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You’ve probably heard that you can take your car from Mentor or somewhere nearby to a place like Mazda of Bedford for either their next vehicle or for cash. The trade-in process is straightforward if your car is fully paid off, but can you trade in a car that’s not paid off? Trading in a car that’s not paid off takes a couple extra steps, but it’s still a relatively painless process. And when you’ve got that car traded in and you’re looking for your next one, we can finance it for you no sweat!
Trading in a car you owe money on in Cleveland is a question of equity. You can have either positive equity or negative equity. These are the two definitions:
To see how you can trade in a car that’s not paid off, you will have to first determine which of the two situations you are:
Using a tool like our value your trade tool can help you get an idea of what your equity is. All you have to do is calculate the value of your car, calculate how much left you have on your loan (typically stated on your most recent loan statement), and just go value of your car minus amount owed. If the number is positive, you have positive equity. If it’s negative, you have negative equity.
If you’re a driver in Beachwood with negative equity, can you trade in a car that’s not paid off? There are several things you can do to make the situation better:
And as always, read your contract carefully before signing anything, just to make sure.
Want to know more about trading in a car you owe money on? Mazda of Bedford would love to guide you through the process! Contact us today and we’ll help you through any questions you may have.
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