Can I Trade in a Financed Car

Cash Down Payment The cash down payment will reduce the financed loan. If you buy a car that is financed through the dealership the dealer CAN cancel the contract but only if it notifies you within 10 days of the date on the purchase contract.

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This type of financing is sometimes called a spot delivery It is based on the language of the purchase contract.

. Amount Owed on Your Trade-in The remaining balance on a loan for your trade-in will be deducted from the trade-in value. Look at your purchase contract. If you do then your vehicle loan is known as an upside-down or underwater loan and you will be trading in your car with negative equity.

Thats the long yellow document that says RETAIL INSTALLMENT. Many car dealerships accept trade-ins of vehicles that have not been paid off. If you want to trade in your car before youve completely paid it off the process can be complex especially if you owe more on your car than its worth.

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