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What happens when you have positive equity in your car and you want to trade it in for a different vehicle?
I have positive equity in a Hyundai Sonata that I want to trade in for an SUV. How will the trade-in process work?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you want to trade in your
Hyundai Sonata
and you have positive equity, the dealer will typically handle all of the paperwork. To complete this process, the dealer will pay off the remaining amount on your loan and acquire the title from your lender.
The leftover money is then typically put toward a down payment for your new vehicle, though you may be able to request it in cash form.
Make sure you have
car insurance
before visiting your dealership. The dealership will check that you’re insured
. You can ensure that you’re insured in seconds with the Jerry
app. Jerry will compare 50+ top providers to make sure you’re getting the coverage you want for the best deal.View full answer
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