Benefits of Trading-In Your Car:
It's the fastest and easiest way.
If you're looking to get a new vehicle, all you need to do is tell your Land Rover of Naperville Client Advisor that you would like to trade in your current car, and they'll take it from there. They will ask you for the year, make, model, vehicle identification number (also known as VIN or serial number) and current mileage. A Land Rover of Naperville Used Car Manager will test drive and appraise its value, then they'll make you an offer as part of your overall car-buying transaction. If you accept their offer, you'll sign the car's title over to the dealership and be all done.
You complete the transaction in one place.
If you sell your car to another dealer or a third party, you'll have to drive to multiple places to complete the deal. If you trade your car in, you can just drive it to the dealership and drive your next car home. No need to call a friend or an Uber to take you from wherever you sell it to the new car dealer.We'll pay off your loan.
If you still owe money to a lender on your current car, we'll pay off the balance of your loan and get the title to the vehicle directly from your lender. You won't need to run all over town shuttling documents and checks. Any positive equity that you have in the vehicle can be used as a down payment towards your new lease or purchase, or if we are simply buying your car from you, we'll refund you the difference.The Paperwork Is Taken Care Of.
There are heaps of paperwork to sign when you sell a car. If you trade it in at Land Rover of Naperville, we'll take care of all the paperwork for you. When you sell a car in a different state than you live or the vehicle is registered, the paperwork can get extremely complicated. Our team deals with complex transactions all the time and knows just what documents need to be filed with which DMV. You'll just need to sign the papers.You Can Save on Sales Tax
A potentially massive benefit of trading in your car at Land Rover of Naperville is the money you can save. Depending on how your state taxes car, truck or SUV sales, the value of your trade can potentially be deducted from the price of your new car for the purpose of computing sales tax. See the new Illinois Trade-In Tax Law here.What If You're Severely Underwater on the Car?
When you owe more on your vehicle than it's worth or appraised for, you have negative equity. Negative equity is essentially being "upside-down" on your loan, or being "underwater". In this situation, trading your vehicle makes less financial sense. If you can't sell your current car and use that money to pay off your existing loan, the cash to pay it off must come from somewhere else.
Here's an example: Say you owe $20,000 on a car that the dealer is only offering you $15,000 to trade in. That leaves you with $5,000 that you will immediately have to pay your lender if you sell the car.
If you have the money to pay this difference, it's not a big deal. If your finances are stretched, your options may be limited. This $5,000 difference can be added to the balance of your new loan and use it to take care of paying off the loan on your old car. This can be looked at as a downfall because you are now adding another $5,000 to the balance owed on you new car. In some instances, this may be your only option. A Patrick Manager can provide you with options to make a decision that works for you.
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