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The dealer will pay off the loan but it t will cost you a fortune by a low tradein price and the dealer refinancing the original loan payoff. Don't do it. You can come out much better by finding a buyer yourself and paying off the loan with some of the proceeds. You are in a much better position to make a better deal or get a discount on the next car you want with more cash in your pocket. This can be a big bucks difference depending on the value of your car and the amount you owe.
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Can you trade in a car that's not paid off and not co sign for another car?
If you trade-in a car that Not paid off, you will be trouble with the law.
Does your car have to be paid off before you can trade it in?
No
Is there a way to find out how much a car dealer got for a trade in?
you paid the dealer to take your car intrade and then the dealer got book for your trade
Can you trade in a car that isn't fully paid off?
Yes, you just add the payoff amount of the car you are trading to the price of the car you are buying.
Should you trade in your used car that is paid off for a new car?
Only if you can afford payments for a new car and your used car is in very bad shape.
Can you trade in a car and you are not on the loan?
In order to trade in a car you must be the only owner listed on the certificate of title. If a creditor is listed on the title that creditor must be paid off from the proceeds from selling the car or from the new loan.
If you trade 1 car for another do you pay sales tax?
It varies from state to state. Where I live (Washington State) you pay sales tax on the difference in value between the new car and the trade-in vehicle. Example: New car purchase price $25,000, trade-in car value $10,000; tax is paid on $15,000. It varies from state to state. Where I live (Washington State) you pay sales tax on the difference in value between the new car and the trade-in vehicle. Example: New car purchase price $25,000, trade-in car value $10,000; tax is paid on $15,000.
Is it relevant for the car dealer to ask how much is owing on your trade in?
Of course it is. The dealer taking the trade would become responsible for loans and liens on the car once ownership has been transferred. If the remaining money owing on the trade is not paid he could lose the car to the lender.
If you trade your car in to a dealer and still owed money on it but the dealer never paid it off whos accountable?
Once you sign the release of liability at the dealership when you trade the car , the dealer is responsible for the pay off.
Does a car tax effect trade in value?
Not in the UK, under new rules effective from October 2014, when you trade in a car any remaining car tax (tax disc) will automatically be refunded to the registered keeper who paid that tax (whole months only), thus not affecting the trade in value.
Can one person on the loan trade it in without the other signing off?
As long as you weren't a registered owner. If they trade the car in, then the trade should be paid off by the dealer where they bought the new car. This is actually good for you, since I'm assuming you didn't cosign the newest car loan. You're off the hook.
Can you trade in your car to get a lease car?
Yes. If it is paid for, it will have a value, though a car lot will probably only give you a percentage. But, leases usually require some cash down, so yes, you can.
