Sell car back to dealer. positive equity question

Anonymous · ‎05-10-2009

car trade in value $22k, owe on Loan, $7k, Does this affect my credit if we sell it to the dealer?

MattH · ‎05-10-2009

@Anonymous wrote:
car trade in value $22k, owe on Loan, $7k, Does this affect my credit if we sell it to the dealer?

If you are current on the loan now, then it should have little or no negative effect on your credit. Do make sure the dealer does not drop the ball on paying off the lender, however! To protect yourself you might want to make an extra cash payment to the lender beforehand so that any delays by the dealer in paying off the lender won't result in a late payment. You should call your lender to find out (1) the exact payoff balance, (2) the address where the dealer should send the money, and (3) any other special instructions the dealer will need to know about. And of course you should check back with the lender to make sure they got paid!

Do be aware that depending where you got that number for the trade-in value in the current depressed market you might get considerably less than you expect.

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it

Anonymous · ‎05-10-2009

CarMax seems to be pretty good on this. I have actually sold 2 cars to them without any repurchase of an auto from them.

MattH · ‎05-10-2009

@Anonymous wrote:
CarMax seems to be pretty good on this. I have actually sold 2 cars to them without any repurchase of an auto from them.

If you've sold them two cars they must have treated you right when you sold the first one. Do you know anything about an outfit called Car Cash? They advertise very heavily on New York City radio. I'm thinking of replacing my 2000 Camry in 2010 so will need to start researching options at some point.

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it

Anonymous · ‎05-10-2009

@MattH wrote:
@Anonymous wrote:
CarMax seems to be pretty good on this. I have actually sold 2 cars to them without any repurchase of an auto from them.

If you've sold them two cars they must have treated you right when you sold the first one. Do you know anything about an outfit called Car Cash? They advertise very heavily on New York City radio. I'm thinking of replacing my 2000 Camry in 2010 so will need to start researching options at some point.

Nope, CarMax is the only dealer I have actually sold a vehicle outright to that was not as a Trade in.

I had some company vehicles that we determined we wanted to sell. One was a 2005 Ford Excursion Turbo Diesel and the other a Ford F250 Pickup.

We took it to CarMax just to get an offer quote. They gave a more than fair offer and it was cash (check) offer if accepted within I think 7 days.

They were professional, curtious and vey easy to deal with. My brother has since purchased two vehicles from them.

Message Edited by txjohn on 05-10-2009 06:13 PM

203bravo · ‎05-12-2009

CarMax is excellent for that.. They will even give you a written offer that is valid for a "time period." That allows you to know exaclty how much you will get for it in the even you want to shop for another car and/or another buyer.

However, they are slowing down at buying some autos in the market.. or offering near as much as they did just a year or so ago.