ANSWERS: 1
  • They will give you an appraised value for the car. It's a good idea to shop this around. You may find someplace like Carmax will offer you more. If you decide to take the trade-in value they offer, they will essentially pay off your loan to your creditor, deduct the appraised value from the balance you owe and add the difference (if the appraised value is less than the balance owed) to your new loan. Does that make sense?

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