How to Trade in a Car That Is Not Paid Off?

At Hendrick Buick GMC Cary, many of our customers aren’t always aware of the trade-in process when it comes to a vehicle that may not be fully paid off yet. Learn how to trade in a car you still owe on with our finance team. We’ll help you make the smartest decision for your budget and driving needs!

Is Your Vehicle’s Equity Positive or Negative?

If you’re in the Apex area and you’re exploring how to trade in a car that is not paid off, you will need to figure out if you have negative or positive equity on your current vehicle:

• Positive equity: Your car is worth more than what you still owe
• Negative equity: Your car is worth less than what you still owe

Trading in a Car with Negative Equity

Any Holly Springs drivers who have negative equity still have a few options for trading in their vehicle. Here is how to trade in a car that is not paid off:

• Make up the difference you still owe after accounting for the trade-in price. If you can afford to make up the difference at the time of trade-in, this option can easily work in your favor.
• Another option is to transfer the amount you still owe over to a new loan. Many Raleigh drivers choose this option due to it being one of the easiest choices. Keep in mind that transferring the amount to a new loan will cause your monthly payments to increase.
• If those two options aren’t for you, then you should seek out a dealership that can offer a competitive trade-in offer. At Hendrick Buick GMC Cary, we have a nationwide used inventory with thousands of vehicles — that means when we acquire your vehicle, we’re able to give you a higher trade-in offer. A higher trade-in offer can help offset negative equity.

Learn More About the Trade-in Process with Hendrick Buick GMC Cary

Now that you know how to trade in a car you still owe on, contact us at Hendrick Buick GMC Cary once you’ve browsed our new vehicle inventory.