I still owe $6,000 on my current car but I want to get a new one. How does this work? Can I trade my car in even though I don’t technically own it? Will the car dealership that I go to take care of everything with my current finance company? How exactly does this stuff work?
You are essentially selling it to the dealer, so make sure you
know what its worth before you go. They will pay it off, so
the finance company will release the title to them. Make sure
you understand exactly what you are getting for your trade
and what you are paying for the new car. Sometimes it
can be confusing when they just give you a trade diff. price.
Be opinionated, don’t let them control the deal. Its your car
and you will sell for what you want, and you will pay what you
think the new one is worth, so many car dealerships out there
get the best deal possible.