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  1. 14 cze 2023 · If you plan to trade in a car you still owe money on, the first step is contacting your auto loan lender and asking for your payoff amount, or how much you owe on your loan.

  2. The dealer taking in your trade pays off the balance... if you have equity in the car (worth more than you still owe) then you can apply that to the down payment. If you owe more than the car is worth, the amount can be added to your loan.

  3. The dealership will deduct what you owe from trade value applied toward vehicle, and pay off car to lender.

  4. 21 lut 2023 · When you trade in a financed vehicle, your car’s trade-in value gets applied as a credit towards your next loan. Depending on the remaining loan balance, this credit might cover the...

  5. 24 sty 2022 · When you trade in a vehicle you still owe money on, the dealer takes over the loan and pays it off on your behalf. They also typically handle the process of transferring the title.

  6. 26 paź 2022 · If you still owe money on your car but you're eager to buy a new one, trading in your vehicle might be a good option. However, it doesn't mean you're off the hook for your current loan.

  7. 16 sty 2023 · You can trade in a financed car you still owe money on. However, there are considerations to keep in mind—one of which is whether you're entering the trade-in process with positive or negative equity.

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