I have positive equity in my car and I'm thinking about selling it. How does it work?

[Bunchy Carter]

I owe 10,000 on my car and the trade in value is 16k. I was thinking about selling it to carmax and buying a 15' 5.0 mustang. My question is the extra money that is left over (6,000) after I pay my car off, I can pocket that money? Also if I sell my car to carmax do they write me the check or to the bank?

 

[definition]

Wait ... are you selling the car to the dealer, or trading it in? If you're just selling it, they'll probably write a check to the bank for the payoff, and cut you a check for the rest.

I've literally never heard of anyone trading in their car on a new car, and not putting the whole trade in value down on the new car. But, if it's legal (why wouldn't it be?), I see no reason why a dealer wouldn't do it ... they'd be financing the whole thing and getting more on the back end.

Still, if this is the route you want to go ... why not sell the car yourself and get more than the dealer will give you?

 

[Bunchy Carter]

Wait ... are you selling the car to the dealer, or trading it in? If you're just selling it, they'll probably write a check to the bank for the payoff, and cut you a check for the rest.

I've literally never heard of anyone trading in their car on a new car, and not putting the whole trade in value down on the new car. But, if it's legal (why wouldn't it be?), I see no reason why a dealer wouldn't do it ... they'd be financing the whole thing and getting more on the back end.

Still, if this is the route you want to go ... why not sell the car yourself and get more than the dealer will give you?

I was selling it. What you said got me thinking about selling it myself on ebay; because I see that I would lose around 3-4k if I just sell it to the dealer. I just thought about the selling it to carmax because it would be easier and faster

 

[unit321]

I owe 10,000 on my car and the trade in value is 16k. I was thinking about selling it to carmax and buying a 15' 5.0 mustang. My question is the extra money that is left over (6,000) after I pay my car off, I can pocket that money? Also if I sell my car to carmax do they write me the check or to the bank?

You are probably going to get raped on the sale to carmax. SAN QUENTIN MAX SECURITY PRISON azz rape. I knew a co-worker who needed to sell his car and Carmax gave a low-ball offer. They know people are pseudo desperate when they want to sell to carmax. Carmax might buy it from you for $9,500. Go ahead and ask though.
You are better off selling the car on your own. Tell the prospective buyer there is still a lien on the car. To get the lien off the car, you need to take the money that the seller gives you and pay off the lien, then the title gets released. You pull a double-reverse whammy on the deal and you'll get strung up by your balls in civil court. Say you sell it for $16,000. You cash the check, pay the bank $10,000. You keep $6,000. Take that and use it towards your next car or whatever.

 

[HookersandIceCream]

I owe 10,000 on my car and the trade in value is 16k. I was thinking about selling it to carmax and buying a 15' 5.0 mustang. My question is the extra money that is left over (6,000) after I pay my car off, I can pocket that money? Also if I sell my car to carmax do they write me the check or to the bank?

Yes any positive equity you have on a car is yours. You can do whatever you want it it.

If you sell your car with a balance still due but owe less than what the car is worth. There is a pay off balance that they will pay directly to the bank and extra balance should be payed out to you.

 

[Bunchy Carter]

Wait ... are you selling the car to the dealer, or trading it in? If you're just selling it, they'll probably write a check to the bank for the payoff, and cut you a check for the rest.

I've literally never heard of anyone trading in their car on a new car, and not putting the whole trade in value down on the new car. But, if it's legal (why wouldn't it be?), I see no reason why a dealer wouldn't do it ... they'd be financing the whole thing and getting more on the back end.

Still, if this is the route you want to go ... why not sell the car yourself and get more than the dealer will give you?

You are probably going to get raped on the sale to carmax. SAN QUENTIN MAX SECURITY PRISON azz rape. I knew a co-worker who needed to sell his car and Carmax gave a low-ball offer. They know people are pseudo desperate when they want to sell to carmax. Carmax might buy it from you for $9,500. Go ahead and ask though.
You are better off selling the car on your own. Tell the prospective buyer there is still a lien on the car. To get the lien off the car, you need to take the money that the seller gives you and pay off the lien, then the title gets released. You pull a double-reverse whammy on the deal and you'll get strung up by your balls in civil court. Say you sell it for $16,000. You cash the check, pay the bank $10,000. You keep $6,000. Take that and use it towards your next car or whatever.

Yes any positive equity you have on a car is yours. You can do whatever you want it it.

If you sell your car with a balance still due but owe less than what the car is worth. There is a pay off balance that they will pay directly to the bank and extra balance should be payed out to you.

Thanks for the help

 

[Mr210]

my car will be paid off in 6 months

 

[The Refiner]

Give it up for 'Money Mase' with the simple ass money questions y'all

 

[insomniac]

If you're being financed and still owe money on the whip how the hell you gonna pass the car off... You wouldn't have rights to the title because you still owe the bank.