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You can trade your car in, however the loan balance must still be satisfied.

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โˆ™ 2008-05-14 00:23:51
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Q: Can I trade in my car when there is a loan balance?
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Related questions

Can you trade in your car if you still owe on the auto loan?

yes you can trade it in. But if you owe more than what the dealer is going to give you for the car the remaining balance will be added to your new loan


How do you trade in your car when you are still paying the loan for the car?

The balance you owe on the car that is getting traded in will be added to your new car loan. Example You owe 10,000 for the car you want to trade in They give you 6,000 for trade in your new car costs 20,000 you will either have to pay that 4,000 or they will add it onto your new car loan from your car you traded in.


Can you roll the balance of a carloan into a new car loan?

No, it most cases you cannot roll the balance of an existing car loan into a new car loan.


Can a dealer collect on repo unpaid balance?

Yes - if the car loan was with the dealer, the dealer can sue the debtor for the balance of the car loan after the car is sold to someone else.


Can a car dealership take a trade in where a loan is not paid off yet?

yes, they buy out the loan, and if the vehicle is not worth what is owed the balance can be added to the amount being finaced on the new one


Can you trade in a used car for another car if you are still making payments on the first car?

Yes you can, but you have to owe less on the car than the trade in given. In other words if you owe 2,000 on the car and they give you three that means the loan on car 1 gets paid off and you have a 1,000 towards the price of car 2. But if you owed 5,000 on car 1 and they gave you 3,000 you would still have a balance due on car loan 1.


What is a car loan amortization?

Basically, Car Loan Amortization is the balance of your auto loan. It is the process of following a plan or schedule of your loans for your automobile.


What happens to balance on car title loan when car is stolen?

Every car obtained on loan definitely is an insured one.One gives loan on insurance basis only.


Can you get sued for the balance of your car loan after the car is repossessed and sold?

Yes.


Can you use a car as a trade in for your new car if the trade in is titled to your daughter and has an out standing loan signed by another person and your daughter agrees to the trade in?

your daughter would have to sign the release documents for her car. As for the loan, whoever signed the loan would still have to pay the loan, regardless. The loan doesn't go away. If you do consider this, make sure there aren't any liens or any other claims to that car, through the bank or other institution.


Can you get out of a car loan contract?

NO. Trade or Refinance


Can a loan company take a newly financed car in your name as collateral toward the balance of a loan for a car that was repossessed a few years ago?

Nelson, they would have a couple of real goofy options.1. they could refinance the new car and include the balance of the old loan for a HUGE total.2. they could be the SECOND leinholder on the new car somehow. I guess they would have to loan you money to pay the old balance and take the new car as collateral.Neither of these options look realistic, but who knows??


Can you trade in a car with a balance to lease a car?

There should be no balance in trading each car. No one will accept the kind of deal.


Can you trade in a car and you are not on the loan?

In order to trade in a car you must be the only owner listed on the certificate of title. If a creditor is listed on the title that creditor must be paid off from the proceeds from selling the car or from the new loan.


What information does the car loan calculator Canada give?

Car loan calculator Canada can calculate ones car loan payments. One has to enter his/her price, down payment, trade-in value and rate into the Canada car loan calculator and the calculator will calculate ones car loan payments.


How do you find out your car loan balance?

Contact your lender they will tell you.


Can you still pay off the balance due on an expired car loan?

Anytime there is a balance due, you can pay off that balance.


What happens when they repo a car and loan is still owed and they put car up for auction Who is responsible for the balance of the car loan?

I'm not sure if this is valid in every state, but I believe that if the car is sold at an auction, you will still be liable for the left over balance. If the car is sold at an auction and the sell price covers the balance of the loan then, I don't think you will need to pay anything else. Maybe some fees for the repo. I "think" this is how it works


How do you finance a new car if you still owe on your present car loan?

You need to pay off the present loan. Most people do that by adding the balance on to their new car loan, getting deeper and deeper into debt.


Can co signing for a car loan affect financial aid?

Yes. It may affect financial aid because it will be considered a loan that you're responsible for. You should know that if the primary borrower defaults on the car loan you will be have to pay the remaining balance. You should make certain that you can afford to pay for the car if you agree to co-sign the loan.Yes. It may affect financial aid because it will be considered a loan that you're responsible for. You should know that if the primary borrower defaults on the car loan you will be have to pay the remaining balance. You should make certain that you can afford to pay for the car if you agree to co-sign the loan.Yes. It may affect financial aid because it will be considered a loan that you're responsible for. You should know that if the primary borrower defaults on the car loan you will be have to pay the remaining balance. You should make certain that you can afford to pay for the car if you agree to co-sign the loan.Yes. It may affect financial aid because it will be considered a loan that you're responsible for. You should know that if the primary borrower defaults on the car loan you will be have to pay the remaining balance. You should make certain that you can afford to pay for the car if you agree to co-sign the loan.


How do you write a trade-in authorization letter to get your car title when you pay off your loan?

The dealership should have a trade-in authorization letter so you can get the car title when you pay off your loan. If not, you would just write that you are giving permission to get the title for a trade in.


In general, how are monthly car loan payments figured out?

Monthly car loan paymnts are calculated by adding the interest to the balance and diviing it into equal payments for a set time frame. You can find a car loan calcultor at www.Edmunds.com.


If you lost your job and can not afford to pay your car payment can you return the car?

That is a voluntary repossession...not a good idea in the long run. The bank will wholesale the vehicle at an auto auction, apply the proceeds (less selling expenses) to the loan and you still owe the balance. Plus it goes on your credit report. If the car has a retail value in excess of the loan balance, you will be far better off selling the car yourself and paying off the loan. You still have no car...but no car payments and no bad credit report. Even if the car is worth slightly less than the loan balance, you'd come out thousands ahead if you sell it and find the rest of the money to pay off the loan.


Can you keep a car that your name is not on loan but was given to you by the deceased?

You need to have the title transferred to your own name and notify the loan company of the change in ownership. Then you will need to pay the balance of the loan or renegotiate the loan with the bank. If you don't pay the loan the car will be repossessed.


Can you trade an inherited vehicle if there is an outstanding loan balance?

You can, but you might have to pay off the remaining balance. The place where you want to trade the car will know if you have to pay or if it will be an even trade or not. Property of any type whether a beneficiary is named or not can be subject to probate procedure. No property can be distributed nor disposed of in any matter until probate has been finished.