If you owe more than your offer, you will need to cover the difference. In some cases, the amount can be included in your financing or paid directly to CarMax. CarMax will accept a personal check for amounts under $250. For larger amounts, CarMax stores accept cashier’s checks, certified checks, certified funds, cash, and debit cards.
When you sell a car to CarMax, do they give you a check or send it to your bank? It depends on the deal you make. If you sell your car for less than what’s owed on it, then CarMax will likely send you a check.
However, if your car is worth more than what’s owed, CarMax may instead offer to pay off the balance with a loan. Either way, it’s important to know the specifics of your sale before signing anything!
Other car-selling details
Do you have to buy a car from CarMax to sell your car to them?
No. Whether you buy a car from CarMax or not, your offer is the same.
Does CarMax have restrictions on the vehicles it will buy?
CarMax will purchase damaged vehicles, including those with flood damage. If a car is undrivable, you can have it towed to CarMax for an appraisal. However, some states restrict CarMax’s ability to purchase salvage vehicles.
What is needed to Complete a Sale?
Requirements can vary by state, but in every state, you will need your car’s title or loan information, a valid registration, and all keys and remotes. In addition, anyone named on the title should be present and provide a valid state-issued photo ID.
Will CarMax Pick up My Car?
CarMax will pick up your vehicle only if you are also buying a car and having that car delivered.
When am I Paid?
As soon as you sign over your car, CarMax will hand you a bank draft. A bank draft must be deposited and can take a few days to clear before a withdrawal.
You may like to read about the Carmax make a payment
Will I be Charged any Fees?
There are no fees to sell a car to CarMax.
Can the price Change after I’ve handed over the Car?
The price can change if there is undisclosed damage.