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.

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. Being a former banker, I know that NADA is how the banks and credit unions determine how much money to loan on vehicles.

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..

Almost all people have an upside car loan at some point in their loan life. Financing fees and extra costs. Get Access Now.

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.

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.

Selling an upside down car to carmax

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. Finally, subtract the value of your car from the balance of your loan to see exactly how much your loan is upside down. Why are those numbers important? So, which method should you go with?

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Forum Topics. Rapid car depreciation. Every extra dollar you can find in your life needs to go toward fixing that. This credit might cover the whole balance. Advertiser disclosure. We have to protect ourselves as consumers. Make a plan to sell the car. A roll-over puts your car loan upside down even before you drive from the dealership. See Openings. Quick Links.

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Rapid car depreciation. Finally, subtract the value of your car from the balance of your loan to see exactly how much your loan is upside down. Carmax does these deals all the time where they have to get the title from the lender at time of payoff. I'm thinking about selling it to a Kia Dealership or back to CarMax. Message 16 of They can enter the vehicle specifications onto the NADA website and give you a retail value on that as well. We owned a Buick Enclave and loved it! Might look into a Honda Pilot or a Civic now. But you do get more with private party sale. For the individuals who are deep into a car loan debt, a CarMax or similar proposal to purchase your vehicle totally offers a chance to end a negative equity cycle. There are lot of problems faced by the car owners while trying to sell these cars. And once you finish paying off your debt, you can go back to eating at restaurants and taking beach trips. Learn More. 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.