Question #27618

I have a car on finance which I m part exchanging what will happen to my positive equity?

Right I m part exchanging my car for 5000 the final finance payment is 4284.24 so I have a positive equity in the car. I m financing a new car but not using the positive equity from my part exchange as a deposit, will the money just be transferred to me.

  • ANDRE L

In order to sell or trade any car that has any outstanding loan balance on it, that balance MUST be paid off IN FULL FIRST.

  • nt

Usually when you trade cars, you lose much of your equity. You could get cash if your credit is good enough I suppose.

  • Dobiegal

usualy put into your bank account by wire transfer

  • Poppy

No, it will go towards the existing loan. It will be wired into it, our job is to find where. You will get no cash back.

  • ?

Pay cash

  • AlCapone

In a trade in which you have positive equity, you can either have the dealer cut you a check or apply it as a down payment on your new car.