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How to Trade In a Car That is Not Paid Off

Car dealer giving car key to buyer

If you’re wondering, “Can I trade in my car with payments?”, chances are you’re in a situation where you need to trade in your car for something different as soon as possible, even though it’s not paid off. Whether you need a larger vehicle to accommodate a new addition to the family or you have positive equity you want to take advantage of, there are options to move forward on a confident foot. Learn more about how to trade in a car that is not paid off with our finance center, below! 

What is Your Equity in Your Car? 

Before we dive into how to trade in a car you still owe on, you must establish whether you have positive or negative equity. 

  • With positive equity, your car is worth more than your loan balance
  • With negative equity, your car is worth less than your loan balance

Value your trade to estimate the current value of your car. Once you have the estimated value, weigh it against your current loan balance. If you have positive equity, trading in your car near Henrico will be simple. All you need to do is pay it off, trade it in, and use the money you get back towards your next vehicle! If you have negative equity, consider your options below. 

How to Trade in a Car You Still Owe On with Negative Equity 

  • Make up the difference between your car’s value and what you still owe. This is the most advisable route because it prevents you from entering a new loan upside down. However, depending on how large the difference is, some Glen Allen drivers may not have the spare funds available. 
  • You can also start a new loan and transfer the balance over. If you have negative equity but you need to trade in your car, this is a common option. However, you must use this method with caution because you could end up upside-down on your new loan right away. Consider trading in for a pre-owned vehicle with a low monthly payment to help keep your loan balance affordable, even when factoring in the rolled-over balance.

Learn More About Your Options at Rick Hendrick Chevrolet Buick GMC Richmond

Can you trade in a car with late payments? Contact us or stop by our dealership near Goochland to learn more about what you can do in this scenario. Our team is here to provide car-buying tips and help you make the smartest decision for your automotive needs. 

 

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All prices exclude all taxes, tag, title, registration fees, government fees and electronic filing fee. Out of state buyers are responsible for all taxes and government fees and title/registration fees in the state where the vehicle will be registered. All prices include all manufacturer to dealer incentives, which the dealer retains unless otherwise specifically provided. Dealer not responsible for errors and omissions; all offers subject to change without notice; please confirm listings with dealer. All vehicles may not be physically located at this dealership but may be available for delivery through this location. Transportation charges may apply. Please contact the dealership for more specific information. All vehicles are subject to prior sale.

All vehicles may not be physically located at this dealership but may be available for delivery through this location. Transportation charges may apply. Please contact the dealership for more specific information. All vehicles are subject to prior sale.

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*2.89% APR for 60 Months for well-qualifed buyers when financed with GM Financial. Monthly paymetn is $17.92 for every $1,000 you finance. Average down payment is $15.6%. Some customers will not qualify. Take new retail delivery by 08-31-2022. **Must finance with GM Financial. Down payment required at signing, if applicable. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 08-31-2022. *0% APR for 60 months for well-qualified buyers when financed w/GM Financial. Monthly payment is $16.67 for every $1000 you finance. Average down payment is 11.6%. Some customers will not qualify. Take new retail delivery by 08-31-2022. **Not available with special finance or lease offers. Take new retail delivery by 08-31-2022. ***Must finance with GM Financial. Down payment required at signing, if applicable. Offer not available in FL. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 8/31/22.

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