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Originally Posted by lxapilot118
No, you don't have to pay off the loan first. I've done that same thing. The dealer issues a check to your bank, who sends the title to the dealer.
Amount you get for trade depends on the dealer. My aunt tried to trade her '03 5er and was offered something way too low. She found a dealer about 2 hours from her who gave her wholesale.
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Apparently you didn't read my post clearly. If you sell it privately you would have to pay off the loan first. If you trade-in, it's different. My reply "You will have to pay off the loan first." was directed at kakaxbox's question about selling, not trading.
When trading in a car, it's different for every state. In NY, you would have to be in possession of the title with the bank as the lien holder. The NYS DMV mails you a title even if you financed.
Wholesale price offered for a trade-in is considered low.