What Happens If I Trade In My Car That I Still Owe Money On With Negative Equity?

I currently have a 2007 Hyundai Sonota that I owe about $12k on. I applied for an auto loan today and was approved for $19k. The car I’m looking into getting is a Nissan Maxima for $19k or a Nissan Altima for $16k. I’ll be going to the dealership today with my loan voucher and I’m just wondering how exactly this will work….
Thanks!

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One Response to “What Happens If I Trade In My Car That I Still Owe Money On With Negative Equity?”

  1. Brent says:

    You will need to have cashmoney from your own pocket to pay off that negative equity…unless you get such a good deal that the neg equity can be rolled into the other car loan. That would be a rare occurrence, though.

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