CEO does not have a trade-in program because it is a program typically offered by car dealerships. If a borrower has issues with their current financed car or wants to get a different car to suit their needs, the most straightforward process would be to sell the current car.
However, if a borrower discovers a dealer that will offer them a trade-in option, there are three possible financing options available:
Dealer financing: The borrower trades in their car and gets financing directly from the dealer. In this case, the dealer would contact our company and pay off the loan in exchange for us sending them the title.
No financing from us: If the borrower requests to trade in their car for another vehicle of equal or greater value, we would swap titles and make no changes to the loan. But we would need to work with the seller to release our lien on the existing vehicle and have them file a new lien on the new vehicle. The borrower is responsible for paying any additional costs to purchase the car. If the new car is valued at less than the current one, the borrower will need to obtain our approval and may be required to pay down the outstanding balance to match the new car's value. In this situation, the existing loan remains open and does not change.
New financing from us: If the borrower requests to trade in their car with a dealer and has us fund extra cash via a new loan to help pay for the new vehicle, they must submit a new loan application and indicate their intent to trade in an existing vehicle. If approved, the borrower would be offered financing at the current interest rate. We would pay off the existing loan, create a new loan contract with interest or fee, and release the vehicle to the seller in exchange for our being added to the new car's title.
If you have found a dealer that will accept your car for trade-in, please contact us and let us know how you would like to finance the new vehicle. We will guide you through the process in each step.