Selling an upside down car to carmax

This post may contain affiliate links. Click here to read my full disclosure. Doing the same thing over and over expecting a different result?

Browse credit cards from a variety of issuers to see if there's a better card for you. Do you have a Carmax in your area? You can get a quote from them and the quote is good for 7 IIRC days. Then check out private party value to see if you get more. Carmax is easy and painless. But you do get more with private party sale. As to timing - one of the others will have to answer you.

Selling an upside down car to carmax

Negative equity also goes with other terms like upside-down or underwater. As a public trade-in vehicle retailer, selling your upside down car to CarMax can be snappy and simple. Yes, CarMax will buy your car even without you buying any car from them. Unfortunately, this stressful financial situation does not have a one-size-fits-all solution. You might never get a buyer or lose so much, even if you eventually land a dealer. Upside down car owners can find themselves torn between two unwanted options: making regular payments while potentially losing equity, or selling the car and eating the losses. You pay the difference out of pocket. Our written offers are good for seven days, giving you time to get any necessary funds to settle your transaction. However, the trade-in value of your car becomes credit towards your loan. This credit might cover the whole balance. Almost all people have an upside car loan at some point in their loan life. An upside-down auto loan is not necessarily a bad thing and you will not even notice as long as you are paying the loan as agreed with no missed payments. Negative equity is highest immediately you drive the car from the dealership due to high depreciation.

We're pretty early in the year so it's not like you're going to get a new model or calendar year which I suspect is a killer as far as resale value

Get expert advice delivered straight to your inbox. That really stinks. Whether you fell for that new-car smell and took out a bigger loan than you could afford, made too small of a down payment, or got shortchanged by a dishonest dealer, you can clean up this mess. But it is going to take some hard work. We feel for you. Because even though it may feel like you have a giant mess on your hands right now, you can absolutely clean it up. Then you need to figure out the current private sale value of your car a search on Kelley Blue Book is a good way to do that.

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. Without even knowing it, you may have put yourself in a financially precarious position: being upside-down on your car loan.

Selling an upside down car to carmax

My friend told me that CarMax offers great value if you want to sell it to them. The only problem is that my car still has a loan on it, although I have positive equity. Will CarMax buy my car if it has a loan on it? Compare Car Insurance. Drive Well, Save More. Get Service Reminders. Car Insurance.

Skin fortnite

Millions of people have used our financial advice through 22 books including 12 national bestsellers published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners. Related For You Here are just a few ideas. You can get a quote from them and the quote is good for 7 IIRC days. This credit might cover the whole balance. Check with your insurance company and lender to see if they offer gap insurance that covers vehicle replacement. Thanks for your help! So smart, Naomi! There are two ways you can get that money. Let me know if you have any questions or comments! We feel for you.

As car dealerships find innovative ways to make more people buy their new cars, it is now becoming more common to find people with negative equity.

You can start fresh with a new loan on another vehicle. Take the car and go to a competing dealership with the car. Carmax is easy and painless. There are two ways you can get that money. Learn the proven plan to win with money. And either way, make sure you get the most value for your car by selling it yourself—that means not trading it in to a dealership. Browse Offers. Did you mean:. Furthermore, as cars become more expensive, dealerships are offering long-term loans to make them affordable to most buyers. However, you should get ready to find the funds to pay the amount between what CarMax gives you and what you owe. The major problem occurs when it come to the resale value. The dealerships that promise to pay off your current loan to enable you to get a new car will rollover your existing balance into your new loan.