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Old 02-08-2012, 01:43 PM   #1
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Questions about buying a new vehicle and my current trade in

I have never traded a car in that has a lien on it. I owe about $12,000 on my current car. A private sale, from all the various websites I have seen is around $20,000. (Seen some sell for this locally too) Not sure what I can get on trade. Question is: If I get say $17,000 for a trade on a Jeep that is $24,000 out the door, where does that leave me with my original lien? Can I refinance the balance to a new term?
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Old 02-08-2012, 01:52 PM   #2
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depending on your credit the dealer you are buying from will put the remaining balance on top of you new bank note. also when trading in make sure you get the daily and monthly interest on the car your trading,,, if you end up owing more that the dealer paid your on the hook for the balance,,, this often happens if you have a balloon payment at the end of your original bank note.
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