Diyvehiclerepair
- Will a car dealership pay off my car loan?
- How long does it take for a dealership to pay off your old car loan?
- Do dealerships pay off negative equity?
- Will a dealer buy out my financed car?
- Should I pay off my vehicle before I trade it in?
- Can a dealership take a car back after you signed the contract?
Will a car dealership pay off my car loan?
The dealership isn't obligated to pay off your total loan balance. They only have to offer you what they believe your trade-in is worth, also known as the actual cash value (ACV) of your car. ... A dealership may be able to offer you the entire loan balance of your vehicle, even if the car has negative equity.
How long does it take for a dealership to pay off your old car loan?
Under California law, dealers must pay off your trade-in vehicle within 21 days from purchase. If the dealer fails to do so, you may have a claim against them.
Do dealerships pay off negative equity?
If you don't have enough cash in the bank to pay off your negative equity, a car dealer will sometimes allow you to roll your negative equity into your new car loan. Let's say you owe $15,000 on your car loan, but your dealer is offering only $13,000 for your trade-in.
Will a dealer buy out my financed car?
Can you trade in a financed car? The answer is yes, absolutely! However, you should know that trading in a financed car doesn't make the loan go away: You'll still be on the hook for the remaining balance, even after you've turned the car into the dealership.
Should I pay off my vehicle before I trade it in?
In most cases, it's in your best interest to pay off your car loan before you trade in your car. ... As long as you're not behind on your car payments, most dealerships will allow you to transfer the remaining amount of your loan to the new car's loan.
Can a dealership take a car back after you signed the contract?
The short answer to the question is “No”. Once you've signed on the dotted line of your purchase agreement, the car is yours. ... A customer may take delivery of a car on a Friday, drive around for the weekend and suddenly see something that is much more appealing. But once you've signed the deal, this is binding.
