how do you trade in a car that isn't paid off yet?
I want to trade in my car to get my ex off the loan as opposed to refinancing. How do
dealers handle this when there is a balance still owing on the car loan?
Depends on how much equity you have, if it's worth what's owed, and if the registration says "AND or "OR" you and the ex. If it says OR, you are ok. If it says "AND" they won't touch the deal without her signature
The dealer will add the balance you owe and add it to the new car purchase. BUT- check with your local Better Business Bureau first to see if any of the dealers you're considering have a record of not paying these balances in a timely manner. It's one of the largest complaints filed with the BBB against auto dealers.
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