One of the most popular questions is can I sell my upside-down car? First of all, upside down on a car loan means that you owe more on loan than what your vehicle is worth.
This happens a lot, so you shouldn’t be worried about it. Instead, you should try to find solutions.
You may face problems to find an excellent solution to your situation, but one of the best solutions is selling an upside-down car to CarMax. Here you’ll find all the details you need.
What does it mean to be upside down on a car loan, and how can I avoid it?
When you owe more money on loan than the worth of your car, then you’re upside down. Suppose you owe $10,000 on loan and your car worths $7,500, then you are $2,500 upside down.
It’s not good to be upside down, but you can certainly avoid it. Some of the ways are:
- You are choosing a down payment. If you choose to pay a down payment, then it will help you to reduce the length of time you’ll be upside down.
- Pay your taxes and fees upfront.
- Pick a car that holds better value than others which will shorten the time you’re upside down.
- Carefully observe the interest rates and choose the one which has low interest rates.
What is CarMax?
CarMax is America’s largest used car retailer company. In September 1993, CarMax started its used-car store journey. Circuit City Stores was the corporate entity behind the formation of CarMax.
Using CarMax, you can search for your favorite used car online. They have all types of vehicles available, including sedans, SUVs, pickup trucks, etc.
They even provide test drive facilities and 30-day return facilities too. It’s the most accessible platform to sell or buy your car online.
CarMax also has in-person support and will provide all the advice you need.
Can I sell my upside-down car on CarMax?
Yes, selling an upside-down car to CarMax is possible. You can sell your vehicle to anybody through CarMax, even if you owe money. CarMax will buy your vehicle, but you won’t need to buy a vehicle car from them.
If you want to sell an upside-down car, then you’ll have to write them a check for the amount, which is the difference. Then CarMax will pay off your loan, and you can sell your car to CarMax.
CarMax allows you to walk out with payment in your hand after they have given you an offer.
What’s the process if I want to sell my car to CarMax?
The process is straightforward. You let them know that you want to sell your car, and then they will assess your car for free and make you an offer within seven days.
Then if you agree to that offer, you’ll have to contact them and take all the necessary paperwork, keys, and other required things with you and get your payment on hand.
If you ever fall in a situation where you’re upside down on a car loan, then it may be very tricky. You should try to avoid such problems at all costs.
Though there are some ways through which you can get away from this situation, but can prove to be very problematic.
I am Tasfiya Jannat Java. I am a professional blogger, content writer and SEO Expert. I am the founder of https://www.analyticsloan.com. this blog is about Loan Analytics. I always publish Loan, Banking related articles.