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?