How to Trade in a Car That is Not Paid Off

Woman handing over car keys

 

Many Apex drivers aren’t aware that you can still trade in a car you still owe on based on the general trade-in process. When you learn how to trade in a car that is not paid off, you’ll notice there are additional steps to take beyond the typical servicing of your vehicle and cleaning up its appearance. At Hendrick Cadillac Cary near Morrisville, learn how to trade in a car you still owe on in a few simple steps. Read on below to find out how to trade in a car that is not paid off. 

First, Determine if You Have Negative or Positive Equity 

Before you learn how to trade in a car you still owe on, you will need to determine if you have negative or positive equity:

  • Positive equity: your car is worth more than what you still owe
  • Negative equity: your car is worth less than what you still owe 

To determine your equity amount, you’ll need to find out how much you still owe on your current vehicle, find out how much your vehicle is worth, and weigh your trade-in offer amounts. If your offer is higher than you owe, you have positive equity. If it is lower, then the opposite is true. 

How to Trade in a Car That is Not Paid Off 

Our finance team has determined a few ways on how to trade in a car you still owe on in the Durham area:

  • Make up the difference you still owe – This is the best option for those who have enough spare cash to cover the difference.
  • Transfer the amount you still owe over to a new loan – Many Durham drivers see this as the simplest option. Of course, when you transfer the negative equity amount onto your new loan, you increase the monthly payment. In short, you are fulfilling the remaining payments left on the vehicle you traded-in and your new one at the same time. 
  • Negotiate with your initial dealership – Provide your dealership with the offer from the third-party company and see if they can match it. If not, try to see if the dealer will give you the value of the difference you still owe so you can sell the car outright to the third-party then transfer the difference to the new loan.

Learn More About the Trade-in Process with Hendrick Cadillac Cary 

Contact us at Hendrick Cadillac Cary when you’re ready to trade-in your vehicle! We’ll help you make the best decision for your finances — sometimes, the best option is just to wait until you’ve paid off your vehicle and trade it in at that point. Whenever you decide to move forward with your trade, our dealership is known for making top market trade-in offers. Explore our new and nationwide pre-owned inventories to find your next ride!

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$749.00 Dealer Administrative Fee not included in advertised price.

All prices exclude all taxes, tag, title, registration fees and government fees. Out of state buyers are responsible for all taxes and government fees and title/registration fees in the state where the vehicle will be registered. All prices include all manufacturer to dealer incentives, which the dealer retains unless otherwise specifically provided. Dealer not responsible for errors and omissions; all offers subject to change without notice; please confirm listings with dealer.

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Additional Disclaimers:


See dealer for full details. Available to qualified buyers through approved lenders. Programs vary by location.

*3.9% APR for 36 months for well-qualified buyers when financed w/ Cadillac Financial. Monthly payment is $29.48 for every $1000 you finance. Average down payment is 18%. Some customers will not qualify. Offer excludes CT4-V & CT5-V. Take new retail delivery by 01-02-2025.

Example based on survey. Each dealer sets own price. $469/month for 24 months. Your payments may vary. For eligible new and unused models leased through Cadillac Financial. Payments are for a 2024 CADILLAC LYRIQ AWD Tech w/Electric propulsion system (AWD) with an MSRP of $62,090. Based on due at signing amount of $4,889 (after all offers). 24 monthly payments total $11,256. Option to purchase at lease end for an amount to be determined at lease signing. Lessor must approve lease. Take new retail delivery by 01-02-2025. Lessee pays for maintenance, repair, excess wear and disposition fee of $595 or less at end of lease. No security deposit required. Payments may be higher in some states. Not available with other offers.

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