Will Carmax Buy An Upside Down Car -

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.

This option depends on your credit score, the value of the new car, and the lender's loan-to-value (LTV) requirements.

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 will carmax buy an upside down car

Only accepted if the amount you owe is less than $250 .

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? If you are trading in your car for

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 Because the car’s title has a lien on

If you are only selling your car (and not buying a new one), you must pay the negative equity to CarMax on the spot.