sells or something like that.
Am I getting shammed?
Basically you add what you owe on your car to the price of the new car... Can this wait?
Searching for a car!?
Whatever you'd like. But the best thing to do is continue paying until you have the first one paid off before you go into more debt.
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