Experts from Chase and CarEdge warn that this immediately puts you "underwater" on your next car, potentially creating a cycle of debt. Recommended Preparation What if I owe more on my car than the amount of your offer?
Cashier’s checks, certified checks, certified funds, or debit cards are accepted.
Yes, , but you must reconcile the "negative equity"—the difference between what you owe on your loan and CarMax’s offer—before the sale can be finalized. How the Process Works
When you sell an upside-down vehicle to CarMax , they will contact your lender to get a 10-day payoff quote. Because the car’s title has a lien on it, the loan must be fully satisfied for the title to be released to CarMax. Your Two Primary Options
CarMax does not allow you to use a credit card to pay off negative equity. Roll the Debt Into a New Loan:
Only accepted if the amount you owe is less than $250 .
If you are trading in your car for another vehicle at CarMax, you may be able to "roll over" the negative equity into your new auto loan.
Will Carmax Buy An Upside Down Car -
Experts from Chase and CarEdge warn that this immediately puts you "underwater" on your next car, potentially creating a cycle of debt. Recommended Preparation What if I owe more on my car than the amount of your offer?
Cashier’s checks, certified checks, certified funds, or debit cards are accepted.
Yes, , but you must reconcile the "negative equity"—the difference between what you owe on your loan and CarMax’s offer—before the sale can be finalized. How the Process Works
When you sell an upside-down vehicle to CarMax , they will contact your lender to get a 10-day payoff quote. Because the car’s title has a lien on it, the loan must be fully satisfied for the title to be released to CarMax. Your Two Primary Options
CarMax does not allow you to use a credit card to pay off negative equity. Roll the Debt Into a New Loan:
Only accepted if the amount you owe is less than $250 .
If you are trading in your car for another vehicle at CarMax, you may be able to "roll over" the negative equity into your new auto loan.
