Can you trade in a car that’s not paid off? Yes, it’s certainly possible to offload a car that you still owe money on. You can trade-in your current car to most dealerships around Rye for another vehicle today—even if you have negative equity. Still, if you do owe money on your vehicle, the trade-in process becomes a little bit more complex. We’ve covered everything you need to know before you visit a dealership to start your trade-in.
First of all, what is positive or negative equity, and why does it matter in Stamford and beyond? Below are the definitions:
To determine whether you have positive or negative equity, find out how much you owe on your vehicle and then find out how much it’s worth. Use online tools, such as Kelley Blue Book® or our value your trade tool to get an estimated trade-in price. Then take your car to some dealerships in the New Canaan area to see how much you could receive. If they offer you less than the amount you still owe on your car, you’re in a negative equity situation. But, if they offer you more than you owe on your car, you have positive equity!
Positive equity is best because the trade-in process will be easier. It allows you to trade in your current car, pay off the remainder of your loan, and put the additional money towards your next car! But, if you find you have negative equity, you still have options and can trade-in your car.
If your vehicle is worth less than what you owe and you still want to trade it in, consider these options:
Whatever you decide to do, Mercedes-Benz of Greenwich strongly suggests that you take time to review your contract carefully before signing any new car loan paperwork.
So yes, you can trade in a car that you still owe money on. Feel free to chat with our finance experts if you still have questions. We invite you to browse our new car inventory to get a better idea of what you can afford, and then use our payment calculator to get an idea of your monthly payment. You can also apply for financing online, so get in touch with us today.
When you want the ultimate luxury sedan, the 2023 Mercedes-Benz S-Class has you covered. Often referred to as the pinnacle of luxury, the latest Mercedes-Benz S-Class Sedan comes packed full of features and amenities for you to enjoy on Rye drives. When you climb inside the new Mercedes-Benz S-Class Sedan, you’re treated to high-quality…
If you’re looking for a Mercedes-Benz that delivers outstanding comfort for your Rye adventures, the new Mercedes-Benz GLB won’t let you down. The 2023 Mercedes-Benz GLB offers three rows of seating so you can bring along friends and family with you when you’re tackling your Stamford drives. It’s spacious and delivers outstanding versatility, so…
Electric vehicles are becoming more common on the Rye roads. They deliver impressive efficiency and advanced features to help drivers like you take on your drives in pure comfort. The electric vehicles from Mercedes-Benz are designed to deliver that legendary Mercedes-Benz luxury with the added innovation of an EV to take your Stamford adventures…