Trade-in your vehicle in a few easy steps
No strings attached. We will make you an offer to purchase your vehicle. It's easy, the Dan Cummins way.
SELL YOUR VEHICLEOur offers are good for 7 days, giving you time to review your options. We provide same-day payment when your vehicle is in our hands.
Yes, you can trade in a financed car, and it’s a common practice for many car owners looking to upgrade their vehicle. The process involves the dealership paying off your existing loan and crediting you the trade-in value of your car. If your car’s trade-in value exceeds the loan balance, you’ll have positive equity that can be applied towards your new purchase. Conversely, if you owe more than the car’s worth, the remaining balance can be rolled into your new car loan. Understanding the details of trading in a financed car can help you make an informed decision and potentially save money. For more information on how to trade in a financed car, reach out to us today.
You can trade in a financed car at any time, but it’s essential to consider a few key factors to ensure it’s the right decision. Trading in early, especially within the first year or two, can lead to negative equity, meaning you owe more on the loan than the car’s trade-in value. To minimize potential losses, it’s often beneficial to wait until you have more equity in the vehicle.
Being “upside down” on a car loan means you owe more on your car loan than the vehicle is currently worth. This situation, also known as having negative equity, can arise if you finance a car with a low down payment, take out a long-term loan, or the car depreciates faster than you pay off the loan. If you’re upside down on your car loan, selling or trading in your vehicle can be overcome by covering the difference between the loan balance and the car’s trade-in or sale value or rolling it into your next lease or loan.
Yes, you can trade in your car for a cheaper car, and it’s a viable option for many looking to reduce their expenses or monthly payments. When you trade in your current vehicle, the dealership will appraise its value and apply it towards the purchase of the cheaper car. If your trade-in value exceeds the price of the new car, you might receive the difference as a cash payment or use it to pay off any existing loan balance. This process can help you lower your financial burden and possibly eliminate an expensive loan.
Yes, you can trade in a leased vehicle before your lease term ends, though the process differs from trading in a financed car. When trading in a leased vehicle, the dealership will first determine the vehicle’s current market value and compare it to the remaining lease balance and any early termination fees. If the car’s value exceeds these costs, you may receive a credit toward your new lease or purchase. However, if the costs are higher than the vehicle’s value, you might need to cover the difference.
Maximizing your car’s trade-in value involves several strategic steps to ensure you get the best possible offer from the dealership. Start by thoroughly cleaning your vehicle inside and out, as a well-presented car creates a positive first impression. Address any minor repairs and maintenance issues, and provide detailed service records to demonstrate regular upkeep.