Will CarMax buy my car if it's not paid off?

Yes! CarMax will buy a car with a loan on it in most cases. Unless you're way too far upside down on the loan, CarMax is likely to purchase the car from you. If you want to sell a vehicle to CarMax that still has a car loan on it, schedule a meeting or walk into a branch near you.

Can you sell your car to CarMax without it being paid off?

If the amount you owe is less than $250, we will accept a personal check. Our written offers are good for seven days, giving you time to get any necessary funds to settle your transaction.

Will CarMax buy my car even if I don't buy one from them?

Can I sell my car to CarMax without buying a car from CarMax? Yes, and our offer will be the same whether you're buying from us or not.

Does CarMax negotiate when selling your car?

CarMax advertises “no-haggle” pricing, and it does not offer price matching or negotiation on any car purchases, sales or trade-ins. Does CarMax financing require a down payment?

What if I owe more than my car is worth?

Keep the car you've got until you're above water (until the car is worth more than you owe). Roll the negative balance into your new car loan — this costs you nothing out of pocket, but be aware that you'll likely be making higher monthly payments and you'll still have to pay off the negative balance.

Selling my car back to CarMax - SUPER unexpected outcome! | Moving to London ??

How do you trade in a car that you still owe on?

When the amount you owe on the car is less than the trade-in value, the process is pretty straightforward. Say you still owe $5,000 on a car, and a dealer offers you $6,000 for it as a trade-in. The dealer pays off the $5,000 loan for you, which releases the lien. Then, you transfer ownership of the car to the dealer.

How do you get rid of your car if you still owe money on it?

If you simply can't afford your car payments any longer, you could ask the dealer to agree to voluntary repossession. In this scenario, you tell the lender you can no longer make payments ask them to take the car back. You hand over the keys and you may also have to hand over money to make up the value of the loan.

Where can I sell my car for the most money?

Will CarMax buy a car with negative equity?

If they don't want to buy your car, they'll let you know why. Since you have positive equity, you shouldn't see any problems in selling your car to CarMax. However, if you have negative equity, CarMax may not purchase the vehicle.

Does CarMax buy cars with over 100 000 miles?

The answer, surprisingly, is yes. CarMax does buy vehicles with over 100,000 miles on them. Generally, they do not buy these vehicles for resale, they are usually auctioned off or sold for parts.

Can you sell a car that is financed?

The bank still owns your car

It's illegal to sell someone else's property unless they agree to it. This might seem like an obvious point, but it's important to remember that the bank (or whichever credit provider financed it) is the legal title holder of your car.

How do I prepare my car for CarMax?

What bank does CarMax use?

What finance companies do you work with? In addition to CarMax Auto Finance, we work with leading institutions such as Ally Financial, Capital One Auto Finance®, Wells Fargo Dealer Services, and others. These relationships help ensure a broad variety of financing options for our customers.

How do you trade-in a car with negative equity?

When trading in a car with negative equity, you'll have to pay the difference between the loan balance and the trade-in value. You can pay it with cash, another loan or — and this isn't recommended — rolling what you owe into a new car loan.

Can I pay CarMax with a credit card?

For payment, we accept cash, credit (Visa, MasterCard, Discover, American Express), or check. A CarMax associate will assist with the payment arrangements.

Is CarMax and Carvana the same?

Which Is Better: Carvana or CarMax? Carvana is a better option if you look for convenience and ease of use in your purchases and trades. On the other hand, CarMax is ideal for people who want to test drive the car beforehand and who do not mind going to their nearest CarMax location to do it.

Can I roll my car loan into another car loan?

It's common for people to trade in their current car when purchasing a new car, and, if the current car is not yet paid off, the dealer offers to roll the current car loan into the new one. While many people do this, you should carefully consider your options before taking this route.

How low are CarMax offers?

According to their website, approximately 60% of all cars they take in are rejected for their retail lots. As mentioned, Carmax's appraisal model determines the amount of your 7-day offer letter and where your car will be sold.

What is the fastest way to sell your car?

Why does Carvana pay so much?

Carvana pays top dollar for their used cars. Why? Because they're a HUGE publicly traded company that needs to impress investors with constant growth. The only way they can grow is to sell more cars, and the only way they can sell more cars is to buy more inventory.

How can I find the value of my car?

Use Autotrader's used car valuation tool to find the Kelley Blue Book® Value of the car you'd like to sell or buy. Tell us what you plan to do.

Does selling a financed car hurt your credit?

If your car is worth as much as or close to the balance on your account, selling it could enable you to pay off the loan without harming your credit.

Can I sell my car back to the dealership?

Selling my car when it's on finance or PCP deal? You can sell your car to a dealership even if it's on finance from another dealership or lender. It doesn't matter if it's a HP or PCP agreement either, as the process for selling your car is the same for both.

How many car payments can you missed before repo?

If you've missed a payment on your car loan, don't panic — but do act fast. Two or three consecutive missed payments can lead to repossession, which damages your credit score. And some lenders have adopted technology to remotely disable cars after even one missed payment.

Should I pay off my car before trading it in?

When you take out an auto loan, the car is used as collateral until all the money has been repaid. In most cases, it's in your best interest to pay off your car loan before you trade in your car.