Trade In

Asked by GuruDQNN3 Sep 06, 2017 at 03:17 PM about the 2014 Nissan Sentra SV

Question type: Car Selling & Trading In

I bought a used car through the dealership and I still own
money. I want to get a different car (trade in) and I would
like to know how it works out? I would like to trade it in for
a Honda but I don't want to own more money. Do you
guys pay off the car or give a statement?
Please I would appreciate an answer.

1 Answer
21,875

Gary answered 6 years ago

Most dealers will take a car on trade even if you owe money on it. It works like this: If you owe $5,000 on you loan and the dealer only offers $4,000 for your trade, they will add the $1,000 difference to your new loan. If you owe less than the trade in value, then the extra is like a down payment.

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