Sell or Trade In Your Car at Bud Clary Auburn Hyundai

Not everyone who opens our trade tool wants another car. A job that went remote, a household that is down to one driver, or a second car that hasn't moved from the driveway in weeks are all good reasons to sell. Bud Clary Auburn Hyundai will appraise it at no charge and buy it even if you never shop our lot, and nothing obliges you to take the offer.

Selling outright and trading in are not taxed the same way in Washington. Under the Department of Revenue's trade-in rule, WAC 458-20-247, your car lowers the taxable price of another vehicle only when the two are parts of a single transaction and the sales documents name both of them. Sell to us now and buy your next car somewhere else, or months from now, and that later purchase is taxed without the reduction.

Either way, the DMV paperwork is ours to handle. If the title has gone missing or a key is unaccounted for, say so when you call, and we will work with whatever you have in hand.

A loan doesn't stop you from selling or trading. While you are still paying, your lender is normally listed as the legal owner on the title and registration, and the Washington Department of Licensing calls a lender in that spot the lienholder. Bud Clary sends the payoff for you, dealing with your lender or leasing company directly.

Owe less than the car is worth? That difference is your equity. On a straight sale it comes back to you once the loan is cleared, and on a trade it goes toward your next vehicle. Per DOL, clearing the lender's name from the record is normally the lienholder's step once the balance reaches zero.

A loan on your trade doesn't shrink the tax break, either. The rule's subsection 9 says an encumbered trade-in, one a lender still has a security interest in, keeps its full value for the tax calculation.

When the loan balance is larger than the car's value, the Federal Trade Commission has a name for that gap: negative equity. Cars nearly always lose value as they age, and an accident or other damage can push the value lower still, so a balance can end up bigger than the car.

Paying off the loan doesn't make that gap disappear. The FTC warns that it can get folded into the next loan, taken out of the down payment, or both, and the financed part means paying interest on it. If you are selling without buying, the shortfall has to be covered before the lender can be paid in full and release the title.

Before you sign anything, ask to see the payoff, the confirmed value of your car and the difference written out side by side. The FTC also suggests reading the contract's credit disclosures for how your down payment and the amount financed were figured, choosing the shortest loan term you can afford if the balance gets rolled in, or waiting until you have equity by paying extra toward principal.

An online offer can't see a dent or smell smoke. When you bring the car in, these are the things that can move that number:

• Mileage: a daily run up SR 167 to Kent or Renton adds up over a year, and the odometer is one of the first things we check.
• Condition: body damage, curb-scraped wheels, tire tread, warning lights on the dash and wear inside the cabin.
• History: reported accidents, title brands and how many owners the car has had.
• Equipment: the trim level, factory options and whether both keys come with it.
• Local demand: how many shoppers around Auburn, Kent and Federal Way want a car like yours right now, and how many similar cars are already for sale nearby.

Washington gives every seller two jobs, and both apply when the buyer is a dealer. The license plates come off the car, and a Report of Sale has to reach DOL no later than 5 days after the sale. A registered Washington dealer is allowed to file that report for you, though DOL leaves it to the owner to make sure it actually got filed.

Those plates can move to a car or truck of yours that matches the plate type, or be turned in at a vehicle licensing office. Before you hand the car over, clear out anything with your name or address on it, such as old insurance cards.

Bring these along:

• The title if you have it, or your lender's name and your loan or lease account number if you don't
• Your photo ID, and a call to us first if a second person is named on the title
• Every key and fob
• Maintenance receipts, if you kept them

If you are buying too, trading in has two advantages over selling. Washington subtracts the agreed trade value before figuring sales tax on what you buy, and whatever equity you have becomes part of the down payment.

Shop new Hyundai inventory, used vehicles or Hyundai Certified Used, check the current new vehicle specials, then start the credit application to get financing moving. Buying with a short credit history? Our guide to first-time car buyer loans explains how a first auto loan works.

Our showroom is on Auburn Way North in Auburn. We serve drivers from Auburn, Kent, Federal Way, Renton, Puyallup and Enumclaw, and from farther out in Tacoma, Seattle, Bellevue, Kirkland and Olympia. See the areas we serve or contact us for directions.

Wherever you are coming from, get your online offer at home first so you know where you stand before the drive.