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Is it possible to trade in my car at a used car dealership if my car is not paid off?
31st December 2010
I do not have the title of my car in my possession, the bank does because my car is not all the way paid off. However I am interested in trading my car in for a different car (the car is used). The dealer says they accept trade-ins on used vehicles, but Im not sure how the sale process would go since my name is on the loan but I dont have the title, the bank does. Will they still honor the trade-in?
Posted in: Auction FAQ | | Comments (3)
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Yes, assuming you & the dealer make a deal and your financing is approved its no problem and happens every day.
now, if you owe $3000 more than the wholesale value of your trade, getting approved might be tricky/impossible.
Comment by n — December 31, 2010 @ 4:15 am
Yes, your car does not have to be paid off to trade, however your pay off balance will be added to the price of the car that you want to trade for.
Comment by Charlie T — December 31, 2010 @ 4:15 am
This is very simple. When a dealer takes a trade in they are basically buying the car from you. The money they offer you goes to the bank to pay off the loan. If they give you more than you need to pay the loan in full the left over balance is applied as a down payment. If they don’t give you enough to pay off the loan you have to come up with the difference out of your pocket. This is called being "upside down" and if you find yourself in this situation prepare to lose money on any deal you make.
Comment by mccoyblues — December 31, 2010 @ 4:15 am