Trading In My Old Car for A Used One..?

I have a new 05' dodge neon sxt and it has 42, 000 miles on it with a kbb value of 7,000. I want to trade for a '97 neon that is worth 3,000, bit i still owe about 9,000. I really want to trade because the insurance and car payment is alone 600 dollars. What happens to the remaining balace i owe on the car "if" the dealer does trade, and what other factors will affect my decision i.e. credit score, money still owed, etc.?Trading In My Old Car for A Used One..?
You are responsible for the remaining balance on the car. The dealer "may" include that amount in the "deal" that he makes with you, but you will still have to pay it. As far as the insurance, talk with your rep and see how you can lower your payments. Maybe kick up the deductible some or get just liability insurance for awhile. IDK, but talk to your agent.



Your dealer is the only one who can tell you if you qualify according to your credit score, money still owed, etc.Trading In My Old Car for A Used One..?
The balance, the difference between what you owe on your car and what the dealer will give you for it in trade is your responsibility. You will owe that money to the bank (or financial institution) where you got the loan.



If the dealer gives you $7000, which is unlikely, you will owe the bank $2000. Expect the dealer to give you far less than that. Trading a used car for another used car, especially one that is lower in value is generally not going to work in your favor.



Sell your car on your own, you'll get more for it in the long run.Trading In My Old Car for A Used One..?
it is not going to happen no bank will take that risk of financing the negative equity on a lesser car . Do you understand what I mean ?