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How to Trade-In a Car That is Not Paid Off

Signing Finance Documents for Car

Generally speaking, most Virginia Beach drivers will trade in a fully-paid vehicle for an upgrade or cash in hand. But, can you trade in a car that’s not paid off? Yes, but there are a few things to keep in mind before you begin the process. Learn how to trade in a car that is not paid off with the experts at Rick Hendrick Chevrolet Norfolk, and be sure to visit Norfolk for more information from our financing team!



Positive vs. Negative Equity

To find out “Can I trade in a car that’s not paid off?”, you’ll want to find out if you have negative or positive equity. 

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

If you’re not sure, check out the current Kelley Blue Book® values in the Chesapeake and Suffolk area. You can also use our free Value Your Trade estimator. Compare that figure to how much you currently owe on your vehicle to determine what type of equity you have.

What if you have positive equity? You’re in a great position to trade-in your car, and the process should still be straightforward. You can trade in your current vehicle for the car of your choice, and you’ll likely have extra money leftover to use toward the price of your new vehicle. If you have negative equity, you’ll need to do some additional research.

Trading in a Car with Negative Equity

If you have negative equity, you still have a few options to consider. However, it’s important to read your contracts carefully before you sign anything. Our finance expert can help you weigh the pros and cons, but here are few options that local drivers have chosen.

  • Make up the difference you still owe after accounting for the trade-in price. If you have the spare cash available to do this, it’s the easiest option for you. It will turn your situation around and avoid any long-term challenges.
  • Transfer the amount you still owe over to a new loan. This is probably the most common option for people who don’t have as much financial flexibility. You’ll be able to trade in your car, but you’ll also be responsible for both the new and old car payments – which puts you upside-down on your loan. Downsizing to a cheaper car can help your financial situation.

Trade Your Car with Rick Hendrick Chevrolet Norfolk 

So, can you trade in a car that’s not paid off? Yes, but knowing exactly how to trade-in a car that is not paid off can be a little tricky. Luckily, you have the team at Rick Hendrick Chevrolet Norfolk to help you through the process with ease. Contact us to get started, or visit our dealership in Norfolk for more car-buying help

 

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