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New Car Buying Tip: Don't Trade In A Car You Owe Money On

Posted on May 21, 2024 by Erwin Delagarza

This is a new car buying tip that may save you plenty of anxiety and grief, or even money.

It really is quite common for folks investing in a new car to trade within their old car, which tip can help you steer clear of the pitfall of this action. Often the happy customer drives away in to the sunset and forgets about this tiny detail and then get yourself a very rude awakening a couple weeks later. They suddenly learn that their new car dealer didn't pay back their car finance in a few days as promised.

Legally once the bank calls, the loan continues to be in your name and you also are therefore still liable and responsible.

The brand new car buying tip here that you should remember and enforce all the time, no matter just how much you trust the automobile dealer, would be to be sure that the automobile dealer puts everything on paper. It really is that simple. They have to put their promised intentions on paper that they can pay off your vehicle loan in 10 days as promised verbally.

Should they cannot put it on paper then you shouldn't under any circumstances whatsoever make the offer.

That is one tip for new car buying which has zero exceptions.