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.

 

Check with your lender and see if they have any special rules about selling your vehicle or trading it in.

Steve

 

I did...they said they won't release it until the loan is paid off. Kind of stuck here I guess...

 

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

 

That's what I was wondering. So the dealer will take the trade without me having the title; good to know, just in case it comes to that. Thanks.

 

99% of people who trade do so with cars not paid off. Just make sure you're not "upside-down" on your loan if you do trade. Did you ask the lender what the pay-off was?

Steve

 

I have online access to the "balance remaining" and I'm right-side up on it (owe less than I could get back from selling it) so i think i'll be ok. Thanks for your help.