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The trade-in process is relatively simple when you have paid off your vehicle, but it requires a few more steps if that’s not the case. Learn how to trade in a car you still owe on with the finance team at Rallye Acura in Roslyn. Then, explore our inventory to start brainstorming about which car you’re going to upgrade your Garden City commute with!
If you want to trade in a car that’s not paid off, you will have to assess your situation. Which of these two situations are you in:
You can calculate your vehicle’s equity by taking the amount you still owe on your vehicle, the car’s worth according to Kelley Blue Book®values, and how much you can get from trade-in offers. If the offer you get is less than the amount you owe, then, you have negative equity. The reverse is true if it is more than how much you still owe, in which case, you have positive equity.
Positive equity puts you in the most ideal position. In this case, the trade-in process will remain fairly easy. With positive equity, you will be able to trade in your current Glen Cove ride, and you won’t have a remainder that you owe. You may even be able to use some of the amount towards your next vehicle.
On the other hand, if you have negative equity, you may want to reconsider your options and see which one will work best for your financial situation.
Glen Cove drivers who have negative equity can still trade in their vehicle, here are the options:
If you still have questions about trade-in options, you can contact our team at Rallye Acura in Roslyn by calling 516-508-9147. We can help you figure out the best options for you. If you want a new vehicle, we are happy to help you figure out how to improve your situation. Come visit us today to discuss your options in person! If you have other questions about auto finance, be sure to explore our car buying and selling tips for other helpful reads, like our overview of the difference between leasing and financing and what to check when buying a used car!
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