Still Owe on My Car Loan...can they roll that into the payment?

I am looking for a new car. I financed the one I have no straight our of college. I am looking to get a new one.. but still owe about 5,000 on this car. Should I just wait out the year or two? Can I get a new car...anyone ever done this?

Re: Still Owe on My Car Loan...can they roll that into the payment?

You can roll it in or pay it off

I would try to get the dealer to eat some of it...I got about that much off my new car for the miles on my lease...I told them I wanted to buy a new car...but only if they did something about the miles (17k over..4 months early) it worked!

If you roll them in - you are really putting your self in a place to always have to do this....the car will always be worth much less then you owe

Re: Still Owe on My Car Loan...can they roll that into the payment?

When I leased my truck that I have now the dealer paid off my old car loan for a little more than you owe and they didn't roll it into the payments. Just double check and make sure they don't roll it into the payment. Also, don't tell them you have a trade in or owe money on it until you decide on a price for the new car.

Re: Still Owe on My Car Loan...can they roll that into the payment?

Truthfully I did it. I rolled over my old loan into my new one. stupidest thing I ever did. My payments were about $40-$50 more per month than they would have been if I didn't. It's not alot of $ but it adds up.

Re: Still Owe on My Car Loan...can they roll that into the payment?

Thank you so much ladies! I guess I will wait it out.

Re: Still Owe on My Car Loan...can they roll that into the payment?

5000 is alot to roll over. A good F & I guy can make it happen..

the problem is, the dealer has to prove to the bank, the guy is worth the amount that is being financed. This is because of the bank needed to reclaim the car, its not going to worth 20000 + 5000. You car may only be worth 22500 leaving 2500 being unaccounted for. Gap insurance "could" cover this but Gap insurance works a little differently then when you roll money over. Gap insurance is more for a lease anyway.