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!

 

More from Sullivan Buick GMC

  • 2024 Buick Enclave Configurations & Price

      When it comes to finding a vehicle that perfectly suits your needs and preferences, the 2024 Buick Enclave offers a range of configurations to choose from in The Villages. Whether you prioritize space, technology, or performance, there’s a Buick Enclave trim level that aligns with your desires in Ocala and for the price you want….

  • 2024 Buick Encore GX Configurations

      Returning for the 2024 model year, the Buick Encore GX arrives with fresh updates, including new 18- and 19-inch wheel choices, a revamped front end, and distinctive winged LED headlamps. However, the most remarkable enhancements for Williston drivers can be found within the cabin. The interior boasts a redesigned dashboard layout featuring the all-new…

  • How Much Can the 2024 GMC Terrain Tow?

      Are you thinking about making the new Terrain your next vehicle? It looks fantastic, but how much can the 2024 GMC Terrain tow on our The Villages roads? Drivers who like to take their jet ski or jon boat out to the water on the weekend will be glad to know that the maximum 2024…

Sullivan Buick GMC 29.1459, -82.1893.