Can You Trade In a Financed Car at Bay Ridge Volkswagen?

If you are wondering how to trade in a car that’s not paid off, keep reading some of the tips and tricks put together by Bay Ridge Volkswagen of Brooklyn. If you want to trade in a financed car for a lease, cash, or another loan, these are all options. How does trading in a financed car work? You can read all about it, and get back on the road of Queens with a new vehicle. Once you are ready, you can use our trade-in calculator and come to Bay Ridge Volkswagen to get the process moving.

How Does Trading In a Financed Car Work?

Knowing that you can trade in a financed car is the first step. Explore the steps to trade in a financed car for lease or towards another vehicle. Check out the steps below:

1. You will want to look in-depth at your monthly loan statement and figure out the balance that remains to be paid off.
2. Use our trade-in tool, and get an idea of the market value of your vehicle. You’ll want to include the condition, trim, add-ons, and model year to get the best idea of its value. This quote is an estimate, but it’s a good idea for you to understand what you could get. When you come for the trade-in we will verify the vehicle’s condition before putting in an offer.
3. If the dealership offers you more than the remaining balance on your loan, then you will end up profiting, and you can use the value towards your next vehicle.
4. If you still owe more than the dealership offers for your trade-in, then you have “negative equity.” In this case, it isn’t financially wise to trade in your vehicle, although, if you’re eager to change up your Staten Island commute with a new car, we can help you figure out how to trade in a car that’s not paid off.

Can You Trade in A Financed Car: “Rolling Over” A Loan

There are some important things to know when it comes to trading in a financed car. When a dealership makes an offer on your vehicle, but the remaining balance on your loan is more than the offer, the dealership may say that they will pay it off. In truth, the loan will be added to the remaining balance on your next loan. Our team at Bay Ridge Volkswagen aims for transparency, so we’ll only recommend this option if you’re certain you can afford it, and you truly need a new car.

How Does Trading in a Financed Car Work in Brooklyn?

Now that you know how to trade in a financed car for lease or another vehicle, you can contact our team at Bay Ridge Volkswagen to get the process going. Bronx drivers can explore our inventory online or in-person with our sales team. For the best buying and trade-in experience, visit our team at Bay Ridge Volkswagen.