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How Does Trading in a Financed Car Work?

Some of our customers in Kansas City may be wondering, “Can you trade in a financed car?” Though the answer is yes you can, there are still a few provisions that must be met before you buy a new vehicle. It’s important to know that the loan on your current vehicle isn’t forgiven when your car, truck or SUV is traded. You’re obligated to pay off the remaining balance. So, if you’re considering trading in a vehicle that still has a balance, you will be required to follow a different process than someone whose vehicle is paid for. If you need any assistance, our knowledgeable finance department can help with your needs.

Trading in a Financed Car

How does trading in a financed car work? To start, if the amount owed on your current car loan is less than your car is worth, then the dealership will purchase your vehicle and pay off the balance of your existing loan. Any difference between the amount the dealership offers and the remainder of your loan will be deducted from the purchase price of your new vehicle.

For example, if your current car loan has a remaining balance of $9,000 and the dealership offers you $10,000 for your car, they will purchase your vehicle and deduct the remaining $1,000 from the cost of your new car.

The Process of “Rolling Over” a Loan

Some dealerships may choose to pay off the balance of your loan even if your loan is upside down, meaning the amount owed is more than the car’s worth. The process is called “rolling over” a loan. In this case, the remaining balance of the loan (after they assess the value of your trade) will be added to the cost of your new vehicle. Keep in mind rolling over a loan will increase the cost of your monthly payments because you’ll be required to pay the dealership for acquiring the balance of your previous loan.

Trade-in Your Old Vehicle in Overland Park

We hope these car buying tips were helpful on your new vehicle journey. To learn more about your options for trading in a financed car, contact us so we can get you behind the wheel of a new Chevy!

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Hendrick Vehicle Disclaimer:

$699.00 Dealer Administrative Charge not included in advertised price.

 

Advertised prices EXCLUDE options added by the dealer and displayed on the vehicle’s window sticker addendum. Please contact dealer for additional details.

 

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.


Must purchase a new, in-stock Chevrolet Silverado 1500 from Hendrick Chevrolet Shawnee Mission between June 24th through July 4th to qualify. Inbound, ordered, pre-ordered and previously sold vehicles do not qualify. All Silverado 1500 ZR2 models do not qualify. Offer cannot be combined with any other incentives or dealer discounts. Gas card will be provided on location or by mail within 30 days of appraisal. Offer cannot be exchanged for cash. One gift card per vehicle purchase. Please see team for details.

 

Additional Disclaimers:

 

*APR and cash allowance vary by model. Length of contract limited. Must finance with GM Financial. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 7/5/22.

*APR and cash allowance vary by model. Length of contract limited. Must finance with GM Financial. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 7/5/22.

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Main 913-305-3320 Sales 913-305-3320 Fleet 913-305-3324 Collision Center 913-305-3320
8300 Shawnee Mission Parkway 8300 Shawnee Mission Parkway
Merriam, KS 66202
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Main 913-305-3320 Sales 913-305-3320 Fleet 913-305-3324 Collision Center 913-305-3320
8300 Shawnee Mission Parkway 8300 Shawnee Mission Parkway
Merriam, KS 66202
Glovebox
Hendrick Chevrolet Shawnee Mission 39.0157, -94.6792.