It's very common for someone to sell a financed car to a dealership. There are a few more steps to go through, however, most of the process is handled by the purchasing dealership. Read this blog for all you need to know about selling a financed car to a dealership.
Of course! Here's the process of selling your car to a dealership when you owe:
Assessment Of Car's Value: Just like in any situation the dealer is going to give you a market-based price and if they’re a good dealership, like Driver's Way, they'll give you even more!
Payoff Amount & Loan Settlement:This is where the money you owe comes into play. The dealership will get your loan information and be able to determine how much money you still owe on your loan. Once they do they'll work with lender to pay off the loan directly.
If your car's valuation is higher than the payoff amount then you'll receive any remaining equity! But if your car's valuation is lower than the payoff amount (upside down/negative equity) then you'll have to discuss options with the dealership.
It is important to note that the process can vary because of different dealership policies so make sure you have a good idea of the situation at your dealership.
Before the sale of a car to Driver's Way is final you'll usually need these documents:
Clarify with the dealership beforehand so you can be prepared and save time while you're there!
Selling a financed car to a dealership as opposed to one that is paid off is guaranteed to save you time and headache. Instead of having a dealer handling the loan, you and the buyer would have to, with a big risk of being taken advantage of.
Another reason why it's better to sell to a dealership is the trust they have. A dealership like Driver's Way has bought thousands of cars and has sold thousands more. We can be trusted with doing a deal because of how many of our customers love us. Whereas selling to a stranger leaves room for chance.
Sell it to Driver's Way! We're in need of inventory and are always looking to buy cars in Alabama. Check out our Sell Your Car page to see the latest offers and learn about our process of selling a financed car to a dealership!