Q:

How do I trade my car that I just bought?

A:

Quick Answer

A car owner can trade in a car that was just purchased by taking it to a dealership and inquiring about the vehicle's trade-in value. If the vehicle to be traded still carries a loan, the loan must still be paid, but the specifics depend on how much is owed.

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Full Answer

If the amount of trade-in value exceeds any remaining amount left on the car loan, the dealer generally pays off the loan and gives the remaining amount to the purchaser. Once the trade-in value has been established and a new car has been picked out, the car's owner signs paperwork giving the dealer ownership of the vehicle.

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