CAN I TRADE IN A CAR WITH AN EXISTING LOAN

Asked by DVargas1 May 29, 2018 at 03:39 PM about the 2016 Kia Sorento EX

Question type: Car Selling & Trading In

I HAVE A 2016 KIA SORENTO THAT I WOULD LIKE TO TRADE IN FOR A SMALLER AND CHEAPER CAR. IT IS UNDER MINE AND MY HUSBAND'S NAME AND I WOULD LIKE TO HAVE A CAR UNDER MY NAME. THERE ARE APPROXIMATELY 30 MONTHS LEFT ON THE LOAN. IS THIS SOMETHIN THAT CAN BE DONE?

3 Answers
103,205

KenF answered 6 years ago

That is entirely up to any dealership you want to trade the car in at. If you plan to buy from a private owner, you'll have to sell and pay off the loan on your own. You should know that trading in a car you still owe money on results in a less than favorable trade-in allowance for you.

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F_O_R answered 6 years ago

You are going to have a bigger payment because you probably owe more than it is worth. The balance could be added to your new loan if you qualify. If you are trying to save money I doubt your plan will work.

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5,090

Title_Reguru answered 6 years ago

This can be done but is a dealer by dealer basis. You might have more options with an outside lender like yield solutions....good luck

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