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Yes. You must pay off the loan with the proceeds, and pay the difference if the proceeds are less than the loan.
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Can I trade in my car when there is a loan balance?
You can trade your car in, however the loan balance must still be satisfied.
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 get out of a car loan contract?
NO. Trade or Refinance
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
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.
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.
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.
If you trade in a car that you owe money on will you have to pay the previous car loan plus your new loan?
Yes. It is referred to as "upside down" financing.
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.
Can you trade in your new car that you still owe on but have a lot of equity for a significantly cheaper car?
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.
Can you trade your car with an upside loan?
Yes, but it makes your financial situation worse to do that.
Can one person on the loan trade it in without the other signing off?
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.
