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! 

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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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Well-qualified customers who purchase a new, used, or certified pre-owned vehicle, 4 model years or newer with less than 60K miles between March 3 2025 and April 30, 2025, and finance through a participating dealer and lender have the option to defer monthly payments for 90 days from contract date. Finance charges begin to accrue on the date you sign the Retail Installment Sale Contract at the Annual Percentage Rate (APR) disclosed in the contract. May not be combined with other preferred lender financing offers. 72 months maximum term limit. Equal monthly payments only. Not available to Pennsylvania residents; see your dealer for details. Must take retail delivery by April 30, 2025. See dealer for complete down payment and interest rate options and details.

*Length of contract limited. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 4/30/25. **Based on MSRP of $29,495. MUST BE A CURRENT OWNER OF A 2011 MODEL YEAR OR NEWER NON-GM VEHICLE OR A CURRENT LESSEE OF A 2020 MODEL YEAR OR NEWER NON-GM VEHICLE FOR AT LEAST 30 DAYS PRIOR TO NEW VEHICLE SALE. Not available with lease and some other offers. Take new retail delivery by 4/30/25. ***Deferred monthly payments for 90 days. Excludes residents of PA. Must finance with GM Financial. Some customers may not qualify. Down payment required at signing, if applicable. Finance charges accrue from date of financing.  Not available with lease and some other offers. Take new retail delivery by 4/30/25.

*Monthly payment is $15.15 for every $1,000 you finance. Example down payment: 18.8%. Must finance with GM Financial. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 4/30/25. **Well-qualified customers who purchase a new, used, or certified pre-owned vehicle, 4 model years or newer with less than 60K miles between March 3 2025 and April 30, 2025, and finance through a participating dealer and lender have the option to defer monthly payments for 90 days from contract date. Finance charges begin to accrue on the date you sign the Retail Installment Sale Contract at the Annual Percentage Rate (APR) disclosed in the contract. May not be combined with other preferred lender financing offers. 72 months maximum term limit. Equal monthly payments only. Not available to Pennsylvania residents; see your dealer for details. Must take retail delivery by April 30, 2025. See dealer for complete down payment and interest rate options and details.

*Limited availability at GMC EV dealers. Monthly payment is $16.67 for every $1,000 you finance. Average example down payment is 12.1%. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 4/30/25. **Well-qualified customers who purchase a new, used, or certified pre-owned vehicle, 4 model years or newer with less than 60K miles between March 3 2025 and April 30, 2025, and finance through a participating dealer and lender have the option to defer monthly payments for 90 days from contract date. Finance charges begin to accrue on the date you sign the Retail Installment Sale Contract at the Annual Percentage Rate (APR) disclosed in the contract. May not be combined with other preferred lender financing offers. 72 months maximum term limit. Equal monthly payments only. Not available to Pennsylvania residents; see your dealer for details. Must take retail delivery by April 30, 2025. See dealer for complete down payment and interest rate options and details.

*Length of contract limited. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 4/30/25. **AVAILABLE ON THE TURBOMAXTM ENGINE. MUST BE A CURRENT OWNER OF A 2011 MODEL YEAR OR NEWER BUICK OR GMC VEHICLE OR A CURRENT LESSEE OF A 2020 MODEL YEAR OR NEWER BUICK OR GMC VEHICLE THROUGH GM FINANCIAL FOR AT LEAST 30 DAYS PRIOR TO NEW VEHICLE SALE. Not available with lease and some other offers. Take new retail delivery by 4/30/25.

*2.9% APR for 36 months. Finance charges accrue from date of financing. Deferred monthly payments for 90 days. Monthly payment is $29.04 for every $1,000 you finance. Example down payment: 17.8%. Must finance with GM Financial. Down payment required at signing, if applicable. Not available in PA. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 4/30/25.

*Monthly payment is $16.67 for every $1,000 you finance. Example down payment: 11.4%. Must finance with GM Financial. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 4/30/25. **Well-qualified customers who purchase a new, used, or certified pre-owned vehicle, 4 model years or newer with less than 60K miles between March 3 2025 and April 30, 2025, and finance through a participating dealer and lender have the option to defer monthly payments for 90 days from contract date. Finance charges begin to accrue on the date you sign the Retail Installment Sale Contract at the Annual Percentage Rate (APR) disclosed in the contract. May not be combined with other preferred lender financing offers. 72 months maximum term limit. Equal monthly payments only. Not available to Pennsylvania residents; see your dealer for details. Must take retail delivery by April 30, 2025. See dealer for complete down payment and interest rate options and details.

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