How does a car trade in work if you still owe?
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How does a car trade in work if you still owe?
Your car loan doesn’t disappear if you trade in your car. However, the trade-in value of your car becomes credit towards your loan. This credit might cover the whole balance. If it doesn’t, your dealer will roll over your loan, combining the deficit with the amount owing on your new car.
Should I repair car before trade in?
It is beneficial to spend some time sprucing up your car before beginning trade negotiations, but be sure to set a budget for small fix-ups. Perform simple maintenance and cheap cosmetic fixes (like fixing scratches), but remember that you don’t want to spend so much money that you end up losing money on the trade.
Can I trade in a damaged car?
Because body repairs are expensive, trading in a damaged car won’t be kind on your trade value. But if your car has been deemed salvage or is an insurance write-off, you might not be able to trade it in. Dealerships don’t really want to trade in a junk car because there’s no one that wants to buy it from them!
Can you trade in your car if it has problems?
By law, dealers must fix critical problems with cars they plan to resell, so expect your car dealership to deduct the cost of these repairs from the car’s trade-in value. Even if your vehicle needs major repairs, you might be able to trade it in regardless of the condition.
Can I sue for yo yo financing?
This type of auto dealer fraud is known as a “Yo-Yo,” because the dealership pulls on the string and takes the car back. Consumers victimized by this scam can sue the dealership for damages and attorney’s fees.
How long does a dealership have to fix a recall?
Although you are strongly urged to fix the problem right away, you technically have up to 10 years after the sale date of the vehicle to fix the problem for no charge. There is one exception, however, and that’s for tires: You must make tire recall repairs within 60 days of receiving the recall notice.
Do dealerships get paid for recall work?
According to an Automotive News report published on Monday, California Governor Gavin Newsom has signed CA AB179 into law, which changes the rate at which franchised automotive dealers in the state can be reimbursed by the manufacturer for warranty or recall work — an amount which previously could have been as little …
How many cars can you sell without being a dealer?
How many cars can I sell privately? Generally, you are allowed to sell no more than four vehicles per year without having an auto dealers license under Department of Licensing (DOL) guidelines.
How long are car recalls good for?
8 years
Do recalls affect trade in value?
Other stores are not prohibited from selling these vehicles but obviously, a car with an open recall, with no imminent repair solution, is not worth as much as it would be without that issue. A dealer is really only interested in giving you a decent price for a trade if they can make some money on it.
