What happens to your old car when you trade it in?

What happens to your old car when you trade it in?

When you trade in your car to a dealership, its value is subtracted from the price of the new car. When you trade in a car with a loan, the dealer takes over the loan and pays it off.

Can a dealer return your trade in?

The standard California car contract only allows the dealer 10 days to find financing. The only thing the dealer can do is take the car back, refund you 100\% of your money, and return your trade-in vehicle, if you had one. The dealer cannot charge you for mileage.

What do dealers look for in a trade in?

Generally, a trade-in can be any vehicle that has value, but the amount for the trade-in can vary greatly. Factors that determine the value of your trade-in include the condition of the car, the demand for that particular make and model, and your skill at negotiating a price.

Can you get a new car if still on finance?

In general, you can trade in your car for a new one even if you’re still making payments on it. That’s the difference between your car’s current value and the amount you owe on the loan. Depending on those two factors, you have either positive or negative equity.

Should I repair my car before trading it in?

Not only should you fix your car before trading it in, but you should be sure to have the proper documentation and items ready to go. Contact us if you have any questions about the trade-in process, and let us help you get more money to put towards your new ride.

Do dealerships work on older cars?

Dealers generally don’t work on classic cars. Their mechanics are wizards on newer cars and they have all the special tools for them. Most of them have never seen anything more than 20 years old at best so they simply lack the experience to work on classic cars.

What happens to the money if my car is repaired?

If the car can be repaired, the money should be spent getting it fixed. If you manage to get it repaired for less than the claim check, whatever is left over is all yours. If you still have a loan or lease on the vehicle, you are legally required to get it repaired and you could be in serious trouble if you keep the money for yourself.

What happens when you trade in your car for a car?

You’re expecting to trade in your current vehicle for a new car with a dealer. What’s supposed to happen is the dealer will acquire a payoff figure on your trade and pay off your current car loan for you. The dealer will then add the payoff amount to your new car loan.

What happens when you buy a car and still owe money?

If you still owe money on the car, the salesman will ask for your lender’s information. He will then call and request a 10 or 20 day payoff amount to pay off your car loan. After finalizing the deal on the car you’re buying, the dealer will send a check to your current lender to pay off your trade.

What happens if a car dealer is late on a payment?

Every day they’re late paying off your vehicle they’ll have to add $3.34 until it’s paid off. Once they pay off your trade with the lender they’ll receive the title and will then be able to retail or wholesale your trade. This is a very sneaky car dealer scam.