Can I Trade in My Car If I Still Owe on My Loan?

Answer

It is possible to trade in your car if you still owe money on it. It is referred to as being upside down in the loan. It normally happens the time you purchase a new car, since it decreases in value as soon as you drive it off of the lot. This situation can also occur when you trade in a motor vehicle and the loan that you still have on it, to purchase a new car.
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Ask.com Answer for: can i trade in my car if i still owe on my loan
Can I Trade in My Car If I Still Owe on My Loan?
Dealers take vehicles for trade even if a current loan exists. However, you may face difficulty when applying for a new loan if you owe more than your vehicle's value, known as being upside down. Before you decide to trade your financed vehicle to a... More »
Difficulty: Easy
Source: www.ehow.com
Q&A Related to "Can I Trade in My Car If I Still Owe on My Loan"
1. Determine how much you owe on your car. Call the lender and get the payoff. Interest on auto loans accrues daily, so ask for a 30-day payoff. If the lender won't give a 30-day
http://www.ehow.com/how_4765449_sell-car-still-owe...
You can find out how much you owe on your GMAC car loan by either calling them an asking or usually by logging in to their website with your account information.
http://answers.ask.com/Business/Finance/how_much_d...
If the vehicle is/was encumbered by the original loan then it should be insured. If there is no insurance or the insurance does not cover theft the purchaser is still responsible
http://wiki.answers.com/Q/What_happens_if_your_car...
= you are up side down in that car = you owe more than it is worth = the only way to get rid of that car is to advertise the car for 12K and see if you can get any offers and if you
http://answers.yahoo.com/question/index?qid=201205...
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