Can You Trade In Your Financed Vehicle?
In short: Yes. When you trade in a vehicle that still has a car loan, Benson CDJ will pay off the loan using the value of the vehicle. Any remaining value, or equity, can be put toward a new or used vehicle, or even given back to you as cash. But what if you have negative equity? In other words, you owe more than the vehicle is worth.
Trading in a vehicle with negative equity won't allow the dealership to pay off your entire loan balance. But unlike selling a vehicle on the private market, you don't necessarily have to pay the remaining balance immediately. One reason that our customers might trade in a vehicle with negative equity, is that they want to reduce their payments by switching to something cheaper.
For example, let's say you currently pay $400/month and still owe $15,000 on your vehicle. But, you can only get $13,000 for your trade-in. That leaves $2,000 remaining to pay off. If you trade in your vehicle at Benson CDJ, that balance can be added to the financing on your new vehicle.
This will spread the remaining $2,000 over a much longer period of time. That way, you can drive home with lower monthly payments than you were paying before. This can be a huge relief for South Carolina drivers who will be unable to continue making their high monthly payments.
You could also be in a situation where a Jeep Wrangler was a great vehicle for you a few years ago, but now your family is growing. We have had plenty of Greenville customers trade in their smaller vehicle for a Pacifica or Grand Caravan to accommodate their growing family. While rolling your current financing into a new loan isn't always the ideal option, it can be a lifesaver when circumstances change unexpectedly.
 
