Can I trade my new car of a cheaper one at the same dealership?

Hello, In december, I bought a 2008 Elantra and pay 456.22 per month.The car is financed by the dealership Chysleter (misspelled). Now, I have come across hard times and I was thinking can I trade in the car for a cheaper car for cheaper car payments OR can I change the car from buying to leasing??? Can someone tell me if this is possible and the possible effects of either or?Can I trade my new car of a cheaper one at the same dealership?if you bought it in December, and your payments are $450+ you are buried. There really isnt a good way out except to make those payments until its paid off, or at least even with the value of the car.



You can almost never trade DOWN to bury negative equity. The math and bank financing just does not work that way. Based on those payments, you probably rolled the negative from another car into this one - maybe went $0 down. Now, you are paying for it for a very long time



If you bought an extended warranty, that can be cancelled. The unused portion will be refunded to you. It will not lower the payments, but you should take that $ and apply it directly to the loan. It will at least lower your balance.



I know thats not what you had hoped to hear, but its the truth of the situation. cinch up the belt, conserve where you can, and make your payments on time.



And if you do not already have it - get GAP insurance. If that car is stolen or totaled, you are on the hook for a lot of $$$.
Can I trade my new car of a cheaper one at the same dealership?
If you Bought a Hyundai then you are an owner of that car until its paid off.



They do not hold there value whats so ever and if you buy a kia or hyundai then you got screwed. If you trade your car in then you will probably be paying 200 a month just in your negative equity on the car. Hate to say it but



Car Salesman hate kia and Hyundai drivers unless the car is paid off becuase theres nothing they can do to help unless you have a huge huge down payment
Can I trade my new car of a cheaper one at the same dealership?
Oh they will let you trade, but not with out making money on the deal. They will pay you less then the car is worth leaving you owning money, which will be added to your new car loan for a car that is worth less then they sell it too you.

In short, they will lend you a shovel to help you dig yourself out of a hole.

Please find a different solution.But the odds are that you can not get out of your car what you owe right now. Even if you sold it privately.
No, you signed a contract to purchase the vehicle for a specific price. You most likely owe thousands more than you can get in trade. That's called negative equity. You will lose money if you trade it in, and may not end up with a lower payment. Why not get another job so you can make the payments?

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