Selling recently bought car?

I financed a 2006 Scion xB back in September. With the additions I had added on to the car, I currently owe $17k. Kelly Blue Book, linked from CarMax, says my car is worth $12k. How does this work if I sell the CarMax since I owe more than the car is worth? Will I get money for it or do they pretty much just take it off my hands?

I am looking to do this because I recently bought a motorcycle and that is my primary mode of transportation. I was thinking that I could sell my car to CarMax and get a beater for car errands.

Selling recently bought car?

if you sell to carmax they are not going to give you kelly blue book they will buy it for galves value book. they will make you pay the difference thats how it works. you need to sell it privately.the dealers have to take it in at wholesale but if you have an ext warranty gap insurance and accidental heath or things like that you can cancel them to recoup some of the extra money you owe. you wont get the money directly to you but it will come off the principal loan amount. it shouldn%26#039;t take more than a week . if the dealer gives you a problem with that email me and i will show you how to get them to cancel these extra items.

also you wont get anything back from Vin etch or alarm systems or things like that

Selling recently bought car?

You have to pay what you owe, regardless of what Carmax pays you for the car. If you sell the car for $12k, you still owe the $17k, but you have $12k to pay against it.

Selling recently bought car?

Nothing is free, if you don%26#039;t pay down the car, you%26#039;re screwed, you can%26#039;t sell a car that a bank owns, and they are not going to pay off a car for more than it%26#039;s worth, remember they are in business to make money, not make bad decisions like you seem to have done.

Selling recently bought car?

Actually, if it%26#039;s financed, you don%26#039;t own it, the finance company does. If it%26#039;s worth 12K and you owe 17K, you are upside down for $5,000, which you would still have to pay out to the finance company to get clear title after you gave the $12,000 to them. If you just want out from under it, and have that much to spend to do so, go ahead and sell it. If not, you%26#039;re better off keeping it until you get more paid off.

Selling recently bought car?

You%26#039;ll have to try and short sell the car and finance the difference with your bank. I%26#039;d rather owe $5000 than $12000 wouldn%26#039;t you?

That%26#039;s the problem with buying new cars. They loose their value as soon as you drive them off the lot.

New cars are a waste of money....

Selling recently bought car?

Okay! Here%26#039;s your brain and here%26#039;s your brain on car finance. Now, DO NOT sell your car to Carmax for 12K unless you can pay up in cash the other 5K you owe on it. When you sell the car for less than you owe, you have to pay the other owed when the car is sold. Try selling it privately of the most you can get. Maybe you can actually get more than you owe for it. That way you put money in your pocket. Good luck!!

Selling recently bought car?

Call your finance company and ask what is the payoff, usually less than you think. Subtract what CARMAX pays you and that%26#039;s what you owe. Carmax can not buy unless it%26#039;s all paid in full. So let%26#039;s say 17-12=5, You have to present the 5 at the time that you sell to Carmax.