Can I Use My Car As a Down Payment?

F

Fae

New member
Ok, so I have a 1999 Ford Taurus that I bought from some swindler auto dealer. It is seriously a lemon! I NEED a dependable car for me and my daughter but I still owe $1300 to the guy. I valued the car and its worth about $500. I would qualify for the Aircheck Texas (Cash for Clunkers) if I didn't owe on the car. Can I still use this car as a downpayment during trade in or do I still need to come up with a down payment. I am not wanting an expensive car. No more than $9000. I am just confused about the car buying process. Thanks!
 
You still owe $1300 on a car worth $500. If you tried to use the car for a down payment you'd have to pay the dealer $800 just to take the car off your hands.

There is no value in the Taurus. You'll need cash for a down payment plus you'll need an additional $800 (if they offered you $500) just to get rid of the Ford.

You can't do anything until you pay the bank $1300.
 
You can use the car as a downpayment per se. It works like this .....the car you want is 9000.
Your car is worth 500.00. The dealer writes the trade as 1300.00 to pay off your loan but adds the 800.00 he is paying off for you to the other dealer to the price of your next car. Next car loan is now 9800.00
 
If it really is a lemon you need to do something about it. Most, if not all, states have laws protecting people from used car companies from selling lemons... including Texas.
 
You can use the car as a downpayment per se. It works like this .....the car you want is 9000.
Your car is worth 500.00. The dealer writes the trade as 1300.00 to pay off your loan but adds the 800.00 he is paying off for you to the other dealer to the price of your next car. Next car loan is now 9800.00
 
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