The amount that the dealership pays for your car will depend on a number of factors, including the make and model of your car, its condition, and the current market value. If the amount that the dealership pays for your car is less than the amount that you owe on your car loan, you will be responsible for paying the difference.
If the amount that the dealership pays for your car is more than the amount that you owe on your car loan, you will receive the difference as cash back. You can use this money to pay off any other debts, or you can save it or use it for other purposes.
Here are the steps that you will typically need to follow when trading in a car with a loan:
1. Contact your lender to find out the payoff amount for your car loan.
2. Get a written offer from the dealership for your car.
3. Compare the dealership's offer to the payoff amount for your car loan.
4. Decide whether or not to accept the dealership's offer.
5. If you accept the dealership's offer, sign the necessary paperwork and hand over the keys to your car.
6. The dealership will pay off your car loan and send you any remaining cash back.
