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Can you sell your car back to the dealer you're financing it from?

"Even though I owe money on it, can I still sell this car back to the dealer? I want to get a new car, but I have a car I'm currently paying on. I like the dealer I bought the car with and who I'm currently financing from."

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You can definitely sell them this car.
Known as a
trade-in
, the dealer would give you a trade-in
value
 for the car and deduct that amount from your current loan balance.
If you still owe money on the car after that, they’ll roll the leftover amount into the loan for your
new car
, which is an industry-standard practice.”
MORE:
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