Will CarMax buy my car if I am upside down on the loan?
CarMax cannot convert the balance unpaid into a personal loan – they are a car dealer, not a loan company.
CarMax will buy your car even without you buying any car from them.
If you’re “upside-down”, then you’ll have to write them a check for the difference.
CarMax will then pay off your loan..
Can you sell a car to a dealership with negative equity?
Outstanding loans that result in negative equity can prevent the possibility of trading in your car for a new one at the dealership. … You can sell the car to a private party for the balance of the loan. You can pay extra to reduce the loan balance. You can finance the negative equity with a zero-percent credit card loan.
How do you sell a car that you still owe money on?
How to sell your car when you have “negative equity” or are “upside down” on your car loanFind out just how underwater you are. … Reach out to your lender. … Prep your car for the sale. … Sell your car. … Discuss the sale with your lender. … Know your car’s value and payoff amount. … Sell your car. … Refinance your car.More items…•
Is a voluntary surrender better than a repo?
Voluntarily surrendering your vehicle may be slightly better than having it repossessed. Unfortunately, both are very negative and will have a serious impact on your credit scores.
Can I trade in my car if I owe more than it’s worth?
Yes, you can trade in a car with a loan. … If you’re trading in a car you still owe money on, you’re looking at one of these two situations: You have positive equity. If your car is worth more than the amount you owe on your loan, you’re in good shape.