What happens when you have positive equity in your car and you want to trade it in for a different vehicle?
I have positive equity in a Hyundai Sonata that I want to trade in for an SUV. How will the trade-in process work?
“If you want to trade in your vehicle and you have positive equity, the dealer will typically handle all of the paperwork. To complete this process, the dealer will pay off the remaining amount on your loan and acquire the title from your lender. The leftover money is then typically put toward a down payment for your new vehicle, though you may be able to request it in cash form. “
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