How Do You Trade Down A Used Car With Negative Equity?
Trading in a used car with negative equity, also known as being “upside down,” is possible. Depending on the amount you will have to carry over, money you have to put down, credit rating and current incentives, rebates or discounts, you may be able to successfully get out of your vehicle. However; not everyone will be able to do this. Someone with a low credit score and lack of funds will find that he has to wait until he has more equity in his vehicle to trade it in. Call your lending institution to determine what your pay-off is. Ask for a 10- to 15-day payoff so that you have an exact amount, which will include interest owed. Generally, the dealer will do the same. Write this number and date down so that you can speed up the process of shopping. If you can also write down the overnight pay-off address and your account number, you will save time at the dealer. Access any popular Internet appraisal website to determine the trade-in value for your vehicle. Check several websites to det
