Question: I have a car loan thru my bank..the amount that i have left to pay is about 16,000 the trade in value for my car is 13,000 if i get a new car for about 28,000 and used my car as a trade in making the new car about 15,000 could i just switch the cars but keep the same loan and apply the remaining balance of my loanto the new car?..is this possible and if so would there be any penialties or anything negative like that or what would normally happen in this case..
Answer: In order to accomplish what you are trying to do, you would most likely have to work with both, the lender of your existing vehicle as well as the one who will be funding your new loan. When you trade in your car, the person or entity buying the car will be paying off the existing loan. In case if the sale or trade in value is below the amount of your existing loan, as it is in your case, the negative equity that you have will be added to your new loan. So in your case the $3000
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