Can I trade in my car without paying anything???

Here%26#039;s the deal. I financed a 2004 Lincoln Aviator last October. I still have the vehicle, but I%26#039;m having difficulty making the monthly payments. The payments are really high. The car was around 21,000 and the payments came out to be 561.00 a month. I was fine making the payments every month, but now I have a house mortgage. I would%26#039;ve never gotten this vehicleif I knew I was going to be paying a mortgage. I%26#039;m only 21 years old and I got the vehicle after I graduated. I really think I made a idiotic move and was way in over my head. My dad moved to Laos and me and my brother ahad no choice but to take over the house payments. So now I%26#039;m stuck with this huge car payment and mortgage. The car I%26#039;m trying to trade in for is alot cheaper then what I paid. It%26#039;s 14,000 for the car I want, which is a VW Jetta. It%26#039;s also an 04 but has higher miles. I just need to know how the process works in trading in a car, such as mine and if I have to pay anything to do so. Please help.

Can I trade in my car without paying anything???

you can trade w/o paying anything the dealer is going to put your upside down in the aviator towards the jetta say you owe 21k on licoln and are buying the jetta for 14k and they are giving you 17k trade on the aviator they will add the 4k diff to the jetta so you are now financing 18k on the jetta and a rough rule of thumb is $25 dollars a month payment per 1000 financed ie 18000 would be roughly 450 monthly depending on your credit score,your best bet would be to sell the lincoln in a private sell just to pay off in full then find a cheaper car in your monthly range instead of letting a dealer put you upside down in another vehicle.go to kbb.com to find out trade and retail on your vehicles you may be ok on your trade but it sounds as if you still owe a little more than trade in..by the way the 35k is what you will have paid with all payments incl interest at contracts end,call your lender and they will give you an exact payoff amount

Can I trade in my car without paying anything???

when you trade in a car the dealership pays off your current car. but first they appraise it to see what its worth. your car is probably worth 16000-18000. then the difference of what you owe from what its worth is just added on or subtracted from the new car. heres an example:lets say your cars worth 18000 but you owe 20000 they just add that 2000 onto the new loan or, if your car was worth 18000 and you owed 15000 that would be 3000 taken off the price off your new car

Can I trade in my car without paying anything???

A car payment usually can be paid off without prepayment penalties so you don%26#039;t have to pay them all of the interest you would have paid if you kept the car. You just owe them the current principal amount left on the car loan. You can just call the lender of your car and ask what the payoff would be as of a certain date. It will change daily since you accrue interest every day. However, it should be less than the 21,000 you initially paid for the car since you pay off a little of the principal each month.

If you are trading in to a dealership they will take care of all the paperwork, but you won%26#039;t get the best price for your vehicle however it is an easy way to get rid of your car.

You will be in trouble if you are %26quot;upside down%26quot; in your car. That means you owe more to the lender than you can get selling your car. If this is the case you will owe money when you sell your car. Some dealerships will allow you to finance this extra money along with the new car if they are desperate to sell. If you are going this alone, you will need to call your lender and walk through the process with them. They will let you know your pay off and what paper work needs to be completed to sell your vehicle. They most likely will not simply let someone just take over your loan. They will want you to pay off your loan and the person you sell your car to will need to get their own loan.

Can I trade in my car without paying anything???

If you trade your Lincoln in towards the purchase of another but cheaper car, you may be able to break close to even.

To get the best deal (about $15000) the Lincoln needs to be in great shape, and the VW needs to be under $14000. Remember you will pay more after taxes, registration, fees, etc so your financing more than just that $14000; so strive for even cheaper.

Your trade in can be put towards the VW but depending on how you financed the Lincoln before, it may take a couple of months and some scrimping to pay off the Lincoln. Then you only worry about the cheaper VW payments.

I went to http://www.carmax.com to find my Mazda 6. They will tell you on exactly what your payments will be and salespeople don%26#039;t get commission. Plus, they will buy your Lincoln whether you pay there or not. I financed about $17000 over 72 mos with $400 down for $300/mo (without a trade-in).