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Unread 09-29-2011, 03:06 AM   #1
S D
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Default Trading in a vehicle with an outstanding loan?

So I am just curious here guys, how do dealerships typically handle this?

Say someone was to trade in a vehicle with an NADA and KBB trade in value around 9.5K on a vehicle on a lot that's at a lower price, say 5K. Let's assume the owner owes as much on the vehicle as it's worth.

I know if you trade in on something worth more than your car the dealership pays the note and applies any of the remaining cash to the new vehicle's price. Will they do that for something worth less?

Just wondering, you know, for a friend. He's thinking about trading in his truck on something else.
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Unread 10-01-2011, 02:23 AM   #2
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I kind of understand what you are talking about. typicaly, you can trade it in for a new car, but they dont give you cash, nothing wrong with it, since getting a loan from the bank its YOUR car, how ever you do still need to pay that car off. So yes there is no problem with it

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Unread 10-01-2011, 02:46 AM   #3
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post removed, irrelevant
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Last edited by KSIMP88; 10-02-2011 at 04:36 PM.

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