Trappe, Maryland; Town: Motto(s): 19th Century Charm - 21st Century Progress Location of Trappe, Maryland: Coordinates: Coordinates: Country United States: State Maryland: County: Talbot
When buying new cars, if you ignore our advice and you trade in a used car which you still owe money on, insist that the dealer put in writing that they will pay off your car loan in 10 days or no deal. Then the dealer is liable because you took steps to protect your rights up front.
Basically, the total transaction is worked out that you can subtract the value of your trade-in from the purchase price of your new vehicle and you pay taxes on the final price. So if your new car costs $25,000 and your trade-in nets you $15,000, you only pay taxes on $10,000.