QB Issue Resolution:

create a fixed asset account for the new car

calculate and post partial year accumulated depreciation for the old car

journal entries

debit old car accumulated depreciation
credit new car fixed asset

debit new car fixed asset
credit old car fixed asset

debit loan account
credit new car fixed asset

if you also wrote a check, use the new car fixed asset account on the check

Resolution for Issue 'how do I remove an “other long term liability” vehicle loan? Opened in Feb07 and traded in in Oct07. No new liability was created for the new vehicle.' available: Yes (Solved).
Source: Intuit Community forum.

how do I remove an “other long term liability” vehicle loan? Opened in Feb07 and traded in in Oct07. No new liability was created for the new vehicle.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

Support for liability
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Error Recovery for liability [Canada]
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