What If I Owe More Than Your Purchase Offer But Still Want To Sell
We call this being upside down or under water. The difference between our purchase offer and the amount owed is called negative equity. This difference will have to be paid to us at the time of possession/pickup. We will make a payoff amount to your lending institution in the amount of the purchase offer and you will provide us with the check for the difference. Put another way, we will pay the whole amount to your lender so that you are free and clear, and then you will reimburse us for whatever amount you had still owed to them.
Read Also: Carcareone Synchrony
What Do People Say About Selling Their Car To Carmax
As the country’s largest used car retailer, lots of people have sold their car to CarMax and have an array of experiences. Check out what others are saying!
1. Have sold to CarMax. Good experience. Saves time. I like the process.
2. I recently sold a 2004 Ford Focus to CarMax. The car was worth about $2000, but needed over $1000 in repairs to the nonfunctional air conditioner. They gave me $1000, and I was happy with that. They quoted me both their appraiser’s price and the KBB price and offered me whichever was higher, which turned out to be KBB.
3. I’ve sold them two cars. They are easy to deal with, professional, and straightforward. After the appraisal, you give them your keys, and they give you a check. In both cases, I was buying a new car. When I told the new car dealer the CarMax quote, they told me that it would be higher than their trade in value, so I should just sell to CarMax instead.
4.I sold my 2001 Lexus to them last year. I probably got a bit less than I would have in a private sale, but the process couldn’t have been easier.
5. The one thing to consider when selling a car versus trading on a newer car is the sales tax. In our state one pays sales tax one the net of the car purchased vs. the trade. So, unless you get more then 6-7% above your trade value, trading is the easy way and financially more advantageous.
Does Carmax Buy Old Cars
Yes, in general CarMax can buy old cars. They are typically willing to make an offer on any vehicle. However, they generally do not keep older vehicles on their lots, which means they may consider older vehicles much less valuable than newer vehicles that are easier to resell.
On their website, they do not list a category for vehicles older than 2010, which indicates that vehicles from 2009 and below may get a lower value.
You May Like: Cheapest Car Insurance In Tn
Selling A Car To Carvana Reddit: This Was A Very Easy Convenient And Risk
The second customer had an amazing experience with selling his car to car. He mentioned that Carvana does not provide you with the best offer, and it’s usually lower than selling your car privately.
In the customer’s opinion, he thought that selling a car to Carvana with a couple of hundred less is much safer than dealing with private buyers and wasting his time.
According to this customer, I would strongly suggest getting a quote from them if you’re looking to sell/trade a vehicle.
CarMax VS Carvana selling: which one should I choose?
As you might notice, both Carvana and CarMax have many similarities, and people are happy with their experience with both websites. However, one might need to get a closer look at the main pros and cons of each website.
What If I Owe More Than My Offer Or What If I Have A Lien On My Vehicle
If your offer is less than the amount you owe on the vehicle, you have “negative equity.” If your negative equity is less than $250, Carmax can accept cash or cashiers checks in that amount. If your amount of negative equity is over $250, Carmax can offset this payment into your loan when financing.
If you previously had a lien on your car, you must bring the lien release to your appointment. If you currently have a lien on your vehicle, Carmax will contact your lien holder to begin a payoff transaction. When paying off your lien, you must bring the following:
-
Lien holder’s name and contact information
-
Lien account number
-
Lien holder’s social security number
You May Like: Car Rentals Boston Logan Airport
What Will Happen If Theres A Lien On The Car
If you still owe money on your car, CarMax will contact your lienholder to pay the amount off. For that, youll need to provide the lien holders contact details Social Security Number and lien account number.
CarMax will need the title and lien release from the lien holder if theres a previously paid-off lien. If the pay-off amount is more than the offer you received, your financing will add the difference.
If its less, youll need to pay the difference between the pay-off and CarMaxs offer.
How Do I Sell My Car To Carmax
If youve never traded in a vehicle, you might not be aware of how the process works. Or, you might wonder if trading your car in through CarMax is different than what happens at your local used car retailer. Here are the three basic steps to help you navigate the process.
Step 1: Do Your Research
Before you begin the process of selling your car to CarMax, you should do your research. There are a few online tools to help you estimate your cars trade-in value like the iSeeCars Price my Car Tool, Kelley Blue Book , or Edmunds. These prices can give you a good starting point and help you understand the value of your car.
Step 2: Bring Your Car to CarMax for an Appraisal
While online car dealers like Carvana will give you an offer online without seeing your car , CarMax requires you to bring your vehicle to their locations for an appraisal. You can schedule an appointment or you can just bring your car into your nearest CarMax location. It is recommended that you clean your car beforehand. While professional detailing is not necessary, you should do your best to remove all stains and make your car as presentable as possible.
Step 3: Accepting the Offer
If you decide to have CarMax handle the sale of your car, you will then complete the necessary paperwork in the finance office. If youre also purchasing a car through CarMax, your trade-in can be applied to your down payment. Here is what you need to have with you to sell your car:
Recommended Reading: Auto Repair In Greeley Co
Is Your Name On The Title And Are You Legally Authorized To Sign It Over To A Buyer
Many married couples or possibly parent/child car purchases are done placing two names on a cars title, which is perfectly fine, but if you put John And Jane rather than John Or Jane then both people have to sign the title for the transfer of ownership to be legal. If you are in a state that requires a notary for vehicle title signatures this complicates the sale even more because 3 people need to show up to sell the car.
For a more in-depth article covering vehicle titles check out our post- What to do with the title when you sell a car.
What Is The Value Of Your Car
Here is a video I created where I discuss my process for pricing a car you intend to sell. This is exactly how I would price cars from even before I bought them in an auction to the day I sold them on the retail market. About 17 mins into the video I discuss in more depth the two tips for negotiating the selling price and dealing with potential car buyers when they call or show up. I certainly recommend a listen if you are still a bit confused or if you just prefer video/audio to reading.
From my experience, car buyers in the private market are usually better prepared than the sellers, so its important that you dont start meeting buyers before you are properly prepared.
Also Check: Insurance Companies For Home And Auto
It May Be Better To Sell Your Car To Carmax
Lately, a lot of people are selling their car to companies like Carmax instead of trading it in or selling it privately. Youve probably seen commercials for Carmax on television. You may have even heard ads on the radio. They advertise for a reason they want as many people as possible to sell them their cars. This way, they can raise the price and turn around and sell it to someone else.Some of the benefits of selling your car to Carmax include:
- You get a written offer not just a verbal estimate or appraisal
- You leave their shop with payment in hand there is no waiting period
- Theyll arrange to pay off your current loan
- They dont care so much about how clean your car is theyre not as picky as a private buyer or dealership
- Theyll buy your car whether you buy one from them or not
- Youll get a free appraisal within minutes
- If you live in certain regions, you can even get your appraisal online
A Few Tips On Getting The Most Money For Your Car
- Look up your car’s value on the Kelley Blue Bookor Edmundssites. This way you will have an estimate of what your car is worth.
- Consider the damage if any, that your car has before taking it into a CarMax location.
- Question the offer you get for your car at CarMax and ask how the appraisers arrived at the offer.
- Try to sell your car privately for a slightly higher price and see if you are able to do so. If you aren’t able to sell it, at least you have an offer from CarMax you can reach back and take.
Don’t Miss: Firestone Complete Auto Care Hixson
Who Makes Nissan Engines
Nissan currently supplies three powertrain components to Renault. Renault supplies four to Nissan. They have jointly developed five engines or transmissions. That is about 100,000 engines and 600,000 transmissions this year, says Kazumasa Katoh, Renault senior vice president for powertrain engineering.
Recommended Reading: Repair Burns In Car Upholstery
What Types Of Cars Does Carmax Buy
CarMax buys different types of cars in varying conditions. You can even sell the car that has been sitting in your garage for the last decade.
However, there are some reasons when CarMax might not purchase a car. After all, it buys cars for store inventory. Some of these are frame damage, flood damage, or having a salvage history.
You May Like: Enterprise Car Rental Philadelphia Airport
Will Carmax Buy Any Vehicle
CarMax will buy most cars, even old cars that dont even run. However, these cars will need to be towed to a CarMax store for an appraisal. CarMax will even buy cars that they dont expect to sell, such as badly damaged vehicles, that they will sell to auction.
There are exceptions to the vehicles that CarMax will buy. The retailer will not buy a salvage vehicle. It will also not buy one with frame damage or flood damage.
Are There Alternative Options
There are a few ways that sellers can sell their car without a title. One way is to have the seller or purchaser file for an abandoned title if no proof of ownership can be given. This often requires filing paperwork through the local dmv or other government agencies. This basically lists a vehicle as unclaimed and then allows the new owner to have a new title issued. This can be a time consuming and tedious process.
You can sell a vehicle in some places outright without a title as well, though it is generally advised to have a notary present, to notify the states vehicle registry, and write up a bill of sale acknowledging the lack of title. If you take these steps it is generally acceptable to sell the vehicle to an individual who can then apply for a new title, though this comes with some liability and can be time consuming.
SellMax is a great option for selling your vehicle without a title. In most cases, SellMax can make you an offer and buy your car without the title. SellMax specializes in damaged, junk, or troubled cars and has all the tools necessary to take your car off your hands without all that added paperwork. In most cases we can make you an offer and buy your car in the same day.
Don’t Miss: O’reilly’s Auto Parts Phone Number
Finalize The Payment And Paperwork
The laws governing the sale of motor vehicles vary from state to state. Check with the governing agency in your state. Most of this information is now available online. When selling your car, it’s important to limit your liability. For example, if the buyer gets a parking ticket or is in an accident, you may be held responsible. Most states have a release of liability form that you can fill out to prevent such a situation. This article on closing a used car sale has more detailed information and a handy checklist.
Once you have the money from the sale â it’s customary to request a cashier’s check or cash â sign the title over to the buyer or provide the person with a bill of sale. Finally, remember to contact your insurance agent to cancel your policy on the vehicle you’ve sold.
Tips For Selling A Car Privately In Florida
In this post, Im going to walk with you through the process of selling your car in Florida, assuming you live in the State of Florida that is
Want to know the best part?
I am also going to share with you exactly how you can ensure you get the most money possible for your car whether you:
- Sell your car privately
- Sell your car to a Florida Dealer or a car buying service
- Trade my car into the dealership I am buying my new car from
Don’t Miss: Car Rentals At San Diego International Airport
Does Carmax Buy Leased Vehicles
Yes, as long as the leasing company allows sales to independent dealers at the time. If not, you can buy out your lease at its residual price, obtain a new title in your name, and get a new offer.
To review CarMax, NerdWallet sent a survey to CarMax requesting more than 60 data points and followed up with company representatives. The information was compared with other companies that seek the same customer or offer a similar product.
Save on Your Car
Does Carmax Give You Good Money For Your Car
CarMax is the nations largest used car retailer. The company also purchases a wide range of vehicles from others.
CarMax will evaluate your car for free and then make you an offer that is good for about a week.
Additionally, CarMax will also identify any major issues with your vehicle, that could potentially hurt or impact the amount of money you can get for it.
In order to get good money for your car, you have to be a good seller.
As CarMax has folks who get great money for their car as well as others who wish they had gotten more, there are some ways you can get good money for your car.
Recommended Reading: Cheapest Car Insurance In Ct
Selling Your Car To Carvana: The Bad
Just like CarMax, youll need to accept the offer estimate given to you within 7 days. After this, the value might change.
Carvana works like a dealership. What this means is that it owns its inventory. There are no dedicated stores just automated machines where you can pick up another car from just in case you traded your car in for another.
Although theyll come to pick up your car after youve accepted their offer, if your car isnt located within 100 miles of any of its centers then youre left to cover the costs of having it transported to their nearest hub.
Recommended Reading: Can Onstar Locate My Car Without Subscription
Do You Pay Sales Tax When Trading In A Car
Answer: Yes, but significantly less.
Another popular option for selling your car fast would be to trade it in at the dealership where you will be buying your next car. This can be a good idea for a few reasons:
- You are buying and selling your car in one place which makes everything very simple.
- The dealership taking your car is more incentivized to meet you on a price because they want you to buy their car.
- The way trade-ins work you save money on the sales tax by being able to deduct the money for your trade
Read Also: Navy Army Auto Loan Payment
How To Handle This Deal
If youre going to buy out your lease in order to sell the vehicle at a profit, You have to think what happens next, said Michelle Krebs, principal auto analyst for Cox Automotive. Are you going to be without a car? And if you then go to buy another car used or new you could pay on the other end because prices are up and theres a limit on choice right now.
Krebs and other analysts offer some basic advice for those thinking about selling a lease vehicle. It starts with checking your lease agreement to see if there are any restrictions on buying out the vehicle and then reselling it. Then, once you have found the buyout price: