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18122 Rockside Road, Bedford, OH, 44146

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Dealership Info

Phone Numbers:Sales Hours:
  • Mon, Thu9:00 AM - 8:00 PM
  • Tue - Wed9:00 AM - 7:00 PM
  • Fri9:00 AM - 6:00 PM
  • Sat9:00 AM - 5:00 PM
  • SunClosed
Service Hours:
  • Mon - Fri7:30 AM - 6:00 PM
  • Sat8:00 AM - 2:00 PM
  • SunClosed
Parts Hours:
  • Mon - Fri7:30 AM - 6:00 PM
  • Sat8:00 AM - 2:00 PM
  • SunClosed
Service

Can You Trade In a Financed Car?

Man Signing Car Lease

If you are wondering whether trading in a financed car is possible, the answer is absolutely yes! When trading in a financed car, remember that the loan on your vehicle doesn’t go away once you’ve traded in the vehicle. Paying off the loan balance is still required, unless the dealer explicitly indicates they’ll pay off your vehicle when you trade it in. Mercedes-Benz of Bedford has the details on your available options for trading in a car that still has a loan balance. We are also here to answer any other questions you may have about car loans and interest rates, selling a car, leasing a car, credit scores, and more in Beachwood.

How Does Trading In a Financed Car Work?

  1. The first step is to figure out the remaining balance on your loan. Most Mayfield drivers will be able to find that information on the monthly loan statement.
  2. Estimate the current value of your vehicle using our online tool. The amount that is calculated is an estimate until the dealership can inspect the vehicle in person. Check out our guide to the trade-in process if you want to get a better idea of what to expect.
  3. If the amount remaining on the auto loan is less than the trade in offer from the dealership, you can put that money in your pocket or use it toward the next car you wish to purchase.
    1. For example, if you still owe $10,000 on your car, and you are offered $11,000 from the dealership for the car, you are able to pay off the loan and have $1,000 to contribute toward your next car.
  4. If you owe more on the auto loan than the amount you are given for a trade, you will need to pay off that remaining amount — this is called negative equity. You have the option of paying off the remainder in full before you purchase another car, or that amount can roll over into your next auto loan with us.

What Does “Rolling Over” a Loan Mean?

Rolling over a loan is when a dealership says they will pay off your old loan no matter how much you owe. This does not mean that the amount you owe disappears. The price gets added to the loan you take out on your next vehicle. Because of this, you pay the dealership back for the old loan and the loan on your new vehicle simultaneously.

Mercedes-Benz of Bedford Makes the Car Shopping Process Hassle-Free

When you’re ready to trade in a financed car for lease upgrade to the car of your dreams, look no further than the vast selection of luxury vehicles available at Mercedes-Benz of Bedford. Contact us today if you have any questions, or want to learn more about options like comprehensive coverage. We look forward to making the car shopping process enjoyable for Cleveland drivers.

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