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Old 06-21-2013, 07:51 AM   #10
1st Gear Newbie
Join Date: May 2012
Location: Guelph
Posts: 20
Originally Posted by 3magine View Post
It's straight $20K. It's basically the dealer paying off the car loan, and there is about $20K left on it.

This doesn't change the fact that the dealer has to show taking your car in...... which means he needs to show it as a trade against what you buy from him. This nets you tax savings on your 20K. Then he pays out the lien. He has to do it this way if you are buying from him..... however if he is just purchasing it off of you that is a different story.
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