Can You Trade In a Financed Car?

You can most definitely trade in a financed vehicle in the vast majority of instances. Whether or not you can trade in your current financed vehicle really does, however, all depend on the company that financed your car! For a definitive, individualized answer, we encourage you to call your auto financier — you can normally find their contact information on your monthly payment statements! Meanwhile, if you want to learn more about your generalized options for trading in a car that still has a loan balance we encourage you to read on! After all, the Maserati of Central Florida finance center is here to help answer all of your finance inquiries!

How Does Trading In a Financed Car Work?

Generally speaking, whether you trade in a financed car for a lease or a new purchased vehicle, you’ll follow a list of steps that closely resemble these:

1. Figure out what the remaining balance on your loan is, if any. Normally, this is listed on your monthly statement.
2. Use our online trade-in valuation tool or one from an outlet such as Kelley Blue Book to get an estimate on the value of your current vehicle. This can significantly offset any future car payments you may have to make.
3. If the remaining amount of your auto loan is less than the trade in offer from the dealership, then you’ll have money leftover that will go towards purchasing a new car from the dealer.
1. For example, if you still owe $30,000 on your car in Windermere, and the dealer offers you $55,000 to buy the car, the loan can be paid off and you’ll have $25,000 to contribute towards your next Maserati.
4. If the remaining balance of your auto loan is more than the trade-in offer, then you’ll still owe money on your car–this is called negative equity. You can pay off the remainder in full before buying your next car, or you may have the option to roll over the balance into your next Maserati auto loan.

What Does “Rolling Over” A Loan Mean?

When a dealership rolls over a car loan, it simply means that they’ll pay off the old loan and roll over an equal amount into your next new vehicle loan. In other words, you won’t really be “off-the-hook” for the amount of your original loan that was unpaid, it’ll just be tacked onto your next loan.

Rely on Maserati of Central Florida for Your Next Vehicle

Ready to get started on trading in your financed Maserati for a new leased or financed vehicle? Whether you’re looking to upgrade models sooner than expected due to newfound financial success, or you’re simply looking to get into something with the latest tech features, we can help! Check out our leasing & finance specials in Orlando. You can also apply for financing online to get the process started!