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curious44

Trade In or Return car to Toyota before buying new

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After researching this topic, still confused. Car is 4 years old and actually worth about what I owe. Never late before, during or after BK. Looking to buy and don't know if I just find new car and then use my current car as trade-in, or contact Toyota Finance to come get my car after I find a new one? Can I even use my car as a trade-in? I'm drooling over the RAV-4 or Honda CR-V but scared to go hunting for new car until I know where I stand. Please help me do this right. Thanks.

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you should be able to use your current vehicle as a trade. I would only suggest using this as a trade if they will pay your loan in full and not roll any negative equity into the new auto loan. If you owe more on the car than they are willing to give for trade than either sell the car outright or wait for a better deal to come along. there is really no reason to turn your current car into the finance company unless you would like to have a repossession, although voluntary, on your record which is a huge negative and will damage your credit standing.

hth

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Most dealers will not want to deal with an IIB car. Since it has little if any equity, it won't help to trade it anyway.

 

You've already discharged the car so it will not hurt your credit further to surrender it. That is in the perfect world though. You're absolutely right to wait until after your new car is fully approved (made the first payment) before doing anything to rock the boat with the old loan. I don't know if they'll notice you are in this situation should you apply to Toyota Finance for your new Toyota.

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Was the auto loan listed on your matrix of creditors?

 

And

 

Can you positively state you have not reaffirmed the loan?

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Yes Marv. My BK was back under the old rules. In fact, at the time, was upset because Toyota was listing me as IIB and not reflecting my on time payments and history. Now, I understand why they don't. I was a 13 converted to a 7, and here in Texas was paying the car "outside" the 13 plan. So, car is listed on my CR's as IIB and 0 balance.

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Okay. Thanks ya'll for your input. Thanks MB. I'm going to try to get loan through my CU since they were great to give me a CC with large credit line. They've got pretty good rates. Meanwhile, will hang on to my car and keep making payments until I get the new one.

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