Selling an upside down car to carmax

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.

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.

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. In case you are about selling your vehicle on the spot, carry these things with you:.

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This post may contain affiliate links. Click here to read my full disclosure. Doing the same thing over and over expecting a different result? We were so tired of basically paying the equivalent of a house payment for a car. We already knew our credit scores, so we walked into our credit union.

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. Maybe you bought a new car without making a down payment. Being upside-down on your car loan simply means you owe more than the car is worth. This is also known as having negative equity. The value also depends on whether you trade in or sell to a private party buyer.

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.

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Needless to say, I walked away from that dealership. Every auto loan has associated fees and costs that can make your payment more expensive. Thanks for sharing these helpful tips. There are lot of problems faced by the car owners while trying to sell these cars. Message 13 of Click here to read my full disclosure. About the author Ramsey. 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. Does CarMax buy cars that you still owe money on? High-interest rate.

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. Factors like small or no down payment, high-interest rate, roll over and longer loan terms are some of the things that can make people have negative equity. Negative equity also goes with other terms like upside-down or underwater.

Leave a Reply Cancel reply Your email address will not be published. Forum Topics. There are ups and downs. More Articles From Ramsey. That is so rude and disrespectful to speak to a client that way. The value of your car is the value of your car. There are plenty of terrific car dealers and salespeople with high levels of integrity out there. How do you come up with that money? Can I trade in my upside down car for a cheaper car? Almost all people have an upside car loan at some point in their loan life. This is good to know going forward because if you are upside down, sometimes you can get a little bit of that negative equity squeezed in there. While a longer loan will make the monthly payments affordable, it also means that you will have to pay more over time. No dealerships use KBB.