How do trade-ins work?
Thread Starter
|
Senior User
Joined: Sep 2003
Posts: 291
Likes: 1
How do trade-ins work?
Aside from the fact that I wouldn't get as much going this route, how does a trade-in work if you don't have the title yet (still paying off the bank loan)? I owe less than it is worth, so I'm ok there, but how would it work if I wanted to use it as part of the trade/down payment for a new truck? Based on my research, I could get enough to pay it off AND have an extra thousand towards the new truck. How would that work? The only reason I am considering this is that I have no means to pay of the remainder immediately, nor do I have any other means of transportation (for the time between when I sell it and buy a new truck) if I sold the it to a private party. Thanks.
CO River Rat
Joined: Feb 2004
Posts: 3,209
Likes: 0
From: Lake Havasu City AZ
The dealer will take care of all that on a trade-in. If you sell to a private party, he/she will have to wait for you to get a clear title after they've paid - not everyone is willing to do that.
Steve
Steve
