Can I trade in a finance vehicle?

Question

I got a used vehicle from a dealer about 10 months ago. I want to trade in for another vehicle that is more fuel efficient. I am still making payments on this vehicle. Is it possible to trade it to another dealer? Or would it be best to trade in at the same dealership? What are my options.

Answer 1

You can trade it anywhere, they simply subtract the vehicle value from your loan and tack on the balance onto your new loan.

Answer 2

Yes you can trade your used car in at any dealership.. even if you are financing. You will get the best for your trade in if you get a brand new vehicle but if you want something cheaper, negotiate with the dealers.. go to Kelly's Blue Book online and research how much you can ask for when trading it in.

Hope this helps.

Answer 3

Do not trade you vehicle to save a few bucks in gas, most likely you will end up buying a more expensive vehicle and the  loan value after trade will be added to the car purchased. Stck with your vehicle work out a budget.

I would really like to help you with the numbers I need to know what you drive and what you want to get. that way you can see  the actual numbers $$$  email me if you like

Answer 4

You need to sit down and do the math in most cases you will not save any money trading a vehicle in for just fuel economy.

Answer 5

Yes - but it may cost you, depending on your balance versus the wholesale (not retail) value of the vehicle, which the dealer will advise you on after inspection.  You can get an idea of the value on Bluebook and similar websites.  If it is something like an Expedition, they may not be interested in doing business with you at all.