Can you trade in your Acura even if it's leased or still under a loan? At Jenkins Acura in Ocala, FL, we assist drivers in transitioning smoothly from their current vehicles into new Acura models, regardless of their financing situation. Let’s find out how leasing and financing can affect trading in your pre-owned Acura.
Trading In a Leased Acura
If you're currently leasing an Acura, you can trade it in before the lease term ends. This process involves the dealership assessing your vehicle's value and determining any remaining lease obligations. If your vehicle's market value exceeds the lease payoff amount, you may have positive equity to apply to your next vehicle.
On the other hand, if there's negative equity, it can often be rolled into a new lease or purchase agreement. Dealerships like Jenkins Acura can handle the payoff process and guide you through the available options.
Trading In an Acura with a Loan
Trading in an Acura that's still under a loan is also feasible. The dealership will evaluate your vehicle's current value and compare it to the remaining loan balance. If your car is worth more than what you owe (positive equity), the surplus can be applied to your next vehicle purchase. If you owe more than the car's value (negative equity), the difference can typically be incorporated into a new financing agreement. It's essential to understand your equity position, and our Acura finance team is here to assist you through this process.
Steps to Trade In Your Acura
- Assess Your Vehicle's Value: Use online tools or visit Jenkins Acura for a professional appraisal.
- Determine Your Payoff Amount: Contact your lender to find out the remaining balance on your lease or loan.
- Calculate Equity: Subtract the payoff amount from your vehicle's current value to determine if you have positive or negative equity.
- Explore Financing Options: Discuss with our finance experts the best course of action, whether applying equity to a new purchase or rolling over negative equity.
- Finalize the Trade-In: Complete the necessary paperwork and drive away in your new Acura.
Trade In Your Acura in Ocala, FL
At Jenkins Acura in Ocala, FL, we're committed to making your trade-in experience seamless and beneficial. Whether you're leasing or financing, our team is here to provide personalized assistance every step of the way. Contact us today for more!