Selling an upside down car to carmax

Negative equity also goes with other terms like upside-down or underwater.

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.

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

Thank you for your comment! We feel for you.

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.

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.

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. Compare Car Insurance with Jerry. What factors affect car insurance rates?

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In case you owe cash on your vehicle, selling your upside down to CarMax or another seller might be simpler than tracking down a private purchaser who will look out for the title to show up after result. Finding yourself upside down on a car loan is no fun, and it can be a real mess to clean up. Is that goal even possible? 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. This post may contain affiliate links. How can you save up enough money to pay cash for a car? Let me know if you have any questions or comments! I loved reading through your post especially trading with the dealers and test drive options. Here are just a few ideas. I hope that these tips have helped you a little bit to understand how to sell an upside-down car. See Openings. Some lenders may not disclose all associated fees and will only sell you the interest rate and duration. Unfortunately, this stressful financial situation does not have a one-size-fits-all solution.

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.

Re: Made a huge mistake with upside down car loan So, get to work! In case you are about selling your vehicle on the spot, carry these things with you:. Search Search for:. Hi, Meg! I've fallen in love with my wife's Honda CR-V.. There are plenty of terrific car dealers and salespeople with high levels of integrity out there. Let me know if you have any questions or comments! As you start to work your plan to get out of your upside-down car loan, you may be thinking to yourself, How did I wind up in this spot to begin with? And is it possible to live without any kind of debt? Learn the proven plan to win with money. Negative equity rollover is a trick most dealerships use to make a car trade-in less complicated when you need to purchase a new vehicle.