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1335 Post Road, Darien, CT, 06820

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Dealership Info

Phone Numbers:Sales Hours:
  • Mon - Thu9:00 AM - 7:00 PM
  • Fri9:00 AM - 6:00 PM
  • Sat9:00 AM - 5:00 PM
  • SunClosed
Service Hours:
  • Mon - Fri7:30 AM - 5:30 PM
  • Sat8:00 AM - 3:00 PM
  • SunClosed
Parts Hours:
  • Mon - Fri7:30 AM - 5:00 PM
  • Sat8:00 AM - 3:00 PM
  • SunClosed

Can You Trade In a Financed Car?

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Can you trade-in a financed car if you haven’t yet paid off the loan? Yes, you can—but doing so won’t absolve you of your responsibility to repay the remaining balance. For the best experience, you should be sure that your vehicle is currently worth more than what you owe! If your vehicle is worth less than what you owe, you’ll need to make a decision about how to deal with that negative equity, and we’ve laid out everything you need to know.

How Does Trading In a Financed Car Work?

You might have an idea of how to trade-in a car that’s been paid off, but how does trading in a financed car work? Most of the steps are very similar; however, there are a few unique points to keep in mind:

  1. Find out how much you still owe. This number is ordinarily listed on your monthly statement, but it can often be found wherever you pay your loan online.
  2. In lieu of a title, you’ll need to acquire information on your current loan. Talk to your lender to find out what documents you’ll want to ask for. You can also contact our dealership to find out what we look for.
  3. Use our trade-in value estimator to compare your current loan balance against your vehicle’s true worth! 
  4. If your vehicle is worth more than you owe, then congratulations are in order! You can use part of your return to pay off your remaining loan and put whatever remains toward your next new or pre-owned vehicle.
  5. If your vehicle is worth less than you currently owe, you’ll need to pay off the remaining balance after applying the trade-in value toward your current loan. In many cases, your lender will offer to roll over the remaining balance into a new loan package. We’ve provided more information on this possibility below.

Although many New Canaan-area drivers trade in their financed cars in order to purchase a new vehicle, you might also decide to trade-in your financed car for a lease. The same limitations apply, but rolling over your remaining balance is usually still an option.

What Does “Rolling Over” A Loan Mean?

If the dealership offers to pay off your old balance and roll it onto a new loan, you should be prepared to make a more significant monthly payment. Rolling over is the process of combining an old loan balance with a new one. It saves you the trouble of having to make two payments every month; however, the one remaining payment that you have to make will be higher. 

Start the Trade-In Process Today!

We’d love to buy your used car, even if you’re still paying off your loan! Our dealership is easy to reach from anywhere near Greenwich or Stamford, and we want to make sure that you get every penny that your vehicle is worth.

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