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Can I Trade In a Vehicle with Problems?

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The question of whether or not you can trade in a car with problems has many variables, and there’s no easy answer. With a little research and a few calls, you can determine if trading in your problem car is the best option.

Get the Vehicle Appraised

Can I Trade In a Car with Problems?A good first step in deciding whether or not to trade in your problem car is appraising it yourself by using online valuation services.

You can estimate the trade-in value pretty easily right from home. Be honest about the condition and problems with your vehicle while using these tools to get a more realistic estimate, so you have a better idea of what to expect.

These online appraisal tools aren’t a perfect science, but they can help with rough estimates – especially if the car has problems. Using online appraisal tools can also offer some leverage, since you’ll have a basic idea of what the vehicle’s actual cash value (ACV) might be. But remember, true AVC is subject to what a dealer is willing to offer you for the car.

What to Expect at the Dealership

If the vehicle has major issues, you could call a couple of dealerships and get some over-the-phone estimates. Be honest with dealers when trading in your car. Attempting to trick or hide the vehicle’s problems probably won’t work.

The dealer will thoroughly check the car over before deciding to take it in and may test drive it. During the appraisal process, they determine the trade-in value of the vehicle after an inspection.

Don’t be surprised if it’s lower than the trade-in estimate you received with online tools. A dealer may want to change the oil, replace the tires, or deep clean the interior – as well as fix any issues that they find. They deduct these repair and reconditioning costs from the value.

If the vehicle has major issues, such as a blown engine, you may get next to nothing for it – if a dealer even accepts it. In the case of a non-running car, your best bet may be taking it a dealership that advertises taking vehicles in any condition, sometimes called push, pull, or drag events. Replacing an engine can cost thousands, and dealers usually buy trade-ins with the intent to sell them.

If you intend to trade in your broken-down car to use as a down payment on a new vehicle, it probably isn’t worth your time and money to fix any major issues. If the dealer does take your car, they can usually fix it for less than you can. In fact, if you’re trading in the problem vehicle with the intent of getting another one, depending on its issues, it may be better to save that cash for a down payment on the new one.

Other Considerations When Trading In

If your car has a few dings or some scratches, those may be worth fixing up. Remember, dealers deduct any repair costs from the offer price, and buying some touch-up paint could raise their offer.

Be sure to wash and wax your vehicle before taking it in, as well. A dirty car with mechanical issues can give the impression that it wasn’t well-maintained, and it could negatively affect the dealer’s offer.

Be sure to check headlights and taillights, and replace any burned-out bulbs. Give the vehicle a thorough vacuuming, wipe it down, and attempt to remove any stains. Also, remove any personal possessions except service records and the owner’s manual. A tidy, clean-looking car with problems makes a better first impression than a dirty, smelly car with problems.

What if a Dealership Won’t Buy It?

If you’re not having any luck with a dealer, you could try to sell the vehicle yourself, or you could scrap it if the problems are severe enough. A car with major engine issues may not get you much, but just the weight in metal could get you some quick cash from a scrapyard.

Again, this is why taking the time to call around in your local area can help you make a final decision, as well as save you time. Driving down to a dealership that rejects the vehicle can be discouraging and a major time-waster.

If your car doesn’t run and you don’t want to pay to tow it anywhere, there are services that can buy the vehicle and tow it away for you. It’s a rather hassle-free, straightforward process – if you owe nothing on the car and you have the title.

The Bottom Line

Whether or not you can trade in your car with problems is going to depend on the severity of the issues, how badly you want to sell it, and what the dealer’s appraisal is.

If you have bad credit and need to trade in that clunker for a new vehicle, a subprime auto loan could help, and Auto Credit Express can lead you to one. There are dealerships that work with special financing lenders who help bad credit borrowers get into car loans.

To get started, simply fill out our free auto loan request form. We look for local dealers in your area that may be able to help with your unique situation.

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Letter: Vote for Kiesha Preston | Letters

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The residents of Roanoke, Virginia, need to get out of the box of voting based on party affiliation. It’s time to vote for the best candidate to do the job.

Kiesha Preston is running as an independent and is the best choice for Roanoke City Council. When she was only three years old, she was troubled because a local Kroger store removed the kiddie carts. She asked me how to get them back so she could shop beside me. I told her to go to the manager and she did. She stated her case, and a few weeks later those kiddie carts were back in the store.

Kiesha also has presented a bill to Congress that was approved. The Virginia Domestic Violence Victims Protection Act prevents domestic violence victims from not being able to rent an apartment because of bad credit as a result of their abuser ruining their credit.

These are but two examples of Kiesha’s tenacity and getting results. We need people on council who have no agenda and are truly willing to work for the least of us.

Kiesha is not intimidated by those in power and will hold her own to help those who cannot help themselves. This is why she is the right person to get the job done.

Please do not be discouraged because you are tired of the same old same old where parties are concerned. You have another choice so please vote for Kiesha Preston. She has been working tirelessly on behalf of the people without being elected to an official office. Just imagine what she can do once she is officially on City Council.

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This One Credit Card Will Get You the Most Cash Back Right Now

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Let’s admit it, choosing the right credit card can be a stressful process. There are so many variables to consider—from annuals fees to credit score requirement—not to mention the various rewards and benefits each card offers, and how those align with your lifestyle and spending habits. Then there are those hidden fees and interest rates you have to reckon with. In other words, it takes a lot of work to make a truly informed decision when it comes to choosing a credit card that’s right for you. Perhaps a good cash back program is high on your credit card priority list because, well, who doesn’t like some extra money in their pocket?

To help you decide on the credit card that is going to get you the most cash back, the experts at personal finance site WalletHub compared more than 1,500 current credit card offers. From that large pool, they narrowed down the field to the cards that offer cash back rewards, comparing those offers based on initial bonuses, rewards earnings rates, annual fees, and more. From that analysis, here are the best credit cards that will get you the most cash back right now. And for more money matters, check out This Is the State Where Your Money Is Worth the Least.

8

Alliant Cashback Visa Signature Credit Card

Best for: Cash back on all purchases

Cash-back rate: 2.5 percent

Annual fee: $0.00 for the first year; $99.00 after that

What kind of credit you need to get one: Excellent

Learn more about the Alliant Cashback Visa Signature credit card here.

If you are worried about having buyer’s remorse after choosing a credit card, put that into perspective by checking out What You’re More Likely to Regret Than Anything Else You Do.

7

Discover It

Best for: People with bad credit

Cash-back rate: 1-2 percent

Annual fee: $0.00

What kind of credit you need to get one: Bad

Learn more about the Discover It credit card here.

6

U.S. Bank Cash+ Visa Signature Card

Best for: Cash bonus for good credit ($200.00)

Cash-back rate: 1-5 percent

Annual fee: $0.00

What kind of credit you need to get one: Good

Learn more about the U.S. Bank Cash+ Visa Signature Card here.

And to make sure you have money to pay off those monthly bills, avoid The Biggest Career Mistake You’ll Ever Make, According to Experts.

5

Chase Freedom Unlimited

Best for: No APR on purchases

Cash-back rate: 1.5-5 percent

Annual fee: $0.00

What kind of credit you need to get one: Good

Learn more about the Chase Freedom Unlimited credit card here.

And for more things that will help you and your family stay on the right financial track, check out The No. 1 Sign You Shouldn’t Buy That House, According to Realtors.

4

Capital One QuicksilverOne Cash Rewards Credit Card

Best for: People with limited-to-fair credit and looking for low annual fee

Cash-back rate: 1.5 percent

Annual fee: $39.00

What kind of credit you need to get one: Fair

Learn more about Capital One QuicksilverOne Cash Rewards Credit Card here.

3

Citi Double Cash Card—18 month BT offer

Best for: Flat-rate rewards

Cash-back rate: 2 percent

Annual fee: $0.00

What kind of credit you need to get one: Excellent

Learn more about the Citi Double Cash Card here.

2

Capital One Savor Cash Rewards Credit Card

Best for: Dining and entertainment

Cash-back rate: 1-4 percent

Annual fee: $95.00

What kind of credit you need to get one: Good

Learn more about the Capital One Savor Cash Rewards Credit Card here.

1

Blue Cash Preferred Card from American Express

Best for: Most cash back overall

Cash-back rate: 1-6 percent

Annual fee: $0.00 for the first year; $95.00 after that

What kind of credit you need to get one: Good

Learn more about Blue Cash Preferred Card from American Express here.

And for more helpful information delivered to your inbox, sign up for our daily newsletter.

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Possible Raises Series B and Moves Fully Remote | State

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SEATLLE, Oct. 20, 2020 /PRNewswire/ — Possible raises $11 million in new equity funding to expand the team and to provide additional products for its customers. Union Square Ventures led the round, with participation from existing investors Canvas Ventures, Unlock Venture Partners, Columbia Pacific Advisors, Union Bay Partners, Tom Williams, and FJ Labs. The company has also secured $80 million in new debt financing from Park Cities Advisors.

Furthermore, the company is now fully remote and recently onboarded software engineers from across the US and the globe. Possible is committed to distributed work and actively recruiting for a number of other remote roles.

Possible provides friendly access to capital and a simple way to build credit for people who otherwise would get a payday loan or get hit with a bank overdraft fee. The company uses real-time financial data, rather than a credit score, to qualify customers and provide funds instantly through its iTunes and Android apps. Unlike payday loans or overdraft fees, Possible loans are paid back in small installments over multiple pay periods to allow customers to catch their breath. By reporting on-time payments to the credit bureaus, Possible enables its customers to build credit history and eventually qualify for cheaper, longer term financial products. On average, customers with low credit scores see their scores increase by 70 points within 4 months.

Tony Huang, Possible’s CEO explains, “So many people who live paycheck to paycheck can’t afford to build credit history. We’re helping them do it for the first time while providing them with a friendlier and more affordable small-dollar loan.”

Since launching in June 2018, Possible’s given out loans to hundreds of thousands of customers, helping meet short-term cash needs while building credit history or establishing credit for the first time. These customers, often with bad credit or no credit history, are underserved by traditional banks. Possible fills that gap and provides financial access to those who need it most while giving them the means to climb their way out.

Gillian Munson, Partner at Union Square Ventures, explains the thesis behind their new investment, “Through tech innovation, data-driven insights, and a focus on the customer, Possible is well on its way to winning the hearts and minds of both consumers and regulators alike, and building a trusted brand that endures.”

A 2019 Experian study shows 34.8% of consumers are subprime and can’t access money when they need it. They pay $106 billion in punitive fees each year to the existing financial system for short-term credit products. These consumers are trapped in predatory debt cycles of payday loans and overdraft fees without the means to rebuild their credit or improve their financial health. While there has been a number of new tech-enabled products in this space, most lead to similar debt cycles and don’t address the harder issue of improving long-term financial health. That’s where Possible comes in.

Since the company is now fully remote, Possible is actively hiring talent across the globe. Tyler, Possible’s CTO, explains, “Being fully distributed allows us to access the talent pool of the entire world. Our success so far is a reflection of the quality of our people, and we believe hiring globally will allow us to find exceptional people to join us in achieving our mission.”

About Possible

Possible is a fintech company based in Seattle, Washington. The company provides a friendlier and easier way for customers to access capital while also building credit history and improving long-term financial health.

About Union Square Ventures

Union Square Ventures is a thesis-driven venture capital firm based in New York City. USV manages over $1 billion in capital across seven funds and focuses investments in portfolio companies with the potential to transform important markets.

About Park Cities Advisors LLC

Park Cities Advisors LLC (“PCA”) is a privately held, SEC-registered alternative credit manager based in Dallas, Texas. PCA is focused on private lending across the specialty finance and FinTech sectors and provides debt capital to companies across a variety of industries through asset-based financing transactions.

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