I have a car note right now, but i would like to turn in my vehicle for a different car. How would that affect my note?
8 Answers
The place that you owe the note to has your title. You can't sell your car until you pay it off and get the title with a lien release on or with it.
I'm not trying to sell it I'm trying to go to a dealership and turn in the vehicle for another vehicle.
Oh ok. The same dealer you have the note with now?
Yeah but if i saw a car at another place could i go there or is it a possibility they could take over my loan or just add it to another one for a new vehicle?
Probably not but it wouldn't hurt to go ask the dealership and see if they can work with you.
I deal with this every week. The second dealership can offer you trade in money for your car that you currently have. This money can go toward the money you owe on your current car. If you get enough to pay it off you borrow for the new and any left over is your down payment. If they don't pay it off what is left over gets added to your new loan amount. Is there something wrong with your current car? You can get stuck in a downward spiral of trading in your car and always being upside down in it never having equity in your car, if you not careful. Just my opinion.
