If you’re like many Chapel Hill drivers, at some point you might want to learn how to trade in a car that is not paid off. This is actually quite common when looking to upgrade your Durham ride. Although trading in a car that is already paid off is quite an easy process, there are a few extra steps you need to take when learning how to trade in a car you still owe on. Let’s learn more about trading in your vehicle with Hendrick Cadillac Southpoint today! For more information, feel free to contact us anytime!
The first step in learning how to trade in a car that is not paid off is to decide whether you have positive or negative equity:
A trustworthy tool for determining whether you have positive or negative equity is Kelley Blue Book®, which will help you calculate how much you’ll get for a trade-in. You can also use the trade-in calculator from Hendrick Cadillac Southpoint for a fast and accurate estimate. If your offer is less than what you owe, you have negative equity; if it’s more than what you owe, you have positive equity.
It’s better to have positive equity, as the entire trade-in process will be very straightforward. You can easily trade in your current vehicle and have some money left over to put towards your new ride. If you do have negative equity, you have to evaluate whether trading in before the car is paid off is a good idea for your financial situation.
If you want to trade in your car with negative equity, there are a few different ways you can do this:
Now that you know how to trade in a car that is not paid off, come stop by Hendrick Cadillac Southpoint to schedule your appraisal. While you’re here, meet with our finance center to discuss financing options, and if you plan on buying a new car, come check out the new vehicle specials we have available near Cary!
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