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Are you familiar with the trade-in process offered at Patriot Chrysler Dodge Jeep RAM of Chandler, where local drivers can sell their vehicles to put towards a down payment on a newer model or for cash? Interested in learning how to trade in a car that’s not paid off yet? We’ve streamlined many aspects of the trade-in process, however, if you still owe money on your vehicle, there may be a few extra steps you have to take. Wondering how to trade in a car you still owe on? The finance team at our Chandler dealership have the answers for you below!
Before you learn how to trade in a car that is not paid off, you first have to learn whether you have positive or negative equity:
To determine whether you have positive or negative equity, you’ll have to figure out:
If the offers you’ve received are higher than the amount you still owe on your vehicle, you have positive equity. However, if the offers you’ve received are lower than the amount you own on your vehicle, then you have negative equity.
You’re in the most ideal position during the trade-in process if you have positive equity, as you’ll be able to sell your car without owing any outstanding balances. If you have negative equity, your trade-in situation is much trickier, and you’ll have to consider the following options based on which is most optimal for your financial scenario.
If you’re a Oklahoma City driver with negative equity, there’s no reason to feel down, embarrassed, or disappointed – plenty of vehicle owners currently have negative equity. But the question still remains: how do you trade in a car you still owe on? You have a few options available to you:
If you have any lingering questions about how to trade in a car you still owe on, there’s no reason to fret! Just contact us at Patriot Chrysler Dodge Jeep RAM of Chandler to find out more about finance and insurance information, our Value Your Trade calculator, and our available payment options. Above all else, it’s important to keep in mind that if you still owe money on your current vehicle, sometimes it’s better to just wait until you finish paying off the car already in your possession!
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