Will i get a check from a dealer if i trade-in a paid off car?

Question

Let say i traded my car for a new one and my car is already paid off. Is the dealership will cut me a check if i dont want to used the trade in money i got for downpayment?

Answer 1

it depends on the dealer you are dealing with... some places will buy your car regardless if you buy theirs I.E. carmax..... usually you trade in your car as down payment for the new vehicle... if you don't want to do that you are MUCH better off just selling the vehicle outright. You will get a lot more money selling it yourself than trading it in.

Answer 2

The answer is yes. You can always get a check back for the trade value. It won't be shown as a trade in though. It will be shown as a purchased vehicle by the dealer.

The best way to do it is to show the car as a trade in on all the paperwork even though there is no payoff. On the paperwork show a payoff on the car for as much as the trade value. The payoff will come back to you since there isn't really a payoff and you will only have to pay tax on the difference between sale price and trade in value, which is called "NET PRICE". This tax credit does not apply to every state, but is very common in most states. Just make sure the dealer puts in writing that the payoff is to you or cuts you a check for the trade value at delivery of your new vehicle.

Answer 3

2

Answer 4

if you already paid off the new car, the dealership has two choices--pay you for the trade in value OR return it to you. Depends on how the sales contract read at the time you offered the trade in. If your trade in was paid off, it's full value will be applied against the cost of the new car. It is unlikely the trade in is worth more than the new car.

Answer 5

You have a better chance of getting him/her to pull an elephant out of their butt. The price of the trade in AND half of whatever you put down is their commisiion.

Answer 6

not usually they take it off the purchase of the new car. watch them though, car salesmen never lose on a deal its always the customer, they will find a way to charge you more.