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In short: yes. However, there are important stipulations depending on the financial situation of your current vehicle. In the following guide, we’ll detail a few of the possible outcomes that could result from trading in a financed car to lease a new one. Should you need any additional financial guidance, contact our finance department who is always happy to help drivers get a car they love for a price they can be proud of.
Your current financial relationship with your financed vehicle can be categorized in one of two ways: you could have positive equity or negative equity. See how these situations change how trading in a financed car works in the area.
If you have positive equity on your currently financed vehicle, that means your vehicle is worth more than the remaining amount you owe on your car loan. In this case, after you trade in your car, that money can be applied to the new vehicle you are looking to acquire. For example, if you still owe $5,000 on your current car loan, but the dealership values the vehicle at $8,000, you’ll be credited that $3,000 toward your new car.
Conversely, negative equity implies that you still owe more on your car loan than the vehicle is currently worth. This loan situation is often referred to as being “underwater” or “upside down.” If this is the case, trading in a financed car to lease a new one will mean your new lease payment will include what you still owe on the previous loan. This is known as “rolling over” a loan. Unfortunately, trading in your car does not mean that your outstanding payments vanish or are absorbed by the dealership or its new owner.
Getting a new car is very exciting, and just because you still owe payments on your current auto loan doesn’t mean you’re stuck in it forever. If you’ve found this guide helpful, feel free to apply for financing to see what you may qualify for. For more advice regarding trading in your vehicle, determining your credit score, or what new vehicle is right for you, stop by the dealership.
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