buying: What Happens to Your Car When You Trade It In - PressFrom - US
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buyingWhat Happens to Your Car When You Trade It In

16:11  07 may  2019
16:11  07 may  2019 Source:   familyhandyman.com

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When you trade in your old car for a brand new model, one of three things can happen . fatir29/Shutterstock. Unless you ’re trading in a car that is in nearly perfect condition, with low enough mileage, and a close to recent manufacturing date—in which case, why are you trading it in again

When you trade in a car with a loan, the dealer takes over the loan and pays it off. The dealer also handles the paperwork, such as the What is supposed to happen when you trade in a car with an existing loan balance? Normally when you call any lender for your payoff amount, the payoff figure

What Happens to Your Car When You Trade It In© fatir29/Shutterstock business man gives the car key By the time you invest in your second or third car, chances are you've been around the block enough to know that when it comes time to buy a new vehicle, one of your options is to trade in your old one. But what actually happens to your well-loved minivan that you can't quite get the smell of french fries out of? According to Gregg Fidan, founder of RealCarTips.com, traded in cars generally go one of three places.

Plus: Learn the secret powers of your car key fob here.

Recondition and resale

Unless you’re trading in a car that is in nearly perfect condition, with low enough mileage, and a close to recent manufacturing date—in which case, why are you trading it in again?—this is not the road that car is going down. A car that is being traded in after a few small dings, or after the owner gets sick of it and wants something a few years newer, is easy enough for the dealership to fix up, put in some of that new car smell, and resell it to someone looking for a nice car at a slight discount. If you're looking to buy one of these reconditioned cars, take note of the 12 best used cars to buy according to the experts.

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When you trade in your old car for a brand new model, one of three things can happen .

Dealership has it inspected and if it is in good enough shape to resell we perform any necessary repairs and maintenance and then sticker it up for sale. If the car has serious mechanical or cosmetic issues that make repairs to expensive to recondition for sale and still turn a profit it is either wholesaled or

Wholesale

Say you’re trading in your old trusty truck for a smaller, more environmentally and pocketbook friendly sedan. The dealership you would choose to go to is probably pretty well known for its smaller, more environmentally and pocketbook friendly sedans, which means not a lot of people are walking in looking for a used truck. So instead of taking a loss and letting it sit around in their lot for years, depreciating in value and standing out from their pristine line up, the dealership will drive it down the road to the lot with all the other trucks, and sell it to them wholesale, or trade for the nice used sedan someone just traded in for a truck. According to experts at The Drive, most cars that are traded in will end up here. The fact that your salesman got the car from another dealership's trade-ins may not be a secret, but he certainly won't want you to know these 34 car buying tips.

What Happens to Your Car When You Trade It In

What Happens to Your Car When You Trade It In When you trade in your old car for a brand new model, one of three things can happen.

When you trade in a car with a loan, the dealer takes over the loan and pays it off. The dealer also handles the paperwork, such as the transfer of the title, which Also know that you ’d likely get a better price selling your car privately than trading it in . » SIGN UP: See your car ’s resale value. Final steps.

What happens to the lien on my car when I trade it in ? Report. Follow. I know when I trade it in the dealer pays off the lien but does that dollar amount get transferred to the car I want to buy? The lien is less than what my car is worth so I'm not lopsided.

Public auction

The third direction for a trade-in to head is to a public auction. "Most of the cars at a public auction are the worst trade-ins or very rough repos," Steven Lang, owner of a used car dealership told Popular Mechanics. Cars at public auction can be in extremely rough shape. "I've personally seen cars with over 300,000 miles on their clocks rolled back to 120,000 and sold as 'Miles Exempt' meaning no guarantee of mileage," Lang said. This is the destination of cars that look like they are a few miles away from spontaneously catching fire. Dealerships and even the general public can take advantage of the dirt cheap cars here, but Lang generally recommends against it unless you are a seasoned mechanic.

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