Looking to trade in my car....

I want to get rid of my car and get a used preferably certified SUV (small one)
I've heard of people trading in their vehicle for lets say $10,000, putting $3,000 down and using the other $7,000 (they get back in cash from the dealer) for the first year payments....is this possible? My coworker is telling me that if you trade in the car, they put the full value TOWARDS a purchase...but I know I'll struggle if I have a $300 extra payment every month.

Anyone know of a dealership where this is possible?

Re: Looking to trade in my car....

In all of my tradeins, it comes off the top of the price of the car. I've never had them offer me cash back for it, or to not have a payment for X amount of months because of the price difference.

IMO, if you know that you are going to be struggling with the payments, you probably shouldn't buy it in the first place.

Re: Looking to trade in my car....

Depends on the dealer. There have been deals cut like that.

However, you will still have the payment regardless. The less you put down, the bigger the payment.

Re: Looking to trade in my car....

I don't mind the payment, but if I'm a little tight one month, I'd like to know I have that money to fall back on....
Anyone know of a place that I could check out that might have a deal like that?

Message edited 9/15/2008 1:36:25 PM.

Re: Looking to trade in my car....

I never heard of that either and I traded in 3 cars so far. I just put down whatever they offer and then some. This to make the payments lower. You can do a search online or make calls to dealers to see if they do that.