Used Cars: Trade in, repossession, trade in

Question
I have a car that is financed.  I haven't been able to make payments due to a change in my financial situation.  The car is worth around $13,000. I still owe about $8,600 on it.  Can I go to a dealer, trade it in and buy a used car from them so I don't have any payments at this time?  The Finance company is of course looking for the car so I am nervous a dealer will blow the whistle. What are your thoughts?

Answer

me Yes you can and should. The dealer wants to sell you a car ...thats all. Make sure you are realistic about the real value of your trade in and do some very quick shopping for a car in the right price range ...wash and clean out the inside of your car and make it look as good as possible and make sure you go to a reputable dealer who isn't going to slow dance your payoff to the bank. Just before you go to trade it in call your bank and have the quote you a 10 day payoff figure ...take that with you when you trade it in. The equity in your car is owned by you not the bank and YOU are the best custodian of that equity and the best person to make sure your equity is as much as possible...the bank doesn't care about how much you get after they sell ...you will be doing the smart thing for yourself and your credit to act quickly and act smartly... doing what you have described accomplishes both! Merry Christmas ...next year is going to be your year!

Thanks for asking such a good and timely question ...
Roger

P.S. donot telegraph your intentions on facebook and donot advertise your car on craigslist ...keep it locked in your garage at all times and just know that the bank knows where and when you work and patrols all of the side streets near there... good luck ...don't let the grass grow under your feet on this