All New Vehicles Are Priced Below Employee Pricing

Can You Trade In a Financed Car?

Woman handing over car keys

 

If you’re asking yourself, “Can you trade in a financed car?”, you’ll be pleased to know that the answer is yes! Your next question might be, “How does trading in a financed car work?” Learn about your options for trading in a financed car , how you can trade in a financed car for a lease, and more with Redmond Chrysler Dodge Jeep Ram’s finance center near Pineville.

How Does Trading in a Financed Car Work?

You might be asking yourself, “How does trading in a financed car work?” Trading in a financed car breaks down into a few simple steps: 

  1. When you want to trade in a financed car for a lease or finance plan, start by determining how much you currently owe on your vehicle.
  2. Using our Value Your Trade tool, enter some basic information about your car to receive an estimation of the value of your car. It’s important to note that this is only an estimate. Once your car has been physically inspected by the dealership, they will be able to tell you exactly how much your car is worth.
  3. If the remaining amount you owe in loans is less than the worth of your vehicle, you can use the additional money toward purchasing a new vehicle. Here’s an example: if you owe $7,000 on your car in Harrogate, and the dealership offers you $10,000 for it, you can pay off the loan and use the remaining $3,000 towards your new car. 
  4. On the other hand, if the remaining balance of your loan is higher than the dealership’s offer, you will still need to pay off the remaining balance in full before you can purchase a new vehicle. This is referred to as negative equity. However, the dealership may also offer to roll over the balance into your next auto loan.

Can You Trade In a Financed Car With an Existing Loan?

Another option is having your auto loan rolled over. This means that the dealership will pay off your old loan, no matter how much you owe. However, you are still obligated to pay off the remaining balance. In this case, the price will be added to the new loan on the next car you purchase, so you will have to simultaneously pay the dealership back for both the new and old loan.

The Finance Team at Redmond Chrysler Dodge Jeep Ram is Here to Help

Our team of dedicated experts are here at Redmond Chrysler Dodge Jeep Ram are here to help you, whether you’re looking to trade in a financed car for a lease or have more questions about trading in a financed car in general. Feel free to contact us, or stop in at our dealership near Ewing. Make sure you check out our specials online to get a fantastic deal on your next Chrysler, Dodge, Jeep, Ram, Wagoneer.

More from Redmond Chrysler Dodge Jeep Ram

  • 2025 Jeep Gladiator Towing Capacity

    Are you in search of an off-road vehicle that can tow your recreational gear beyond the Pineville area? Look no further than the refreshed 2025 Jeep Gladiator! This Trail Rated® pickup truck is ideal for off-road adventures, whether you’re rock crawling, overlanding, or prerunning. Curious about the 2025 Jeep Gladiator towing capacity? Discover more today…

  • 2025 Jeep Gladiator Trim Levels

    If you thought the 2023 revamp of the Gladiator was a great year for this outstanding Jeep model, wait until you see what’s in store for 2025! Jeep is expanding its midsize off-roading truck lineup with two exciting new trims: the Jeep Gladiator Mojave X and Rubicon X. With the addition of new standard features…

  • 2025 Jeep Compass Trim Levels

    The 2025 Jeep Compass offers versatility, off-road prowess, and modern technology across its trims. From the base Sport trim to the adventure-ready Trailhawk, the Jeep Compass trim levels have something for every driver in Pineville. Whether you’re looking for a fuel-efficient daily driver or an SUV that can tackle rugged terrain, the configurations for the…

Redmond Chrysler Dodge Jeep Ram 36.631552, -83.703720.