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Selling car ..

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Regular Contributor

Selling car ..

Hey guys , I’m really considering buying a house so my question is , can I sell a car I haven’t finished paying off ? Still owe like 37k? I’f yes where would b the best place to sell ? And would my score drop ?



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Valued Contributor

Re: Selling car ..

Take a look at KBB.com

Also, you can try swinging by CarMax and get a free Buy Offer. This is what they would buy it for should you sell it to them.

The most money would be from a private sale.

 

If this is your only installment loan, it may drop your score.

Message 2 of 6
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Regular Contributor

Re: Selling car ..

One thing for certain, if you pay off the vechile early your credit score will drop without a doubt. I know from experience. Paid off a $70,000 vehcile early thinking I was going to help my credit. Total opposite and it dropped it I think about 24 points.

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Established Contributor

Re: Selling car ..


@californiadreaming87 wrote:

One thing for certain, if you pay off the vechile early your credit score will drop without a doubt. I know from experience. Paid off a $70,000 vehcile early thinking I was going to help my credit. Total opposite and it dropped it I think about 24 points.


This generally only happens if you have no other open installment loans.

Message 4 of 6
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Super Contributor

Re: Selling car ..


@Kree wrote:

@californiadreaming87 wrote:

One thing for certain, if you pay off the vechile early your credit score will drop without a doubt. I know from experience. Paid off a $70,000 vehcile early thinking I was going to help my credit. Total opposite and it dropped it I think about 24 points.


This generally only happens if you have no other open installment loans.


@Kree

I to disagree with you IMHO.  You will lose some points when you close out the auto loan.  I did that - paid off a car, had an open installment loan, mortgage and still lost points with what I consider the right credit mix.  I didn't lose that much but you still do.  

 

If you have the right credit mix then losing a few points shouldn't be a big deal.  

 

Now unto your original question, CarMax is ok but you are likely not going to get the amount you want.  You can try paying it down considerably if it is the amount you are worried about impacting your score.

Message 5 of 6
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Established Contributor

Re: Selling car ..


@Yes-Its-Me wrote:

@Kree wrote:

@californiadreaming87 wrote:

One thing for certain, if you pay off the vechile early your credit score will drop without a doubt. I know from experience. Paid off a $70,000 vehcile early thinking I was going to help my credit. Total opposite and it dropped it I think about 24 points.


This generally only happens if you have no other open installment loans.


@Kree

I to disagree with you IMHO.  You will lose some points when you close out the auto loan.  I did that - paid off a car, had an open installment loan, mortgage and still lost points with what I consider the right credit mix.  I didn't lose that much but you still do.  

 

If you have the right credit mix then losing a few points shouldn't be a big deal.  

 

Now unto your original question, CarMax is ok but you are likely not going to get the amount you want.  You can try paying it down considerably if it is the amount you are worried about impacting your score.


You are correct, I should have been more specific. the guarranteed 20-40 points range only happens when it is a only loan. Smalller point losses (or point gains) could occur depending upon portfolio specifics. 

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