Are You Upside-Down? Part 2 (Car Buying Tips)

You Are Responsible for Paying Off Your Old Vehicle

Regardless, of all other factors, if you owe money on a vehicle, then you will be responsible for paying off the debt to the current lender. The dealer may agree to pay off your current vehicle when you apply for financing, but the responsibility lies with you to make sure every penny is actually paid off.

Never Buy a Car When You’re Upside-Down (If You Can Avoid It)
If you are upside-down, then seriously consider whether you actually need to buy another vehicle. If you absolutely must buy another vehicle, consider selling your current vehicle privately. By selling privately, you stand a better chance of raising more money to pay off the current vehicle than you would through a typical trade-in.

See The Car Buying Bible for more car buying tips. This 162-page car buying guide with its powerful car loan calculator can save you $5,000 or more on every car you ever buy.