Tracking Car Finances in One Place
Most people know their monthly insurance premium or what they spend on gasoline. Few, however, know their car's current market value or the exact amount of equity they hold in their vehicle. This gap is common, as cars represent significant assets often treated with less financial oversight than a home. OnePay aims to change this with the launch of My Garage, a new feature integrated into its existing financial app.
Setting up the tool requires minimal effort. Users input their vehicle's year, make, model, trim, and mileage. The app then populates an auto profile, connecting to credit reports to track existing loans automatically. By automating the loan balance updates, the app ensures that the information stays accurate without requiring manual entry every month. Pat McLoughlin, OnePay's general manager of marketplace, notes that the goal is to centralize disparate car-related financial tasks that were previously spread across multiple websites and service providers.
Understanding Vehicle Equity and Market Value
My Garage displays three primary metrics: estimated vehicle value, remaining loan balance, and the time left until the vehicle is paid off. The app uses data from J.D. Power to calculate the value, though it prioritizes the top end of that valuation range for the primary display. Users can access the full range through an information icon. This visibility is helpful for owners who are unsure of their equity status. According to data from Edmunds, nearly 30 percent of trade-ins during the second quarter of 2026 were underwater. These owners owed an average of 7,000 dollars more than their cars were worth at the time of trade-in.
When a buyer rolls this negative equity into a new loan, the long-term interest costs often increase significantly. The app makes this financial hole harder to ignore by showing the difference between the debt and the vehicle's worth in real time. Beyond tracking loans, the app includes a map showing gas discounts at participating stations. Users can also shop for insurance policies through the interface. While the app does not import existing insurance data, it stores new policy information and renewal dates for users who switch providers through the platform.
Future Growth and Strategic Intent
OnePay positions My Garage as a tool for ownership rather than an advertising platform. Thomas Hoare, the company’s chief commercial officer, claims the app avoids the common pitfalls of free car tools that prioritize selling user attention. While the service provides estimated values, it does not currently offer a direct path to sell a vehicle. The company intends to partner with major retailers like CarMax or Carvana to allow users to convert those valuations into firm purchase offers. Future updates may include refinancing recommendations to help users lower their monthly bills.
There are clear incentives for the company. By keeping users engaged within a single ecosystem for banking, insurance, and vehicle management, OnePay increases its utility. The tool also provides a way to set savings goals for upcoming maintenance needs such as tires or brake replacements. For the average owner, the primary benefit is access to specific data before walking into a dealership. Having a clear picture of one's financial standing prevents the surprise of finding out about negative equity during a high-pressure sales negotiation.