Selling a car to Carmax questions.

[shanker]

If I cant sell the Cobra(see sig) by the time I go on vacation(end of next week) I'll trade it in on something else(Legacy GT maybe) or sell it to Carmax and just drive the '87 Blazer and save even more money.

How does that work if they dont give me what I owe? I dont think it'll be a problem but how does that work with the loan thats on it? I've never had it explained.

Thanks for any help!...................Matt

 

[99cobrablack]

you have to pay the diff. out of your pocket in order to satisfy your loan to get a clear title.

 

[flyn high again]

Carmax will check over your car and then give you an offer. You have a week [if I remember right] to decide if you want to take their offer. I'm sure they could help you with questions about what happens if you owe $ after the transaction. I had my title when I sold them my LX so it was simple. They gave me a check, I gave them the car and title. They had paperwork prepared to cover the deal. Make sure you go to kbb.com [Kelly blue Book] first to check on the trade in and retail values.

 

[99cobrablack]

Originally posted by flyn high again
Carmax will check over your car and then give you an offer. You have a week [if I remember right] to decide if you want to take their offer. I'm sure they could help you with questions about what happens if you owe $ after the transaction. I had my title when I sold them my LX so it was simple. They gave me a check, I gave them the car and title. They had paperwork prepared to cover the deal. Make sure you go to kbb.com [Kelly blue Book] first to check on the trade in and retail values.

but the car was paid for correct??

 

[flyn high again]

Long paid for. I bought it in '92 brand new and sold it in '03 when I bought my Cobra. I'm not sure how it works with Carmax if you have negative equity.

 

[99cobrablack]

Well, with anything else, you have to pay the difference out of your own pocket. Don't know why it would be any different.

 

[flyn high again]

That's probably what happens but they may have payment plans or something? I'd call them and ask but of course these questions always come up on Sunday nights... :rolling:

 

[99cobrablack]

always:rolling:

 

[Yellow98SVT]

It's gonna be tough because...if he doesn't have the title, he needs to pay off the lein and get the title in order to pass it along legally in a sale. Now if car max offers you X and you owe X plus 1000 dollars...youre gonna have to get another 1000 dollars to legally pass the title. Carmax may back out the amount still owed out of the sale price they offer you. That keeps their bottom line the same and frees up the title for legal transfer. I took my out to a CarMax a while back when my bro was getting a car there. For giggles, I let them look it over and make an offer. The said 9500 for what was clearly worth 12 Grand minimum. If you want to know what Carmax will offer you look at the NADA or Kelly Book at the lowball price...subtract what you still owe on the Cobra and that will give you a ballpark of what you'll walk with

 

[simpman]

If you go to Carmax, chance are you won't get what you want unless what you want is a few thousand less than what it's worth.