Will Carmax Buy An Upside Down Car May 2026

Experts from Chase and CarEdge warn that this immediately puts you "underwater" on your next car, potentially creating a cycle of debt. Recommended Preparation What if I owe more on my car than the amount of your offer?

Yes, , but you must reconcile the "negative equity"—the difference between what you owe on your loan and CarMax’s offer—before the sale can be finalized. How the Process Works will carmax buy an upside down car

Cashier’s checks, certified checks, certified funds, or debit cards are accepted. Experts from Chase and CarEdge warn that this

Only accepted if the amount you owe is less than $250 . How the Process Works Cashier’s checks, certified checks,

If you are only selling your car (and not buying a new one), you must pay the negative equity to CarMax on the spot.

CarMax does not allow you to use a credit card to pay off negative equity. Roll the Debt Into a New Loan: