Secondhand car

[Stevec@007]

Hi

I am new to the forum so I hope I am posting this in the right place. I am looking to buy a secondhand car and trade in my current one to get a cheaper payment. My problem is that I would still owe money on the car as the trade in value is below financed amount. I was wondering if dealers are able to load the difference onto the secondhand purchase?

 

[Gtx Gaming]

Yes they can load on the difference .

 

[skeptic_SA]

Would depend on what car you're trading in and what you're buying. The financing company won't finance a car if its grossly overvalued. So its scenario dependent. But technically yes. They can.

 

[resh55]

Yes they can, but the bank only allows a certain % over book value (for the car you are buying), so if the shortfall on your trade in is too much, then they won't be able to.

 

[ahoudet]

They can load it provided that it won't go over the book value of the replacement car.

 

[Stevec@007]

Thank you so much for all the feedback guys. Nothing quite like having a wealth of knowledge of people that have been there at my fingertips. Thanks again.