In fact dealerships do this all the time for customers. Fortunately its a common transaction people do it every day.
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If your car is worth less than what you still owe you have a negative equity car also known as being upside down or underwater on your car loan.
How to trade in a car still being financed. First lets review all the options you have so that you know youre making the best financial decision with your vehicle as well as some tips on selling a financed car. You may also sell your financed car to the dealership as part of a new or used vehicle transaction in which you are trading your vehicle. When you trade a financed car to the dealership you are effectively selling the vehicle to the dealer so the process is the same as selling a vehicle to the dealer outright.
When trading in a car with negative equity youll have to pay the difference between the loan balance and the trade in value. 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. It will be slightly easier if you own the vehicle free and clear but you have several options when it comes to selling a financed vehicle.
How to sell a financed car your options. It is possible in many cases to trade in a financed car for a cheaper one but it really all depends on your situation. Its so common that you shouldnt even expect a dealership to bat an eyelash when you announce that you still owe money on your current car.
Selling a car can be a complicated process and its even more intimidating if you still owe money on the vehicle youre selling. Can i sell a financed car. Consumers trade in cars all the time on which they still owe money.
You can trade in your old car even if youre still making payments. In fact very few people actually wait until their vehicles are paid off before purchasing their next one. Can you sell a financed car privately.
How do you sell a financed car. When you trade in a vehicle that still has a loan on it youre still responsible for paying off the balance.