Automobile

What Happens if the Dealership Doesn’t Pay off the Car You Traded In? | MotorBiscuit

When shopping for your next at the dealership, the salesperson may offer to discount the car that you’re buying if you trade in your current car. They may even strike up a good deal that you can’t refuse. But when it’s all said and done, you might want to make sure that your trade-in gets paid off if there’s still a loan attached to it. If the dealership doesn’t pay it off, then you could end up in deep water.

The dealer’s failure to pay can hurt your credit

A Hyundai dealership | Anindito Mukherjee via Getty Images

Whenever you trade in a car for another one at a dealership, it’s the dealership’s responsibility to pay off the existing loan of the car you traded in within a certain amount of time. The remaining balance will then get tacked onto the price of the newer car that you’re trading for. However, it can be a common mistake for a dealership to not pay off the existing auto loan in time, which could have negative repercussions on your credit.

Most Related Links :
usnewsmail Governmental News Finance News

Source link

Back to top button