I have a 2011 chevy aveo that I want to trade for a ford escape but the ford escape I want is a lot less that what I owe on my chevy. Is it possible to do this

Asked by Jan 23, 2015 at 11:39 AM

Question type: Shopping & Pricing

1 Answer

615

If you're trying to transfer what you owe on the Aveo over to the Escape, it all depends on how much you owe, and what the bank feels the Escape is worth. If you owe $15,000 on the Chevy and the Escape books out for $7,500, then I'd have to say no. Hey- what bank is going to loan $15,000 on a $7,500 car? Even with perfect credit, this is a tough deal to get past a bank.

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