Thinking of selling your car to CarMax but still have outstanding payments? Yes, it’s possible! And the process is straightforward. Here’s what you need to know:
– If you buy a CarMax vehicle, they’ll roll your outstanding loan into your new loan, and you’ll pay off both cars over a longer period of time.
– If you don’t buy from CarMax, they’ll calculate the gap between what you owe and what they’ll pay you. You’ll need to pay CarMax directly to sell your car.
– If you owe less than $250, pay with cash or credit card. If you owe more, pay with a personal check made out to your finance company.
Selling to CarMax with an outstanding loan may sound complicated, but it’s generally painless. Just check for any restrictions or penalties for paying off your loan early. Happy selling!
Selling your car with outstanding payments
As a car blogger, I know that selling your car while there are still outstanding payments can be a daunting task. However, it is possible to do so, and CarMax is one of the companies that offers this service. It’s important to note that selling a car with outstanding payments is not the same as selling a fully-owned car, there are certain factors that come into play.
Understanding negative equity and how it impacts your selling price
When you owe more money on your car than it’s worth, it is referred to as negative equity. Negative equity is a common situation when you are selling your car while there are still outstanding payments. It occurs because car values depreciate over time, while the amount owed on the car remains the same. This situation can potentially impact your selling price, as buyers may not be willing to pay the full amount that you owe on the car.
At CarMax, we understand that negative equity is a common issue when selling cars with outstanding payments. We take this into consideration when making an offer for your car. Our aim is to give you a fair and accurate offer that takes into account the negative equity on your car.
Financing your new CarMax vehicle with negative equity
In certain cases, it is possible to include the negative equity in the financing when you purchase a new CarMax vehicle. This is done to make the transition smoother for you, as you can pay off the outstanding balance on your old car and start fresh with a new vehicle. It’s important to note, however, that this option may result in a higher monthly payment than if you were to purchase a vehicle without negative equity involved.
Calculating the gap between your payment and CarMax’s offer
If negative equity cannot be included in the financing when you purchase a new CarMax vehicle, we will calculate the gap between your payment and our offer to you. This means that we will subtract the amount you owe on your car from the offer we make for your car. The difference between the two amounts is referred to as the gap. It’s important to note that this gap must be paid before you can sell your car to CarMax.
Making payments to CarMax directly
Once the gap has been calculated, you will be required to make payment to CarMax directly. This payment allows us to pay off the outstanding balance on your car, enabling you to sell it to us without any issues. If the amount you owe on your car is less than $250, we will require payment in the form of cash, check, or credit card. If the amount exceeds $250, we will accept personal checks.
Acceptable forms of payment for outstanding car payments
At CarMax, we make it easy for you to make payments for your outstanding car payments. We accept various forms of payment, including cash, credit cards, and personal checks. It’s important to note, however, that some restrictions may apply depending on the amount you owe on your car. In general, we require payment in full before we can complete the purchase of your car.
In conclusion, selling your car to CarMax with outstanding payments is possible, but it requires some additional steps. It’s important to understand the concept of negative equity and how it impacts your selling price. At CarMax, we take negative equity into consideration when making an offer for your car. If you decide to purchase a new CarMax vehicle with negative equity involved, we’ll work with you to ensure a smooth transition. Finally, we accept various forms of payment for outstanding car payments, making it easy for you to sell your car to us.