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
“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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Eric Schad
Answered on Apr 07, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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