Trade car with payments left

Once the dealership takes possession of the car and deals with your lending institution, the dealership gets the title. The car then becomes theirs to sell, whether to a retail buyer or -- more likely -- at a wholesale auction to another dealer. Don't Forget. Just because you're trading in your used car doesn't mean you no longer owe any money on it. While you certainly don't have to continue making payments on a car you no longer own, drivers who are underwater on a vehicle will find that An easy way of finding a buyer is to sell your financed car to a dealership. The dealer will pay whatever is left of the loan you have on the car, and for any amount over the sale price the dealer will give you in the form of a check, or towards your next purchase.

My brother has a car and its a 04 Jeep and its in great condition. I want to get a lower model car thats great on gas. He still has a few more payments on the car would i be able to trade in his car (to the same dealer) for another car? Or would i have to pay it off first? P.S hes giving me his car because he has a traveling job now. Even if the dealer takes over your loan when you trade in the car, you are still responsible for the payments. The dealer will collect the monthly payments from your new car loan and apply them to the old car loan. But you must make sure that your money is indeed applied to your loan. How to Calculate a Car Payment When Trading in an Upside Down Car. An upside-down car is one that is worth less than you currently owe on the loan. This leaves you in a sticky situation because even if you sell the car, you still owe money on the loan. When you trade in an upside-down car, you have two options. The Paying off your car means you no longer make car payments. It can help your credit report to be out of debt and put you in a better financial position. Trading in your car means you are buying a new car and taking out a new loan. However, you'll be getting a new car, with all the perks. If your car has depreciated to $20,000 and you still owe $25,000 on it, for example, you will have to pay the difference of $5,000—even if your dealer agrees to the trade-in. 2. Refinance the

Paying off your car means you no longer make car payments. It can help your credit report to be out of debt and put you in a better financial position. Trading in your car means you are buying a new car and taking out a new loan. However, you'll be getting a new car, with all the perks.

Once the dealership takes possession of the car and deals with your lending institution, the dealership gets the title. The car then becomes theirs to sell, whether to a retail buyer or -- more likely -- at a wholesale auction to another dealer. Don't Forget. Just because you're trading in your used car doesn't mean you no longer owe any money on it. While you certainly don't have to continue making payments on a car you no longer own, drivers who are underwater on a vehicle will find that An easy way of finding a buyer is to sell your financed car to a dealership. The dealer will pay whatever is left of the loan you have on the car, and for any amount over the sale price the dealer will give you in the form of a check, or towards your next purchase. The amount left on your current loan is referred to as negative equity. They will take your car as a trade-in, and give you a credit for what it's worth, but the amount left on your loan is still tacked on to your new loan. You owe $5,000 on your current car, and it's worth $4,000. New car loan is $20,000. When you trade in a car at a dealership, chances are you will get money back on it that you can use toward a new car. However, this typically happens if you actually own the car and have no loan payments still left on it. Otherwise, the balance you owe on your car could create negative equity when you try to trade it in at the dealership.

My brother has a car and its a 04 Jeep and its in great condition. I want to get a lower model car thats great on gas. He still has a few more payments on the car would i be able to trade in his car (to the same dealer) for another car? Or would i have to pay it off first? P.S hes giving me his car because he has a traveling job now.

If your trade-in value is less than the balance of your current car loan, you are upside-down by that amount; if you were to trade in that car on the new car, you would still have to give the Should You Use Your Car’s Trade-in Value as a Down Payment? If you’re cash-strapped and are trading in an older car that’s only worth a couple thousand dollars, it might make sense to use the proceeds as a down payment to keep your lease payments affordable. On the other hand, you may not want to do this if your trade-in is worth Being forced to sell a car while you're still making payments on it can be a difficult situation, and your reasons for needing to sell the car can vary based on your financial and personal situations. In any case, selling a car with a lien is possible, but be upfront with the buyer so they understand the process you must follow to get the title in their hands. My brother has a car and its a 04 Jeep and its in great condition. I want to get a lower model car thats great on gas. He still has a few more payments on the car would i be able to trade in his car (to the same dealer) for another car? Or would i have to pay it off first? P.S hes giving me his car because he has a traveling job now. Even if the dealer takes over your loan when you trade in the car, you are still responsible for the payments. The dealer will collect the monthly payments from your new car loan and apply them to the old car loan. But you must make sure that your money is indeed applied to your loan. How to Calculate a Car Payment When Trading in an Upside Down Car. An upside-down car is one that is worth less than you currently owe on the loan. This leaves you in a sticky situation because even if you sell the car, you still owe money on the loan. When you trade in an upside-down car, you have two options. The

If your trade-in value is less than the balance of your current car loan, you are upside-down by that amount; if you were to trade in that car on the new car, you would still have to give the

Yes, it's possible to sell your car with payments left on the loan -- even in a private party sale. The key is finding a patient buyer. With that in mind, let’s take a good look at those mechanics and legalities. Once the dealership takes possession of the car and deals with your lending institution, the dealership gets the title. The car then becomes theirs to sell, whether to a retail buyer or -- more likely -- at a wholesale auction to another dealer. Don't Forget. Just because you're trading in your used car doesn't mean you no longer owe any money on it. While you certainly don't have to continue making payments on a car you no longer own, drivers who are underwater on a vehicle will find that

Yes, it's possible to sell your car with payments left on the loan -- even in a private party sale. The key is finding a patient buyer. With that in mind, let’s take a good look at those mechanics and legalities.

Yes, it's possible to sell your car with payments left on the loan -- even in a private party sale. The key is finding a patient buyer. With that in mind, let’s take a good look at those mechanics and legalities. Once the dealership takes possession of the car and deals with your lending institution, the dealership gets the title. The car then becomes theirs to sell, whether to a retail buyer or -- more likely -- at a wholesale auction to another dealer. Don't Forget. Just because you're trading in your used car doesn't mean you no longer owe any money on it. While you certainly don't have to continue making payments on a car you no longer own, drivers who are underwater on a vehicle will find that An easy way of finding a buyer is to sell your financed car to a dealership. The dealer will pay whatever is left of the loan you have on the car, and for any amount over the sale price the dealer will give you in the form of a check, or towards your next purchase. The amount left on your current loan is referred to as negative equity. They will take your car as a trade-in, and give you a credit for what it's worth, but the amount left on your loan is still tacked on to your new loan. You owe $5,000 on your current car, and it's worth $4,000. New car loan is $20,000. When you trade in a car at a dealership, chances are you will get money back on it that you can use toward a new car. However, this typically happens if you actually own the car and have no loan payments still left on it. Otherwise, the balance you owe on your car could create negative equity when you try to trade it in at the dealership. Rolling over your debt means that you’ll pay more for your new car loan. Say you owe $10,000 on a car with a trade-in value of $9,000.

My brother has a car and its a 04 Jeep and its in great condition. I want to get a lower model car thats great on gas. He still has a few more payments on the car would i be able to trade in his car (to the same dealer) for another car? Or would i have to pay it off first? P.S hes giving me his car because he has a traveling job now. Mortgage Payments Remaining Calculator. Your Money Page It's that time of year! Pick your college. Our 2 Minute Drill has 13 basic questions to help you plan your college finances. Find out what it will cost, what you'll owe and how much you'll make after graduation.