Can I Trade My Financed Vehicle?

Rogers drivers ask our finance center a lot of questions and one of the most commonly asked questions is “Can I trade my financed vehicle?” It is definitely possible! Some curious driver would follow up with “Can you trade your car in with negative equity?” That is also possible, so keep on reading to find out how to trade in a financed car in either situation with Cornerstone Chrysler Dodge Jeep Ram.

How To Trade In a Financed Car?

If you’re thinking about trading in a financed car, follow the steps below:

1. Take a look at your most recent monthly statement to determine how much you still owe.
2. Get an idea of how much your vehicle is worth by using our Value Your Trade tool. Keep in mind that this is only an estimate, and may not reflect your offer.
3. Is your remaining balance lower than your trade-in offer? You can use the money left over to put towards your new car. For example, if you owe $8,000 on your car in Anoka and the dealer offers you $10,000 for your car, then you will have $2,000 to put towards your new car.
4. Is your remaining balance more than your offer? Then, you have negative equity. Can you trade your car in with negative equity? You definitely can! Most drivers usually either pay off the remaining balance of their auto loan or roll over their current loan into a new plan.

What Does “Rolling Over” A Loan Mean?

Coon Rapids drivers who have negative equity can trade in their financed vehicle. If you have negative equity, there are few options on how to trade in a financed car. The most popular route to take is “rolling over” your loan, or adding your remaining balance to your new car finance plan.

More Financing FAQs Answered!

Now that you know the answers to “Can I trade my financed vehicle?” and “Can you trade your car in with negative equity?” feel free to ask away any other questions you have! Our team at Cornerstone Chrysler Dodge Jeep Ram have all the answers when you contact us today!

Some common FAQs we have answered include:

• How to improve your credit score? 
• How does a lease-end buyout works?
• What liability insurance covers!