How to Trade In a Car That Is Not Paid Off

Many drivers are aware that trading in vehicles is a feasible option at dealerships around New Milford. What’s stopping you from trading that old car for a brand-new vehicle? Perhaps the knowledge that your car in question is not paid off entirely. How do you trade in a car you still owe? In fact, you can go ahead with a trade, even if the car is not paid off around Trumbull. To learn how to trade in a car that is not paid off, follow this advice courtesy of the team at Todd Maserati of Danbury; then come to our Danbury dealership and explore our new vehicle specials. 

Positive or Negative Equity? 

Before we get into how to trade a car that is not paid off, it is crucial to define what kind of equity you have. The two types are:

• Positive equity, which means the car is worth more than what you owe
• Negative equity, which means the car is worth less than what you owe

How to Trade in a Car That Is Not Paid Off: What to Do 

How do you trade in a car you still owe? Our financial experts have come up with these possible solutions to initiate the process near Stamford:

• Make up the difference with the car dealership: This is the ideal option if you have enough in your budget to cover the amount you still owe on the car. 
• Transfer the remaining amount owed into a loan: This might be the simplest option. However, when you put negative equity into a new loan, you’re going to also increase the monthly payment you owe.
• Begin a negotiation process with the dealer you bought from: Inform the dealership with the offer from a third-party company to see if they can match. Try and negotiate with the dealership to see if they can give you the difference amount you still owe, in order to sell the car to this third party and then transfer what’s left over into the new loan. 

Trade Your Car Near Danbury

Now that you know, “How do you trade in a car you still owe?” rely on the Todd Maserati of Danbury dealership for more tips if you have further questions. Utilize our payment calculator to ensure your loan is kept in check with your budget and needs.