Wednesday, May 26, 2010

Can anyone tell me how I can go about trading my car in that I have an auto loan on.?

I currently have a 2004 Impala and need a Dodge Durango 2004 and up.



Can anyone tell me how I can go about trading my car in that I have an auto loan on.?

You could get approved for a loan for the Durango and factor in the amount that you still owe on the Impala on that loan, and then trade in the Impala against the new Durango. It'll bring the purchase price of the Durango down a bit too if you trade in the Impala.



Or if you had a credit line or something of the sort you could pay off the remaining amount that you owe on the Impala so that the lien is removed against the Impala and you get the title to it and then sell it privately and put that money towards the Durango loan you'll get.



You might be able to get more for the Impala if you're able to sell it privately rather then try a trade-in against the Durango.



I wouldn't be able to consciously tell you all of this unless I told you this as well.. what you are doing is not really the best thing here. The Durango is going to depreciate fast enough the way it is. If you have to include the remaining amount that you owe on the Impala in with the Durango on a loan it'll be years and years before you'll break even - in others you'll be 'upside down' on your Durango loan. You better plan on keeping the Durango for a heck of a long time. Good luck.



Can anyone tell me how I can go about trading my car in that I have an auto loan on.?

Legally, you can't sell a car that you have a lien against. You have no way of giving the title to the purchaser. When you are in this situation, you're usually stuck with trading in the vehicle. That way, the dealer pays off the old loan and gets you into the vehicle you want.



The only other way is to pay off the loan you have so you can get the title, sell the Impala, then buy the durango.

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