If you have remaining balance on your car can you still trade in
I have $5000 more left and then the car is fully paid off. Of course that's just a matter of few more months.
But if I want to get new car, can I trade in the car with $5000 balance left on it?
What happens in such case?
by 
Easygoing98
ANSWERS: 3
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its a stupid idea really you haven't finished paying off the last lone and you want to get another 1? If all you want to do with your life is work to pay back loans you may as well. Don't cry when you are short of cash don't be scabing money because you over exteneded yourself.Borrow an extra $5k when you take out the new loan to pay out the old one. How people I know never manged to buy a house and still owe $100k.
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AS far as I know, you CANNOT trade in a car that you don't own. As far as I know, you HAVE to hand over the title (which you don't have) when you trade in a car. As long as there is an outstanding balance, you don't own the car. *** POSSIBLE EXCEPTION (not sure if this can be done, I doubt that it can be): it's possible they can finance the principle owed on the existing car and the new car on a single new loan, thus paying off the old car and making it available for trade-in.
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Yes. The balance will be rolled over into a new loan.
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