Nov 4 2010
I have an auto loan with my bank and want to trade my car in?
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I currently own a 2007 dodge caliber and want to trade it in for the new EVO X. I currently owe almost 14K on the car. How does this work? Please explain with good details
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Andy said:
It depends on what your old car is worth.You owe 14k so suppose they give you 17k for it.Your old car is paid off and you get 3k.You can use it for a down payment or whatever you want.If you got less than the 14k you owe, then whatever is left is added to the price of the new car.When you hear them say they will pay off your old car regardless of what you owe…that’s what they mean.For example they give you 12k for your car leaving you owing 2k.The new car is 20k plus the 2 k you still owed making it 22k.
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0November 4th, 2010 at 10:20 am
