Can i sell a sled that i am financing?

[skidoobie]

hey guys,
i have an 08 xp that i have a loan on, can i trade the sled back in and get an 09 or do i have to pay off this sled first and then buy finance a new on?

any help on this is appreciated

 

[Dogmeat]

You can trade the sled back in but you won't get anywhere near what you owe on it out of the trade-in I would wager.

You can sell a vehicle you've financed, but if you don't get somone else to take over payments or you get less for selling it than you owe, you still owe the difference to your lender.

 

[AndrettiDog]

The other thing to think about...

You can't get a title until the vehicle is paid off. The bank won't sign it over until then. They will make you wait until a check has cleared (unless you have that much money in your account) before they clear the title. If you don't have a title, then the new owner cannot put his name on the registration until it has cleared.

As far as trading in...if you didn't put much money down on your sled, then Dogmeat is right. You won't get much for that sled. Be ready to fork out extra money.

 

[Weekday Warrior]

I would expect to fork over something like 2k to buy back the depreceation of your 08

 

[801_FuNk_801]

Chances are your gonna take it in the a$$ if you trade it in (if you put nothing or little down) due to the depreciation the second you take it off the showroom floor and low trade in value (compared to reatail). If it were me, I would wait till early season this year then list it for sell when newbies are hungry and will pay just about anything. Even if you get what you owe out of it you can finance your new sled and still be in the same boat. Just my $0.02 Hope this helps a little.