In what way did they exchange misguidance for guidance?

Imām Ibn al-Jawzī (d. 597 AH / 1201 CE) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. They believed and then disbelieved. [Mujāhid]
2. The Jews believed in the foretold Prophet, but when the Prophet (ﷺ) was actually sent, they disbelieved in him. [Muqātil]
3. When the disbelievers received the guidance brought by the Prophet (ﷺ), they rejected it and chose misguidance, so they were like someone who exchanged one thing for another. [Ibn al-Jawzī's teacher, ʿAlī ibn ʿUbayd Allāh]