How does a car trade in work?

I want to trade in my 2012 Chevy Malibu, which has 80,200 miles on it in for a 2012 Dodge Charger SE that has 56,700 miles on it. I've only had my Malibu for 1 1/2 month and I still owe $2700 on it. The Dodge Charger that I want is $14,075 with tax. How does the trade-in process works? Your answers would be greatly appreciated?

2 Answers

  • 3 years ago

    The financing for the new car you arrange must include the $2700 to pay off the old loan. You just sign the title for the old car and the dealer should handle the rest for you.

  • 3 years ago

    No offense but if you go to a car dealer they will eat you alive. Take someone who knows this stuff with you.

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