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You may have heard of friends or family in Caledon who have traded in vehicles at dealerships for either a new vehicle or for cash. The trade-in process is actually quite straightforward when you have completely paid off your car, however, there are more steps if your car’s not paid off. Learn how to trade in a car you still owe on from the finance team at Mercedes-Benz Brampton below and learn how you can trade in your car that’s not paid off.
Determining the financial situation you are in is the first step in learning how to trade in a car you still owe on. You will likely be either in:
You can easily determine which type of equity you have. First, figure out how much you still owe on your vehicle. Then, determine it’s worth through Kelley Blue Book® values, and assess how much you are getting from trade-in offers. If the offer is less than the amount you owe, then it is negative equity. If the offer is more than how much you still owe, then it is positive.
Having positive equity puts you in a pretty idyllic situation for the trade in process. You can simply perform the trade-in your current Orangeville ride without owing any amount. There is a chance you could even have some extra funds to put towards your next car!
On the other hand, negative equity requires further assessment of your financial options to determine what works best for your specific situation.
Here are a few of the options for Georgetown drivers to explore when it comes to trading in their next vehicle:
Our team at Mercedes-Benz Brampton is happy to help you determine the right process for you, and we want to remind you to always read a contract before signing.
If you still have questions regarding how to trade in a car that is not paid off, reach out to the finance experts at Mercedes-Benz Brampton. We can help you! Have other questions related to car buying or selling? Be sure to explore our car buying tips for other helpful reads, including our overview of how to refinance a car loan.
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