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Can a car up for repo be traded in?

I am in Las Vegas, Nevada (so all u car salemen know!) and I haven't paid for my car in a couple a months. I am sure it is up 4 repo. The company hasn't contacted me about it yet but I know. I want to trade it in a get another car. I just started working again! Yay! Finally! How do trade ins work? How can I save my credit from a repo besides paying it off myself, because I can't and I don't want 2 declare bankruptcy? How bad will a repo affect my credit for future purchases of a car and house? I am looking to pay the repo balance after sale, but if it keeps my credit jacked what is the point? What can I do that saves my credit and gets me into a better car. The car that will be up 4 repo is a 2005 Pt Cruiser ~79,000 miles on it. Will a trade just add more money onto the other car 2 be purchased?

Public Comments

1. If you are that far behind and you just started a new job, you likely wont qualify to buy anything without a huge down payment. You better get that car paid up soon and maybe try again in a year or so after you haven't been late on anything in a year.
2. You could trade it in but you will have to come up with cash to cover your arrears plus any negative equity in the car. If it gets repoed I think you can forget about being able to to buy another car or a house for several years.
3. If you are two months behind on your payments, it is surely on your credit report. Considering that, and the fact that you have just started working again, you will be hard pressed to find a bank that will give you a loan. One of those "buy here, pay here' places" might finance you, but they will subtract what you owe on your PT Cruiser from what they give you for it. If you owe more than they are willing to give you for it, they will add the difference to your loan. A repossession will ruin your credit. The best way to save your credit is to get caught up on your car payments, and don't miss any more. Those missed payments will show up on your credit report for 5-7 years, but that is a lot better than a repossession.
4. A guy i used to know had similar problem, lost job and had a payment coming up he could not afford, let alone the one's after that. Strange thing happend, freak accident happened, fuel leak in car ignited and burnt it to he ground. Lucky he kept his insuranse paymet up to date!