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  • pplcheryl63
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Have you ever traded in a car which was not paid in full either you were still making payment or it was a lease?  Be careful of getting stuck with the payment on the old car.  As the economy negatively impacts everyone, car dealers are leaving customers with the bill.  The expectation is that the dealer will pay of the balance of your loan and then you are free and clear.  Recent events are showing that you cannot depend on that anymore.

Not only are the buyers of the new car getting stuck but also purchasers of the trade in could find themselves stuck when the vehicle is repossessed.

Make sure you know exactly what is in that "standard" contract and that you will not be stuck with a car note you didn't know you had!

 

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Member's comment

Mary  Feb 4th, 2009
There is no free lunch in the world!

pplcheryl63  Feb 3rd, 2009
Yes it is but supposedly this is the purpose of the trade in. You are turning your old car over to them as a "down payment" on the new one with the understanding that the dealership will take over or handle the balance due on your original loan, while you get a new loan for the new vehicle. This system has for the most part worked well until recently.


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