Question about doing a trade in i'm upside down on

[Anonymous]

Hey all, my question is if I want to just get rid of my car and not own a car anymore. Let's say if trade in a car i owe 8500 on and the car is worth bout 7500 if I trade in to a dealer, would I need to pay the $1000 difference right away when i trade in the car?

Or

Can I trade in the car and possibly make my regular monthly car payments afterwards till I pay out the $1000 I owe them for the upside down value?

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Another question if possible to answer, if the above car is in someone elses name and they trade it in to the dealer and I finance a new car from that dealer, could I have that $1000 negative equity be added to my new loan in my name? or is that not possible?

thanks

[StartingOver10]

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@Anonymous wrote:

Hey all, my question is if I want to just get rid of my car and not own a car anymore. Let's say if trade in a car i owe 8500 on and the car is worth bout 7500 if I trade in to a dealer, would I need to pay the $1000 difference right away when i trade in the car?

Or

Can I trade in the car and possibly make my regular monthly car payments afterwards till I pay out the $1000 I owe them for the upside down value?

-----

Another question if possible to answer, if the above car is in someone elses name and they trade it in to the dealer and I finance a new car from that dealer, could I have that $1000 negative equity be added to my new loan in my name? or is that not possible?

thanks

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For your first question, in order to not own a car anymore you would need to sell it, NOT trade it. If you trade it you are getting another vehicle in exhange and will have larger negative equity than the $1000.  The best way out is to sell it private party - so you are not upside down at all (if in fact the difference is only $1000).  If you are upside $1000 at the time you sell, you do need to bring cash to the closing so that the bank can release the title to the new buyer.

I am not quite understanding what you want to do in question #2. Is the car that you want to get rid of titled in your name or someone else's name?

[Anonymous]

Thanks StartingOver, and yes for question 2 the title of the car is in my uncle's name, just wanted to know if its possible for him to trade the car in and have the negative equity added to my new financed car which would be in my name only.....long story short he helped me get the above said car in his name cause my credit was bad but i make all payments and i only use the car but now i want to finance a new car but gotta get rid of this current car first

[6speed8]

What StartingOver said is true, BUT lol. There are some dealers that will arrange that depending who they/you get financing through. I watched a late 20-something neighbor of mine over the last two years roll negative equity from two previous cars into his current one. He's pretty much paying $700+ a month to LEASE a Benz C250.....