I have a 2007 Toyota Camry. I live in Sunnyvale, CA and the car is financed at $25,000. The payments are too high and I was wondering if the dealership will let me trade the car in for a cheaper car?? What do you think?
Is it possible to trade a financed car in for a cheaper car at the lot?
This will be possible, but you will probably end up owing more on the Camry than they will give you on a trade in. For example, you owe $25,000 on the Camry, but they may only give you $20,000 for it. If you the buy another car for $10,000 they will add that $5000 difference to it so you will owe $15000 on a $10000 car. As soon as you drive that car off the lot it will only be worth $8000 so you will be really upside down on it. It is best to pay for a car until it is worth more than you owe, but if you have to get rid of it then do it. Anything is better than defaulting on your loan or going hungry to pay it.
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