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How Does Trading in a Financed Car Work?

GMC Denali Trucks & SUVs

 

Looking to upgrade your The Villages commute, but you still owe a balance on your financed vehicle? Luckily, you have options should you decide to trade in a financed car for lease. However, keep in mind when trading in a financed car for lease, you will still have to pay off your remaining balance.

Learn more about what you can do when your loan still has a balance with the finance team at Sullivan Buick GMC, and don’t hesitate to contact us if you have any questions about car loans, interest rates, credit scores, and more.

Steps for Trading in a Financed Car

  1. The first step when you trade in a financed car for lease should be to determine your remaining loan balance. This is often found on your monthly statement.
  2. With tools like our Value Your Trade estimator or a service like Kelley Blue Book, you can understand the current value of your vehicle. Keep in mind this is just an estimate. Once you visit a Williston-area dealership, they’ll officially establish the car’s worth.
  3. When you find that the remaining balance on your auto loan is less than the trade-in value of your current model, you can apply the leftover amount toward your next car. For instance, say your loan balance was $7,000 and your trade-in value was $8,000. You’ll have $1,000 remaining to put toward a new Buick, GMC or your savings.
  4. When the opposite is true, this is called negative equity. However, if your trade in value doesn’t cover the amount you still owe on your loan, you have the option to pay it off yourself or discuss rolling over your loan with a dealership.

How to Roll Over a Loan

When you want to trade-in a financed car for lease, but find you still owe a balance, Dunnellon dealerships may offer to take on your old loan, no matter what you owe. However, that amount doesn’t just go away. When you purchase a new vehicle with the dealership, the amount of your old loan is added to the new loan, so you’re paying off both at the same time.

Discuss Your Financing Options with Sullivan Buick GMC!

If you’re still questioning how trading in a financed car works, contact our finance center team to discuss the right options for you. If you’ve found the right vehicle to upgrade your Ocala commutes and adventures, be sure to take advantage of our new vehicle specials!

 

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