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.
You can trade your car in, however the loan balance must still be satisfied.
NO. Trade or Refinance
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.
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
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.
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.
Yes. It is referred to as "upside down" financing.
Yes. You must pay off the loan with the proceeds, and pay the difference if the proceeds are less than the 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.
Yes, but your trade in value may or may not cover for the cheaper car so whatever you owe on your current loan will be tacked onto your future loan for the cheaper car you are speaking about.
Yes, but it makes your financial situation worse to do that.
As long as you weren't a registered owner. If they trade the car in, then the trade should be paid off by the dealer where they bought the new car. This is actually good for you, since I'm assuming you didn't cosign the newest car loan. You're off the hook.