- Will I have any trouble trading in my vehicle when using a
myAutoLoan.com loan?
- What is a 'franchised' new car dealer?
- Can I buy my car from an out-of-state franchised new car
dealership?
- Can I use the Blank Check to buy a used
vehicle from a used car dealer?
- Can I buy my vehicle from a used car superstore?
Will I have any trouble trading in my vehicle when using a
myAutoLoan.com loan?
No, payoff procedures are generally the same for all lenders. If you trade in
your vehicle when purchasing another vehicle from a dealer, the dealer will
handle the payoff. After you negotiate the price of your trade-in and the price
of the vehicle that you wish to purchase, the dealer will close the sale and
agree to handle the payoff on your trade-in. The dealer will charge or credit
you with the difference between the value of your trade in and the payoff amount
on your loan.
NOTE: A myAutoLoan.com Blank CheckSM cannot be used to cover the
difference on a 'negative' trade-in. A negative trade-in is when the dealer
offers you less than what you owe on the vehicle you are trading. In the case of
a negative trade-in, you will need to pay the difference.
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What is a 'franchised' new car dealer?
All new car dealers are 'franchised' car dealers, meaning they sell cars for
an auto manufacturer such as Ford, GM, Chrysler,
Honda, etc.
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Can I buy my car from an out-of-state franchised new car
dealership?
Yes, you can.
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Can I use the Blank Check to buy a used
vehicle from a used car dealer?
Yes, you can. When applying for the loan, you must specify that the loan is
for a Used Vehicle Dealer Purchase. When you choose a dealer, check in with us
for a dealer approval.
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Can I buy my vehicle from a used car superstore?
Yes, CarMax, Auto Nation, CarsDirect.com,
CarOrder.com, Hertz, Enterprise, and many
other used car superstores have already been approved and have handled many of
our customer vehicle purchases. As used car superstores continue to open, we
will immediately consider adding them to our program. Please let us know if
there is a used car superstore that you would like us to add.
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Can I use a myAutoLoan.com Blank Check to buy
a used vehicle from another individual?
Yes, you can. When applying for the loan, you must specify that the loan is
for a Person-to-Person Used Car Purchase. For a person-to-person purchase, the
seller and buyer must meet at the same mutually convenient Mail Boxes Etc.
center to complete the transaction.
For more information, visit the Financing
Person-to-Person Auto and Motorcycle Purchases section.
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