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18122 Rockside Road, Bedford, OH, 44146

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Dealership Info

Phone Numbers:Sales Hours:Special Hours
  • Labor DayClosed
Regular 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:Special Hours
  • Labor DayClosed
Regular Hours
  • Mon - Fri7:30 AM - 6:00 PM
  • Sat8:00 AM - 2:00 PM
  • SunClosed
Parts Hours:Special Hours
  • Labor DayClosed
Regular 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.

More from Mercedes-Benz of Bedford

  • 2021 Mercedes-Benz Price List

    Before you start comparing trim levels or exploring current offers and incentives, you should have an idea of which new Mercedes-Benz models will fit well into your current monthly budget—and we’re ready to assist you today! Our 2021 Mercedes-Benz price list covers everything you need to know to start digging into this brand’s celebrated lineup of sedans, coupes, roadsters, SUVs, and vans! When you’re ready for a closer look, just let us know.

  • 2021 Mercedes-Benz C-Class Interior

    Take all the comforts of home on the road with the 2021 Mercedes-Benz C-Class interior. With ample interior space and premium materials, even the base level Mercedes-Benz C 300 interior will bring convenience to your daily Beachwood commutes or weekend getaways. Read on with Mercedes-Benz of Bedford to explore the Mercedes-Benz C 300 dimensions, and the range of standard and available features found across the C-Class lineup. Then, contact us to take a closer look at the 2021 C-Class models.

  • The New 2021 Mercedes-Benz GLB Interior

    If you’re a Beachwood shopper in the market for an efficient and handleable 3rd-row Mercedes-Benz SUV, then the 2021 Mercedes-Benz GLB is the perfect choice for you. Not only does it provide a smooth driving experience, but it’s also got a stylish and spacious interior. The Mercedes-Benz GLB interior offers plentiful cargo space, comfortable seating, and a range of convenience features that are sure to impress. Find out more about the new GLB interior with Mercedes-Benz of Bedford below!

Contact Us

(440) 359-6821

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18122 Rockside Road • Bedford, OH 44146

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Today's Hours:

Open Today! Sales: 9am-8pm

Open Today! Service: 7:30am-6pm

Open Today! Parts: 7:30am-6pm

Mercedes-Benz of Bedford 41.403737, -81.552229.