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.
We think no one should do ever do this. But if you do, here are the typical steps that should normally take place when you trade in a car that you owe money on: 1  You trade in your old car with an outstanding loan balance to the dealer. 2  The dealer is supposed to obtain a loan payoff figure and payoff the loan in 10 days.