Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm really curious about selling vehicles to dealerships. One thing I'm not quite sure on that I'm hoping you guys can shed some light on. If you have a car that you're considering selling back to the dealership. You still owe for the car loan, so obviously, it would be a move to free up debt. OK, let's say the dealership is willing to buy your car back, but is offering below what you still owe. Let's say you owe $12,000, and they offer you $9,000 for the vehicle. Even though you'd still owe the bank $3,000 for the remainder of the loan, could you actually proceed with selling the car? Would you need to settle the difference prior to the transaction, at the time of the transaction, or could you continue making payments on the final $3,000? Or, would the dealership pay the bank in full and then have you pay them for the difference? Or finally, would the dealership even bother with buying the car?
Thank you guys, in advance, for you answers to these questions.
You have to bring 3K in "Cash" to the table. The Dealership will not be your banker,
The only way it works being upside down in a car @ a dealership, is to buy a "new" car and let them roll the 3K into the next loan on the 2nd car.
Correct and this is never advised. Think of a dealership as a pawn shop. They have to buy your car with the idea of selling it so you will always get much less than its worth. The only way they will be more friendly with your is you are going to trade in and buy a new car off their lot.
Pay down the car to where it is worth what the loan is. Then sell it privately.
Correct and this is never advised. Think of a dealership as a pawn shop. They have to buy your car with the idea of selling it so you will always get much less than its worth. The only way they will be more friendly with your is you are going to trade in and buy a new car off their lot.
Pay down the car to where it is worth what the loan is. Then sell it privately.
Thanks guys. I think that cleared things up. I was reading another thread about people selling their cars back to dealerships and places like Carmax, I was just curious about that particular situation.
If you were trying to get rid of the higher amount of debt you might be able to get the lender to loan you the 3,000 as a signature loan and pay that rather than the 12,000 car loan .all depends on who the lender is
I have found from personal experience that Carmax has consistently paid me thousands more on cars than the dealers offered to buy it for, or on a trade in, try some online price calculators such as Edmunds.com KBB.com and NADA.com
to get a general idea what your car might be worth and spend the time washing and waxing it and cleaning the interior before bringing the car into CarMax, to get the best price for it. If those calculators come close to the payoff, then I would mention to the person at CarMax what you are trying to accomplish.
I have found from personal experience that Carmax has consistently paid me thousands more on cars than the dealers offered to buy it for, or on a trade in, try some online price calculators such as Edmunds.com KBB.com and NADA.com
to get a general idea what your car might be worth and spend the time washing and waxing it and cleaning the interior before bringing the car into CarMax, to get the best price for it. If those calculators come close to the payoff, then I would mention to the person at CarMax what you are trying to accomplish.
Oh, I've done all of that and actually did take my car to Carmax about a month ago. They offered me $3k less than I owed on my vehicle. I haven't tried taking my car to a dealership just yet though. The Carmax idea was more out of curiosity sake than anything else.
I kind of like Newred5's idea though. If a dealership offered $9k, I could try to borrow the difference to pay off, and then just pay on the $3k loan.
Oh, I've done all of that and actually did take my car to Carmax about a month ago. They offered me $3k less than I owed on my vehicle. I haven't tried taking my car to a dealership just yet though. The Carmax idea was more out of curiosity sake than anything else.
I kind of like Newred5's idea though. If a dealership offered $9k, I could try to borrow the difference to pay off, and then just pay on the $3k loan.
If CarMax offered you $3K less than what you owed, don't be so sure that a dealership would offer you the same.
Odds are that you'll get a better deal from Carmax than from a traditional dealership, if you're just selling your car without buying another one at the same time. If you ARE buying another one at the same time, then I don't know if this is true or not.
In any case, it certainly can't hurt to ask the dealership what they'd give you for it.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
