It is the easiest and fastest way. If you are looking to get a new vehicle all you need to do tell your Land Rover of Naperville Client Advisor you would like to trade in your current car, and they'll take from there. They will gather the year, make, model, vehicle identification number (also known as serial number) and current mileage. Then 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 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 will 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 toward 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 will know 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 vehicle 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 Are Severely Underwater on the Car? When you owe more on your vehicle than it is worth or appraised for, you have what is called having negative equity, 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 $5000 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 $5000 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.