Can You Trade In a Financed Car?

Yes, trading in a financed car is absolutely an option! However, you’ll still be responsible for paying off the balance. So, how does trading in a financed car work? The finance team at Sutton Ford has all the details below. Read on to learn more, then contact us when you’re ready to trade in a financed car for a lease in Matteson!

How Does Trading In a Financed Car Work?

Trading in a financed car is a fairly straightforward process when you partner with the right dealership. How does trading in a financed car work at Sutton Ford? Here is what you’ll need to do: 

1. First, find out how much you still owe on your loan. You can usually find your loan balance on your monthly statement.
2. Get an estimate of your car’s current value with our Value Your Trade tool. Please note that this value may change after we perform an inspection of your vehicle at our dealership. 
3. Is the remaining balance of your auto loan less than your vehicle’s trade-in value? Congratulations! You can put this extra money toward the purchase of a new vehicle in the Chicago area. 

– Here’s an example: if your loan balance is $6,000 and your trade-in offer is $8,000, you can put the remaining $2,000 toward the down payment of your next vehicle purchase. 

4. If your trade-in offer is less than the remaining balance of your auto loan, you have negative equity. In other words, you still owe money on your vehicle and will need to pay off the balance in full before you can buy a new vehicle. The good news? Rolling over the balance into your next auto loan is also an option, depending on the dealership.

Trade In a Financed Car for a Lease at Sutton Ford!

Can you trade in a financed car? Yes! Trading in a financed car is a simple and stress-free process at Sutton Ford. Contact our office today or stop by our Matteson finance center to get started. We’re conveniently located near New Lenox and Hammond and will be happy to answer any questions you may have.