Can You Trade In A Financed Car?

Do you regularly cruise around the Inland Empire and the surrounding areas in a financed vehicle? Interested in trading in your financed car at a reputable dealership? At OREMOR Automotive Group, we make the process smooth and straightforward for all of our customers in the Dallas or Los Angeles regions.

While you’ll still be responsible for your remaining loan balance, our team is here to guide you every step of the way. Find out how you can trade in your financed car at our dealerships below. We’re happy to answer any questions you have about credit scores, interest rates, or the car sales process, ensuring a stress-free experience.

How To Trade In Your Financed Car

1. Find Out How Much You Still Owe: Determine the remaining balance on your loan.
2. Estimate Current Vehicle Value: Use our trade value calculator or one from a service like Kelley Blue Book to get an estimate on the value of your current vehicle. Note that this is simply an estimate.
3. Determine If You Have Positive Equity: If the remaining amount of your auto loan is less than the trade-in offer from your chosen dealership in the Orange County or Dallas areas, then you’ll have money leftover that will go toward purchasing a new car from the dealer, or positive equity. For example, if you still owe $7,000 on your vehicle, and the dealer offers you $8,000 to buy the car, you can pay off the loan and have $1,000 to contribute toward your next vehicle.
4. If Necessary, Pay Off Negative Equity: If the remaining balance of your auto loan is more than the trade-in offer, then you’ll still owe money on your car–this is called negative equity. You can pay off the remainder in full before buying your next vehicle, or you may have the option to roll over the balance into your next auto loan with your chosen dealer, whether it be near Temecula in California or Dallas in Texas.

Trade In Your Financed Car At OREMOR Automotive Group

Now that you know that you can trade in a financed car, you’re in a much more informed position to shop for a car, truck, or SUV. When you’re ready to trade in your financed car for a lease or brand-new vehicle outright, contact us online today. Our finance specialists will assist you throughout the vehicle investment process.