Secondhand car

Stevec@007

New Member
Joined
Aug 26, 2015
Messages
2
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?
 

skeptic_SA

Executive Member
Joined
Apr 16, 2015
Messages
8,797
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

New Member
Joined
Aug 2, 2016
Messages
7
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

Expert Member
Joined
Nov 21, 2013
Messages
4,503
They can load it provided that it won't go over the book value of the replacement car.
 

Stevec@007

New Member
Joined
Aug 26, 2015
Messages
2
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.:D:D
 
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