Servicemembers, arm yourself with basic car buying skills—How to trade in your car

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Servicemembers, arm yourself with basic car buying skills—How to trade in your car

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If you live on or near a military base, you've probably heard radio and television ads for car dealerships that go something like: "We'll give you the best deal for your old car. Behind on your payments? No problem, we'll pay off your loan no matter how much you owe."

Be careful to evaluate car trade-in offers. If the ad claims you have no further responsibility for any amount of your prior financing, the ad may be untrue. Since more than 40 percent of car purchases in 2017 included a vehicle "trade-in," it's important to understand the trade-in process so you can maximize your trade-in's value and get a better overall deal.

For more information, read our blog on how to trade in your car.

 

This is the third post in our blog series written in collaboration with the Federal Trade Commission. Read the first two posts in the series on shopping for auto financing and making the decision to buy a new or used car.

Navigating the military financial lifecycle

Whether you're a servicemember entering basic training or you just hung up the uniform, we can help you handle financial challenges at every step of your military career.

Use our key resources roadmap (PDF) to help take the guesswork out of financial management during your time in the service

Lifecycle