As you know many dealerships are closing throughout the country and things couldn't get worse for you the car buyer, right?
WRONG.
You should be VERY worried if you trade a car to a dealer if you still owe money on it.
Why?
Because so many dealers are in financial trouble, there is NO guarantee when you drive that new car off the lot, they will pay off the loan on YOUR car.
LOT'S of people around the country are having their credit DESTROYED by dealers like this becuase they drive the new car home and assume the dealer is paying off their car.
Then a few weeks later the bank calls and wants the MONEY.
And guess who is on the hook for it?
Y-O-U!
The Spies recommend being VERY careful before you trade your car if you owe money on it.
The best scenario to protect yourself is to sell it yourself.
Yea, it's a hassle, but if you do it right, you will get more money and you know it will be paid off and your credit is safe.
SPY before you BUY!
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