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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."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.”
View full answer
- Gregory R.
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