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1560 Auto Park Way, Escondido, CA, 92029

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Phone Numbers:Sales Hours:
  • Mon - Sat9:00 AM - 7:00 PM
  • Sun11:00 AM - 5:00 PM
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  • Mon - Fri7:00 AM - 6:00 PM
  • Sat - SunClosed
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  • Mon - Fri7:00 AM - 6:00 PM
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Can You Trade In a Financed Car?

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Can you trade in a financed car? The short answer is that you can — but the process differs depending on how much you still owe on the vehicle. If the amount you owe is less than the trade-in value, then you’ll simply be transferring ownership to the car dealer. If you owe more on the loan than what the dealer is offering in trade-in value, then things get a bit more complicated.  Luckily, we’ve written up a handy guide to help you through the process! Read on for our step-by-step guide to how trading in a financed car works, and then make sure to check out our blog for more great tips on your next vehicle.



What It Means to “Roll Over” a Loan

First, let’s dispel a common misconception: your loan balance doesn’t disappear when the dealership “rolls it over” to the new loan. If your remaining loan amount is more than your current vehicle’s trade-in value, the dealership can combine it with your old loan. This means that you’ll pay off your old lease in the process of paying the new one — what we call “rolling over” your loan. However, if the amount remaining on your loan is less than your current vehicle’s trade-in value, it’s a lot simpler. The dealership will pay you the remaining amount, which transfers ownership of the vehicle from you to them.

When It’s a Good Idea to Trade-In Your Financed Vehicle

It’s certainly possible to trade-in a financed car, but when is it a good idea to do so? There are some circumstances where it’s your best bet to go for the trade-in, no matter how much you still owe on your current vehicle. You might think you’ll pay the same amount either way, but consider how much it costs you in maintenance and repair to keep an older car running, versus a brand new one. With the old loan folded into the new one, you’ll save money while enjoying your new car on the long and winding road from Escondido to Carlsbad.

Ask us About Financing Help at Mazda of Escondido!

If you’re ready to trade in a financed car for lease or get behind the wheel of a new Mazda and cruise the Vista roads, stop by %%di_name% or contact us about your financing options. Check out our 2019 Mazda lease specials and new vehicle specials, and then drop by to take one for a test drive today!

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1560 Auto Park Way • Escondido, CA 92029

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Today's Hours:

Open Today! Sales: 9am-7pm

Open Today! Service: 7am-6pm

Open Today! Parts: 7am-6pm

Mazda of Escondido 33.1174397, -117.1069548.