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.
The trade value is the amount of money the dealer is offering you for your car. They are essentially buying your car from you and this is the price they are willing to give you. The payoff is the amount of money you owe your financial lender to pay off your existing loan in full. During negotiations it is your job as the buyer to get the dealer to offer you a trade value that is equal to or exceeds the payoff amount.