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.
Read more about auto loan related topics in our Financial Resources Guide: www.oneazcu.com/about/financi...

[@benitezjosem30]

Nice and Simple. Thank you.

[@unknownerorr2740]

Nice, thanks!

[@wickedjiry7096]

What do you mean by private party sale?

[@gavinsheets9889]

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

[@marymartinez3609]

Can I trade in a 2020 Elantra for a 2020 chevySonic

[@SM4YL-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?

[@OneAZCreditUnion]

Hi there, Thank you for your question! Please connect with us at 844.296.9050, [e-mail], or visit www.oneazcu.com/personal/loans/meet-the-virtual-team/. Our knowledgeable and helpful team is here for your questions 24/7.

[@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?

[@langstonbell7072]

They’ll prob pull your credit so yes

[@AFNF415]

Credit would be the last of your worries. The only time credit is involved when doing this is when they run your score to see what the bank approves you for (for the new car). You would worry more on the aspect of “well how much money will be rolled over into my new loan and is it comfortable for me to pay”… because trading in a financed car will put you underwater as the car is not worth what it was when you first got it. Heres some tips: -Go to a carmax dealership or a car superstore & get your car a valued trade in offer. Or a buy offer. -once u have what they’ll offer for your car on paper, you start your car shopping. -find the car you want, go down and negotiate prices, once settled on a price for the new car tell them you actually have a trade in and pull out the paper with the amount the other dealership was willing to pay, and the rest will be history from there buddy. I also recommend atleast $1k to the side as an emergency down payment bc you still may need one. But trading in wont effect your credit negatively, only repossession or the bank buying back the car hurts your credit.

[@rjr9412]

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

[@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?

[@SkyNetGeneral-]

Dump it in a canal and call the insurance company 😂

[@DDAWGS_519]

🤔

[@Bellabae-xx333]

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

[@thatgirlchrissytv6934]

Your suspended license and tickets won’t affect or interfere with you trading in your vehicle.