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The downside of this, of course, is that trading will get you less money than you can get from selling it yourself. If you have enough equity in the vehicle, and prefer that sort of convenience, by all means trade the car in. Read more: Get 21% more when you trade or sell your used car. Another option is to simply sell your car to a dealer.
How to trade in a car you’re still paying on.
The National Automobile Dealers Association and Kelley Blue Book are reputable publishers of used car values. Make a copy of these values to present to a car dealership. The current value of the vehicle is called the ‘trade-in’ value because it is the value that a car dealer is willing to give you for ‘trading in’ the vehicle.
Normally, a dealer would give you wholesale credit for your trade vehicle, which would be applied as a down payment on your new loan. However, if you still have an outstanding loan on your old vehicle one of three things can happen, depending on h…
For example, if your car has a retail value of $12,000 and a trade in value of $10,500, you’re essentially paying the dealer $1,500 to clean, repair and sell your car for you with all the accompanying paperwork and the necessary trip to your state’s Department of Motor Vehicles (DMV).
The new car you bought 3 years ago for $30,000 is worth just over $15,000 today, and you’re thinking it might be time to trade it in before its value vanishes completely. While getting rid of that used vehicle might seem like the smartest move, you shouldn’t use the last couple of years of depreciation as an indication of what will happen next.
If you trade in your vehicle when you have negative equity, this will put you in a position where the collateral you used to secure your loan—your car—is no longer in your possession. This will mean that you will owe the full remaining value of your loan as soon as you trade in your vehicle for a new one.
If the car is still financed, the lienholder’s name will appear on the title to indicate its financial interest in the car. Selling to a Dealer You can sell a financed car with or without paying it off by trading it in with a dealer or selling it to a private buyer.
Still, if your car is in good shape, it will retain value — dealers can often resell older vehicles much more quickly than newer ones. But when it comes to getting the most money for your trade.
If you’re trading in a used car on which you still owe money, it can be convenient to have the car dealer take care of paying off your old loan, as many car buyers do. But it also can be dangerous.
But even if you decide to sell it to a dealership, unloading a car you still owe money on is easy and can be done in only a few steps. Find Out How Much You Owe When you take out a loan to buy a car, the bank or lender (for simplicity’s sake, we’ll just call it the bank) you’re borrowing from gets the title of the vehicle.
Financial Documents – If you’re financing a new car with the dealership, you’ll need to provide proof of income. How is the Trade in Value of a Used Vehicle Calculated? If you’re currently still making payments on your vehicle then a dealer will take the value of your vehicle as equity and put it towards your new vehicle. Positive Equity
An auto loan is a secured loan. It’s secured by an asset, in this case the car. So if you sell the car you’d ostensibly be required to satisfy the remaining obligation on the loan at the time of sale as you are no longer in possession of the secur…
When you trade in a vehicle that still has a loan on it, you’re still responsible for paying off the balance. The decision to pay it or roll the balance into a new loan should be based on factors like how much you owe, what your car is worth, what kind of vehicle you want to buy and the interest rate you qualify for.
How To Trade In a Car That You Still Owe Money On, or That Has a Payoff! Many people get thrown for a loop when it comes time to trade in a vehicle with an outstanding loan payoff on it. Car dealers are very familiar with how to take trades with money owed on them, but often, when they try to explain the process the customer gets more confused.
If you’re trading in a car you still owe money on, you’re looking at one of these two situations: You have positive equity. If your car is worth more than the amount you owe on your loan, you.
Research your trade-in’s value, so you will know if the amount you still owe on your trade-in is less than it is worth, make sure during any negotiations that you consider whether you are getting fair value for your trade-in and you are able to fully pay off the old auto loan.
Call your bank and get the payoff on your car. Then find out how much you car is worth as a trade-in (see www.kbb.com or www.nadaguides.com). If your loan payoff is more than the car is worth, you are “upside down” and if you trade, the dealer will give you credit for your car and ADD the remaining balance of your loan to the price of your new car.
If you’re still thinking you want to move forward with trading in your car that’s not paid off, keep your eyes open when the dealership makes you a trade-in offer. Some dealerships have a way of making you think that they’re going to pay off your whole loan no matter how much you owe and you have nothing more to worry about.
What should you do with a trade-in that you still owe money on? If you still owe money on the car loan for your existing used car, we recommend you try to pay off the loan yourself, this way you get the title in a week, you no longer have to worry about who’s going to pay off the loan and now you have a car that is easier to sell to more potential buyers, both private buyers and car dealers.
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