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?
Answer provided by
Answered on Apr 07, 2021
“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. “
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
How do insurance companies decide if a car is a total loss? And is it worth keeping a totaled car?
My 2011 Honda Accord Coupe suffered some serious damage when it hit a deer and I'm hoping it won't be totaled. How do insurance companies decide if a car is a total loss? And is it worth keeping a totaled car?
Feb 22, 2021
Can I get a car loan with bad credit?
My credit is a joke, but I need a loan to buy a vehicle. Will anyone be willing to lend me money?
Mar 12, 2021