Will a car dealer purchase my car if I still owe money on the car loan?
Will the car dealer still purchase my car if I owe money on it? I owe about $7,500 on a car loan, but I want to get a new vehicle.
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Answered on Jun 29, 2021
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“Unless you’re upside down on your car loan, the dealer will usually purchase it from you.
Essentially, they give you fair value for your car (trade-in value), then deduct that value from your loan balance.
If there’s still a balance left over, they’ll take that amount and roll it into the loan balance of your new car.”
MORE: How to Trade in a Car
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