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Can you trade in and pay cash


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If the vehicle is $35,000 and they give me $30,000 for my ram can you pay off the negative equity ...


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Old 01-11-2017, 12:27 AM   #1 (permalink)
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Default Can you trade in and pay cash
If the vehicle is $35,000 and they give me $30,000 for my ram can you pay off the negative equity and pay the rest of the new vehicle in cash when all is said and done, taxes etc


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Old 01-11-2017, 12:40 AM   #2 (permalink)
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Originally Posted by hemipower95 2.0 View Post
If the vehicle is $35,000 and they give me $30,000 for my ram can you pay off the negative equity and pay the rest of the new vehicle in cash when all is said and done, taxes etc
I don't see why you wouldn't be able to.
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Old 01-11-2017, 12:41 AM   #3 (permalink)
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yes. cash still talks.


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Old 01-11-2017, 01:54 AM   #4 (permalink)
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If you run into trouble you can pay me the cash and I'll work out a deal

What happened? Did you win the lottery tonight???

Yes, you can always pay cash...... up to a point that is. Anything over 10K and you may have to fill out some forms. At least that's the way it works at the bank. Dealers are likely similar. And the last time I did it at the bank it really wasn't a huge deal. They just asked who my employer was to be sure I had an actual job - other than the drug dealing the cash came from, of course
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Old 01-11-2017, 03:01 AM   #5 (permalink)
 
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Originally Posted by mtofell View Post
If you run into trouble you can pay me the cash and I'll work out a deal

What happened? Did you win the lottery tonight???

Yes, you can always pay cash...... up to a point that is. Anything over 10K and you may have to fill out some forms. At least that's the way it works at the bank. Dealers are likely similar. And the last time I did it at the bank it really wasn't a huge deal. They just asked who my employer was to be sure I had an actual job - other than the drug dealing the cash came from, of course
I traded in a car for 7500 I owed 14k truck was 39k . I paid 47k cash and walked out. You sign a form at the bank for that cash for irs but its completely doable.
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Old 01-11-2017, 06:04 AM   #6 (permalink)
 
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If you own the 30,000 truck outright and don't still owe money on it...sure, why not.

but it you are wanting to trade in a truck you still owe on, and pay the trade in to purchase price difference in cash, well, that probably won't work, since the collateral for the truck is the truck, and doing what you want to do, the collateral for the existing loan would not match....and the lien holder may not like that too much.


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Old 01-11-2017, 06:56 AM   #7 (permalink)
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Originally Posted by reek View Post
yes. cash still talks.
not these days at dealers. they want you to finance through them so they can get a kickback. most of the time when you see a "best price" online type add it includes some sort of 500-1000 finance "cash back" also.
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Old 01-11-2017, 07:11 AM   #8 (permalink)
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Originally Posted by baum View Post
not these days at dealers. they want you to finance through them so they can get a kickback. most of the time when you see a "best price" online type add it includes some sort of 500-1000 finance "cash back" also.

Yes. Very true. I always finance through my credit union instead of the dealer, so I make it clear up front that I'm negotiating a cash price, not a financed one (to them, outside financing is the same as cash).
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Old 01-11-2017, 07:51 AM   #9 (permalink)
 
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I had to finance my truck for 4 months to get the rebates so I could buy my truck for the price I did. Once the 4 months are up I will pay it off, but this was the first time I had run into this.
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Old 01-11-2017, 08:35 AM   #10 (permalink)
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Yes, they wld just add the 5k negative equity onto the bill for the new truck. Why don't you use the credit card for the max amount allowed by the dealer to get points though? Assuming you are ballin, you would just pay it off in less than a month anyway. I use my credit card for everything and pay off the balance at the end of the month.

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