If you still have a loan on your vehicle, you’ll need to contact your lender to get a 10- or 20-day payoff amount. The extended payoff period is for processing paperwork and submitting payment. Then, we’ll take any amount owing into account when we provide you with a trade-in amount.
As an example, let’s pretend you still owe $10,000 on your vehicle. If your car is worth $15,000, you’ll receive $5,000 in cash or as an appraisal value to use towards your new vehicle. If your vehicle is only worth $9,000 then we would put that $9,000 towards your loan and the additional $1,000 would need to be covered by you before we take ownership of the vehicle.