How to Trade-in a Financed Car

Did you know you can trade-in a car even if you still owe money on the car loan? In this video, Chris Peach explains how and why you might want to trade-in a financed car. If your car is worth more than you owe, trading in might be a good option for upgrading your vehicle.

[gavinsheets]

I’m tryna trade in a 2023 Elantra SEL I still owe ab 19 and it’s worth that now off the lot.

[SMYL-LA]

I currently own a 2020 Chevy Camaro that has a value of $27000. However, I still need to pay off $12800 for it so I have positive equity. My intention is to trade it for a 2023 Cadillac CT5. Can you please advise me on what to do based on your experience?

[sporthighlightseveryday]

So I owe 27k and my car is worth 36k am I good to trade in for a different car

[Nickpdrum]

Hey brother. Hope you can answer this. I'm a travel nurse from North Carolina. I drive a Ford Raptor but I'd like to trade it in for something more practical. I'm about 15k upside down and I'm working in Montana. Would it make sense for me to trade-in while I'm in Montana (No state sales tax), then drive it back to NC to re-register, or wait until I go back home and buy there? Thanks so much!

[jayjayxpxd]

Hi quick question. Does it hurt your credit score? If you trade in your loan car for another car that you have to get another loan for?

[teversPHD]

I went to a car dealership and they only appraised my car for $2, 000 and I got the car for $14, 000 and I still owe under $11, 000 I've had the car for about 1.5-2 years what should I do my guy?

[wickedjiry]

What do you mean by private party sale?

[ronaldmckinney]

How can you sell to a private buyer, if you owe money on the vehicle?

[marymartinez]

Can I trade in a 2020 Elantra for a
2020 chevySonic

[rjr]

Not helpful at all
I gotta get rid of this car i have because i can't afford it
I'm sure I'm going to have negative equity
So I should not trade it in then? And let it get repoed? Thanks

[Bellabae-xx]

Can I trade in a finnnanced car meanwhile I owe tickets and have a suspended license?

[jeanah]

That was useless. You didn't address negative equity at all.