Are you interested in purchasing a new car or truck? Not sure about your trade-in because you still owe money on your current vehicle? Before you start negotiating with a dealer, talk with your credit union first.

When trading in a car you still owe money on, there are a few things you should be aware of before talking with a dealer. The first thing to know is what your loan payoff is—how much you owe if you pay off the loan at once.

Coosa Valley Credit Union has our members’ best interest at heart by providing loan payoff information to you and if you choose, no one else—including other creditors or third parties. That’s because some dealers call lenders requesting loan payoff information when evaluating a trade-in for a new purchase and only will give what you owe on the car.

The same may be true if you’ve totaled your car and your insurance company calls for loan payoff information. There have been cases where the insurance company only offers the payoff instead of the value of the car.

When you’re buying a vehicle, you also should find out the retail value of your trade-in beforehand. Our loan officers can show you what it’s worth with price guides that show wholesale, retail, and finance values. Or websites such as Kelley Blue Book and can help determine the value of your trade-in and provide detailed information about new and used cars.

Before stepping into a dealer’s office to discuss purchasing a new car, talk with someone at Coosa Valley Credit Union. Find out about our member/consumer protection practices and the loan services we offer for the purchase of your next car.