2007-02-09 02:49:41 · 5 answers · asked by vixyrox2004 1 in Cars & Transportation ➔ Insurance & Registration
Yes! The dealership will make you an offer and pay-off your loan. They will coordinate all of this with your financial institution. You will sign forms allowing the title to be turned over to the dealership at some point. The balance will be added to your new purchase as a down payment.
There was a similar question about discounts on new cars. Read those answers for some tips. Call the bank and ask for your "pay-off" balance. Then go online with Kelly Blue Book and determine the value of your car for both "Trade - In" and "Retail". You will do better selling the car yourself.
If you are looking to buy a new car or newer used car negotiate your best price on that car first. Mention nothing about a trade-in. Once you have the bottom line, out the door price - then you can talk to them about the trade in. To do so in the beginning will only confuse the negotiation to your disadvantage. You can go online and research how to negotiate the purchase of a new or used car, as well as trade-ins, down payments, loans, and more. Good luck.
2007-02-09 03:09:26 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Been there done that a few times (if I didn't wreck the damn thing first). It's going to depend on how much you owe...if you owe more than what the car is valued at, they'll add that amount into the new car's price. If say the car is worth more than you, that amount would be subtracted from the overall cost.
*Oops! Not more than you! More than you owe! Sorry about that! Anyway, been my experience that the dealership will work out the details with the lender.
2007-02-09 10:58:00 · answer #2 · answered by Sunidaze 7 · 0⤊ 0⤋
yes you can. the dealer will give you a certain amount for your car,lets say $9,500. If you still owe $9000 on the loan you have that means you have $500 dollars that will be deducted off the purchase on the new car. If you decide to accept the deal the dealer will keep your car and send a check to the loan company to pay it off. once you are financed for the new car, you drive away.
2007-02-09 11:01:04 · answer #3 · answered by Billy FZ1 5 · 1⤊ 0⤋
Yes, you can. But what ever you get for your trade-in, you still owe whatever you owe on your loan. And, unless & until you pay off the loan, you won;t have the title to the car, so you can't legally sell it.
2007-02-09 10:53:00 · answer #4 · answered by JeffyB 7 · 0⤊ 3⤋
Yep, they will give you a certain amount for it, then they will figure the difference into your new car loan.
2007-02-09 10:52:48 · answer #5 · answered by DnBprincess850 5 · 1⤊ 0⤋