Will CarMax buy my car if I am upside down on the loan?

+1 vote
asked Dec 19, 2018 in Buying & Selling by JosttRodri (380 points)
Will CarMax buy my car if I am upside down on the loan?

2 Answers

0 votes
answered Dec 19, 2018 by layla (12,910 points)
CarMax may not buy your car if you still owe on the car loan and are upside down on the car loan.

However you may be able to trade in the car to them and take out another car loan through CarMax.

So in a way CarMax may take your car as trade in when you're upside down on the loan and then pay that car loan off but then you'll still have to pay for another car through CarMax.

However things may have changed and the only way you can know for sure is to call CarMax or contact them online and ask them directly.

However you can most certainly trade in a car to CarMax that you still have a loan on from another lender and CarMax will pay off that loan and the lien and Title will then be transferred to CarMax.
0 votes
answered Dec 19, 2018 by linda (9,440 points)
My friend was upside down on her car loan and CarMax did buy the car and pay off the loan and helped her get into another car with a car payment she could afford through CarMax.

So they might buy your car outright or you may need to trade it in and get another car and a new car loan with a lower payment that you can handle.

16,817 questions

18,042 answers

81 comments

537,120 users

...