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How do trading cars work if you still owe?
I see many people sell there cars and trade there cars.
Im wanting to trade my car right now and kelly books tells me its about $28k worth. Say i wanted to trade for something that is similar in value but i still owe the bank $14k.
How would this work out? Do i need to pay off my car first in order to trade or can i still trade and make payments like normally?
Or do i get another loan and pay off the BMW first and than trade with nop payments?
Any advice?
What i want to do is trade my car for a stage 3 AA E46 M3 from a friend and his asking 28k and im around there as well. He is willing to do the trade but im trying to get an idea how it works.
Thganks
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