Cash, or loan amount (or both), paid with trade-in
The amount received for the trade-in was used to pay off existing loan with $1500 left over which was used as down payment on new loan. What value should I enter in this field? The total trade-in value or the amount not needed to pay off existing loan ($1500)
011935
1 Replies
MargaretL
Expert Alumni
Jun 6, 2019 3:56:18 AM
It is the amount that you have to pay after subtracting the value of your trade-in. For example, you bought the car for 20K, you are given 5k for the trade in and use $1.5K as down payment, the amount entered is $13,500.