1. Contact your credit union. Let them know that you are thinking about trading in your vehicle and ask them about their payoff process. They will be able to give you the amount you need to pay off the loan in full.
2. Get a car appraisal. This will give you an idea of how much your vehicle is worth. You can get a car appraisal from a dealer, a mechanic, or an online car buying service.
3. Negotiate with the dealer. Once you have a car appraisal, you can start negotiating with the dealer. Be sure to factor in the amount you still owe on your loan when you are negotiating.
4. Sign the paperwork. If you come to an agreement with the dealer, you will need to sign the paperwork. This paperwork will include the sales contract, the loan agreement, and the title transfer.
5. Make your final payment. Once you have signed the paperwork, you will need to make your final payment to the credit union. This payment will cover the remaining balance of your loan.
6. Get your new title. The dealer will give you your new title once the loan is paid off. You will need to take this title to the Department of Motor Vehicles (DMV) to register your vehicle.
Trading in your vehicle can be a great way to get a new car, but it is important to do your research and make sure you understand the process. By following these steps, you can make sure that you have a smooth and successful experience.
