Overhaulin'

What's the best way to sell a car that's still financed?

Thanks to everyone who replies! I contacted carmax they said they would give me fair market value what is that? If I sell the car to them will this negatively effect my credit score since I havent had the car long? I had my lic. revoked. I just want to save my credit. help !!!! any suggestions on getting rid of this car fast.

Public Comments

1. If you get enough to pay off the loan then it won't affect your credit, if you get less then you are still responsible for the balance and if you don't pay it then your credit will be affected
2. Kbb.com will give you the fair market value. The best way to sell it depends. If you want to get the maximum price, sell it to a private seller, either through the paper or on ebay. CarMax is convenient, but they will generally give you a lower price than an individual would. You will need to call the note holder (probably a bank) and find out what your payoff is. You will not be able to transfer the title to the person who buys it unless you can send the bank the payoff amount (after the sale). It will improve your credit once it is paid off. It will not hurt your credit if it stays on there, so long as you aren't late with any payments.
3. Selling it to Carmax only sounds like a good deal if the market value is equal to or greater than the payoff on the car. Otherwise, you will still have to dig into your pockets for the remainder of the money to pay off the car.