Can You Trade In a Financed Car?

Electrified 2022 Genesis G80 in White charging against silver and teal wall

 

You can definitely trade in a financed car, but how does trading in a financed car work? Well, keep in mind that the loan on your vehicle doesn’t go away because you’ve traded it in; you still have to pay off the balance. Explore the options for trading in a financed car that still has a loan balance with your local authorized Genesis finance center, and contact us if you have any questions about car loans and interest rates, selling a car, leasing a car, credit scores, and more in Henderson. 

 

How Does Trading In a Financed Car Work?

Follow these steps to trade in a financed car for lease or on a new loan. 

  1. Determine the remaining balance on your loan. It is typically listed on your monthly statement.
  2. Use our Value Your Trade tool or one from a service like Kelley Blue Book to get an estimate on the value of your current vehicle. Note that this is simply an estimate, and it’s only once the vehicle has been physically inspected that the dealership will establish what the car is worth. 
  3. If the remaining amount of your auto loan is less than the trade in offer from the dealership, then you’ll have money leftover that will go towards purchasing a new car from the dealer. 
    1. For example, if you still owe $7,000 on your car in North Las Vegas, and the dealer offers you $8,000 to buy the car, the loan can be paid off, and you’ll have $1000 to contribute towards your next car. 
  4. If the remaining balance of your auto loan is more than the trade in offer, then you’ll still owe money on your car–this is called negative equity. You can pay off the remainder in full before buying your next car, or you may have the option to roll over the balance into your next auto loan with the dealer.

Trading in a Financed Car: “Rolling Over” 

Can you trade in a financed car when you still owe on the loan? Yes, an option you’ll have is rolling over a loan. Rolling over a loan is when a dealership says they will pay off your old loan no matter how much you owe. When you trade in a financed car for lease or another financed vehicle, you’ll actually have the price added to your new loan on the next car you buy. This means you pay the dealership back for the old loan at the same time that you pay off the loan on your new vehicle.

Can You Trade in a Finance Car at Genesis of Las Vegas?

Trading a financed car with Genesis of Las Vegas is easier for Paradise drivers than you’d expect. Be sure to check out our new vehicle specials in Las Vegas. If you still have questions about how trading in a financed car works, You can contact our team today. You can also rely on more car buying tips to prepare for your next purchase in Paradise. Then, apply for financing online to get the process started! Trade in a financed car for a lease with Genesis of Las Vegas today.

More from Genesis of Las Vegas

  • Genesis GV70 Wins Highest-Rated Vehicle Award!

    At Genesis of Las Vegas, we’re always excited to announce when one of our vehicles wins an award. We’re happy to say that the latest Genesis GV70 received the prestigious J.D. Power Engineering Award for the highest-rated all-new vehicle because of its consumer appeal and quality. Learn more about this exciting award, then peruse our current inventory to…

  • Genesis at the NY Auto Show: Genesis GV80 Coupe Concept Unveiling

      One of the most talked about vehicles at the 2023 New York Auto Show was the Genesis GV80 coupe concept. Those in attendance raved about how chic and stunning the orange Genesis GV80 coupe looked, but that’s not the only stand out! Let’s check out everything we’ve learned with our Genesis GV80 coupe concept…

  • 2023 Genesis G90 Overview

    The 2023 Genesis G90 release date has arrived in Henderson, and this full-size luxury sedan is now available for ordering through Genesis of Las Vegas. But what’s new for the 2023 Genesis G90? Get a quick 2023 Genesis G90 preview, and then, fill out a pre-approval and contact Genesis of Las Vegas to learn more about your options!  Genesis Research GuidesLearn…

Genesis of Las Vegas 36.145034, -115.250313.