Overhaulin'

Can I trade my car in for a less expensive car and get cash back to buy an engagement ring?

I am a borrower, I do not own the car. i am upsidedown in it 400 dollars and have no equity in it. Can I get any cash back on it. I need it within a couple weeks.

Public Comments

1. Why not?
2. No, when you trade it in, since you are upside down on it "you agree to add the balance of both cars into 1 loan." at probably a terrible interest rate.
3. You owe more than its worth, and somehow expect to get cash back? no. That wont happen. Now SOME dealers will gladly take it in, make a nwe deal, and give money back. but you will be buried in this next car for a very very long time. Find another way to get that ring. If its meant to be, she will be happy to know you are taking financial responsibility as well.