Can You Trade In a Financed Car?

2022 Cadillac Escalade towing a boat

There are plenty of reasons you might want to trade in your current vehicle in Concord. It could be that a new model has caught your eye or that your family has grown and you need more space and utility than your current vehicle can offer. No matter what the reason, it’s important to know: can you trade in a financed car? Yes! Cars with active loans can still be traded in, with the catch that the entire loan balance still needs to be repaid. Learn more about your options and find out how trading in a financed car works with the finance team at Hendrick Cadillac Monroe.

 

 


How Does Trading In a Financed Car Work?

To trade in a financed car for a lease or new vehicle loan, follow these simple steps: 

  1. Find out what the remaining balance is on your current vehicle loan. You can find this on your monthly statement or your loan servicer’s website. 
  2. Use our Value Your Trade tool to get an estimate of your vehicle’s current value. This number is only an estimate and may change based on the physical condition of your vehicle. 
  3. If the estimate you receive is more than the current amount left on your auto loan, you’ll be able to use that money to pay off your loan and any remaining leftovers to put toward your next purchase.
  4. If the estimate you receive is less than the current amount left on your auto loan, then you’ll still owe money on your current car. This negative balance is called “negative equity” and you’ll have to pay the remainder of the balance before you can buy your next car. You may also have the option to roll over the balance of your current loan, depending on the dealer you choose in Pineville.

What Does “Rolling Over” A Loan Mean?

If you have negative equity when trading in your vehicle, a dealer may offer to “roll over” the loan for you. Don’t mistake this as an offer to pay off the loan– it is instead an offer to put the remainder of your current loan onto your new loan. This increases how much you owe overall and may affect both your interest rate and monthly payments. 

Trade In a Financed Car at Hendrick Cadillac Monroe!

Now that you know more about trading in a financed car in Charlotte, come down to Hendrick Cadillac Monroe and explore our inventory of new vehicles and take a test drive in Monroe! Contact us online to set up your appointment and be sure to browse our other car-buying tips to get the most out of your next car purchase at Hendrick Cadillac Monroe.

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Hendrick Vehicle Disclaimer:
$799.00 Dealer Administrative Fee not included in advertised price. All prices exclude all taxes, tag, title, registration fees and government fees. Out of state buyers are responsible for all taxes and government fees and title/registration fees in the state where the vehicle will be registered.

All prices include all manufacturer to dealer incentives, which the dealer retains unless otherwise specifically provided. Dealer not responsible for errors and omissions; all offers subject to change without notice; please confirm listings with dealer.

All vehicles may not be physically located at this dealership but may be available for delivery through this location. Transportation charges may apply. Please contact the dealership for more specific information. All vehicles are subject to prior sale.

Additional Disclaimer:
Well-qualified customers who purchase a new, used, or certified pre-owned vehicle, 4 model years or newer with less than 60K miles between June 1, 2025, and July 31, 2025, and finance through a participating dealer and lender have the option to defer monthly payments for 90 days from contract date. Finance charges begin to accrue on the date you sign the Retail Installment Sale Contract at the Annual Percentage Rate (APR) disclosed in the contract. May not be combined with other preferred lender financing offers. 72 months maximum term limit. Equal monthly payments only. Not available to Pennsylvania residents; see your dealer for details. Must take retail delivery by July 31, 2025. See dealer for complete down payment options and details.

*2.9% APR for 60 months for well-qualified buyers when financed w/Cadillac Financial. Monthly payment is $17.92 for every $1000 you finance. Average down payment is 18.6%. Some customers will not qualify. **Must show proof of a current ownership or lease of a 2011 model year or newer select non-GM vehicle at least 30 days prior to the new vehicle sale. Take new retail delivery by 06-30-2025.

*For Current Owners and Lessees of 2011 model year or newer Cadillac vehicles : Each dealer sets own price. $529/month for 36 months. Your payments may vary. Payments are for a 2025 CADILLAC LYRIQ 2WD Luxury w/RWD with an MSRP of $60,090. Based on due at signing amount of $4,909 (after all offers). 36 monthly payments total $19,044. Must show proof of ownership/lease. Option to purchase at lease end for an amount to be determined at lease signing. Lessor must approve lease. Take new retail delivery by 06-30-2025. Lessee pays for maintenance, repair, excess wear and disposition fee of $595 or less at end of lease. No security deposit required. Payments may be higher in some states. Not available with other offers.

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3112 Hwy 74 W, Monroe, NC, 28110
Hendrick Cadillac Monroe 35.0239, -80.583.