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hey guys i was looking for some help with this lil situation i'm having. i wanna trade in my teg to get a 5th gen prelude. i'm stuck between a pickle because my mom says since we haven't finished paying off the car (and no we're not leasing it, we've payed about $7000 and we bought it for about $17,000), if we trade it in with the blue book value, which is about 8,690 according to their site, we still gotta pay the remaining amount of the money we owe. so just to sum it up if you're confused like i was..if we've payed $7000 for the car since we've owned it, and we still owe $10,000 for the remaining amount, if we trade it in, would we have to pay $10,000 from the remaining amount of the car before actually start paying for another car? and if anyone can sum this up better than i can, which is probably a lot, then please do so. i really need this info, thanks.
 

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couple options try and find someone that can assume payments or to look at the market and see if you can get the payoff...just a couple thoughts...I'd hold off if you're still gonna lose money
 

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If you trade it in you will only pay the difference of what the dealership will give you for the car. Keep in mind that it will probably be lower than the blue book value. They just do business like that. Whatever the remaining money is left to owe is called negative equity. That neg. equity will be transfered to your new prelude. Example, say you owed $10k for your car. They give you $8k for it. You know have $2k neg. equity going towards your new car. Now lets say you get approved for the prelude. Its $14k. You now have to pay $16k for it because of the neg. equity. Understand now??
 

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I don't understand, your mom and you are making payments? Maybe you should help your mom out and finish paying it off before getting a different car. Or maybe pay it off yourself, since it seems to be your car. Why get yourself in deeper?
 
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