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.

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. We sat down with our banker, and we explained our situation.

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. 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. If you know the rough resale value of your car, presumably you checked it online somewhere; plug in a swag for the new car age and new mileage and see what you get to compare now vs. Individual models and makes even depreciate at different rates, other than the kelly blue book or similar check, not certain how else to make the determination of when. 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 I've heard dealerships with used inventory have that problem both model and calendar year, so it probably applys in this situation too. That's where I bought the Kia from.. I'm being told about a buy back program..

Great question! Furthermore, as cars become more expensive, dealerships are offering long-term loans to make them affordable to most buyers.

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.

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. Being upside down is not a big issue unless the vehicle is declared a total loss by insurance, stolen or you want to replace it. You should review your auto loan balance and the resale value before you can start shopping for a new car , as the state of your equity will affect how you can sell your car. Selling an upside down car to Carmax is a popular way you can dispose of your car with negative equity. This article will help you understand upside down and how you can sell an upside-down car to Carmax.

Selling an upside down car to carmax

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The owner have to negotiate a lot in order to get their expected price and in most of the cases the owner have to compromise a little bit on the resale value. Did you mean:. Bad choice of words: make a silly wild ass guess for the age and mileage of the car if you keep it till after you get to San Diego. And is it possible to live without any kind of debt? This article is wrong. The extra fees vary from one lender to another and may include add-ons like extended warranties, window etching, protection packages, and insurance products. You lose all the power when they know your entire financial situation. High-interest rate. I hope that these tips have helped you a little bit to understand how to sell an upside-down car. I am so upside down on my car and trying to figure out the best way to get rid of it and come out in a better financial situation. It works better than a trade. And sit down and do the exact same process with that other dealer.

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?

You put a small or no down payment. Forum Topics. It might not be by much or it may be a lot. Furthermore, the biggest percentage of your early monthly payment covers the interest rate and not the principal amount. Financing fees and extra costs. Your email address will not be published. Perfection Hangover offers the sober truth — no filter. 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. Quick Links. But how exactly do you buy a car without a loan? This site uses Akismet to reduce spam. Carmax is easy and painless. Thanks for these useful tips!! Although all new cars depreciate quickly the moment they leave the dealership before they level off, some models and makes continue to depreciate rapidly for the first couple of years. It works better than a trade.