Can I trade in my finance car?
2 Answers
Yes but you will need to plan on closing the loan with the proceeds from the trade-in allowance plus cash to make up the difference between the proceeds and the loan value. Some dealers will get creative in order to move a car off their lot, so be careful how they structure your financial commitment and rate if you are financing the purchase.
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It really depends on how much the residual is. Your cars trade in price vs the amount owed. Are you on the plus side, then great, the extra will help with a down payment on the new car. If you are on the negative end, that amount can be rolled into the new car loan. You would need to discuss this with the dealer selling the vehicle you want to purchase.