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Can You Trade In a Financed Car?

Yes, you can trade in a financed car! However, just because you trade in the vehicle, the balance on your loan does not go away. You are still responsible for that balance. Courtesy Acura has the details on trading in a car that still has a loan balance. You can contact our finance center with any questions about car loans and interest rates, selling a car, leasing a car, credit scores, and more in Aurora.

 

 

How Does Trading In a Financed Car Work?

  1. See how much of a balance is left on your car loan. You will usually be able to find this information your monthly statement.
  2. Use our Value Your Trade tool to get an idea of what your vehicle may be worth. Keep in mind that this value is just an estimate. You will find out what the car is worth once it has been thoroughly evaluated in person.
  3. If the amount left on your auto loan is less than the trade in offer that the dealership provides, that left over money can be put toward purchasing a new car from the dealership.
    1. For example, if you still owe $10,000 on your car in Denver, and the dealer offers you $11,000 for the vehicle, you will be able to pay off the loan and have $1,000 that can be used for the purchase of your new car.
  4. If the remaining balance of your auto loan is more than what your car is currently worth, you will still owe money on your loan–this is called negative equity. You have a few options – pay the remainder of the loan in full before purchasing another car, or roll over the balance into your next auto loan at the dealership.
finance buy here pay here

 

What Does “Rolling Over” a Loan Mean?

Rolling over a loan is when a dealership says they will pay off your old loan no matter how much you owe. This does not mean you aren’t responsible for that loan. What is does mean is the price gets added to your new loan on the next car you buy. You end up paying back the dealership for the previous loan while paying off the new loan at the same time.

Rely on Courtesy Acura for Your Next Vehicle

When you’re ready to trade in a financed car or to get behind the wheel of a new Acura, make the trip to Courtesy Acura! Remember to take a look at our new vehicle specials in Centennial so you can save on your next vehicle. You can even check out other helpful features like leasing a car with bad credit. We want to make the car shopping process as hassle-free as possible. Contact us today if you have any questions.

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