can i trade in a car if i still owe money on it and how?
Asked by jlevern Feb 04, 2014 at 03:22 PM about the 2002 BMW 7 Series 745Li RWD
Question type: Shopping & Pricing
i still owe about $3500 on my 2005 bmw 325i im paying $10900 for it with 119,000 miles on it in great condition.black on black very pretty.i see a 2002 7 series i like can i still trade my car?7 series 745li list at $9999.
3 Answers
yes, I would try walking away owing what you owe now on the 325i... if there both worth 10,000 then it would be like putting 6,500 down and owing 3,500 just don't let them give you less then blue book on a trade in... hth
classic_001 answered 10 years ago
First of all : BLUE BOOK , Versus NADA , will all depend on what region of the United states your in Blue Book is typically a west coast thing... secondly what you owe on the car versus what it's ACTUAL CASH VALUE IS WILL COME INTO PLAY....I.E. you owe $3500 and the car is worth $7000k and they want $10,000.00 for the car your buying..They will pay off your trade in and now you will have $3500 as a down payment toward thge car you want to buy in addition you will have to pay taxes only on the difference no the $10,000.00 original selling price since you used a trade in......
