Is it better try sell at Carmax or a Dealership?
I have a 2014 Ford Focus SE sedan that has about 23,000 miles. It is in a very good condition. I'm planning on selling it soon but I still owe about 12,000 to the bank. How does this process work if you still owe and is it better to sell at Carmax or a dealership?
They will only give you about 8500 / 9000 for it. You will have to pay the balance of your loan to them or the bank at the same time to complete the sell transaction
It really makes no difference, as they will value your car the same. As Mark T said, it's not worth what you owe, so in order to sell it, you'll have to come out of pocket for the difference in what they pay versus what you owe. You can't make payments, you'll have to pay it immediately.
Take it to both CarMax and multiple ford dealers. A ford dealer will likely pay the most. Don't deal with salesman, deal with the used car manager.
The buyer will payoff the loan as part of making the deal. And write you a check for any excess.
You can't sell it if the entire loan isn't paid off.
It's better to sell the car yourself. Any dealer is going to pay wholesale price because they have to mark it to retail in order to sell it.
CarMax is a Dealership. Like all dealers they buy low and sell high in order to make a profit. If you sell it privately you may get more for it.
If you owe more on your car than the sale price, you must add cash to fully pay off the loan to release the title to give to the dealer. If you owe less that the car is worth, you pay off the loan and pocket the remaining money.
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