Still making payments on your current car but thinking about upgrading? You’re not alone. Many buyers still owe money on their vehicle when they decide it’s time for a change—and the good news is, you can still trade it in.
At Homer Skelton Ford in Olive Branch, we make it easy to understand how it works, what to expect, and how to maximize your trade-in value—even if there’s still a balance on your loan.
💡 Step 1: Find Out Your Payoff Amount
Start by contacting your current lender and requesting a payoff quote. This tells you exactly how much it will cost to pay off the remainder of your loan, including any interest or fees. Make sure you get a quote that’s valid for at least 10 days, as the final payoff must be submitted during the trade-in process.
🚗 Step 2: Get a Trade-In Appraisal
Bring your vehicle to Homer Skelton Ford for a free, no-obligation appraisal. We’ll inspect the condition, mileage, and market demand to give you a fair offer based on real-time data.
If your car’s trade-in value is higher than your payoff, you have positive equity—and that value can be applied directly to your next vehicle as a down payment.
If your trade-in is worth less than what you owe, that’s called negative equity. But don’t worry—many buyers are in this situation, and we can still help.
🔁 Step 3: Let Us Handle the Details
If you decide to move forward, we’ll:
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Pay off your current loan directly to the lender
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Apply any positive equity to your new loan
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Help you roll negative equity into your next financing plan, if needed
Our finance team works with a wide network of lenders to help keep your payments manageable, even if you're upside down on your current vehicle.
🔎 Should You Trade or Wait? Let’s Talk It Through
We’ll help you look at:
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Current interest rates
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Vehicle depreciation
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Cost of repairs vs. cost of upgrade
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Monthly budget and long-term savings
Every situation is different, and our goal is to give you honest advice that works for you, not just for today—but for the long run.
✅ Upgrade Without the Guesswork
Still owe money on your current car? That doesn’t mean you’re stuck. Visit Homer Skelton Ford in Olive Branch and let us simplify the process so you can move forward with confidence.
Stop by today or schedule a trade-in consultation online. We’ll show you your options—clearly and without pressure.
Cameron Rowland
(901) 302-0422
Homer Skelton Ford
