Selling a Car When You Still Owe Money in Lafayette, LA
Interested in taking advantage of the market for used vehicles? If you're considering selling your model, prepare to get a great offer for your car, truck or SUV, especially if you sell it to us at Giles Buys Cars! We'd love to take your current model off your hands, and we're confident you'll like our Kelley Blue Book® Instant Cash Offer for your car (sounds like a win-win to us)! But you may be hesitating — after all, if you still owe money on your auto loan, you may think you'll have to wait until the loan is paid in full. Not true! You can sell it whether you have positive or negative equity in your vehicle — we promise. Read up on how we'll handle either option below!
Selling with Positive Equity
What's positive equity? It's when you still owe money on your car, but the value of your model exceeds your loan. For example, if your model is worth $35,000 and you only owe $5,000, you have $30,000 in positive equity.
When you have positive equity in your vehicle, we'll handle the sale in one of two ways. One, we'll either pay the total amount to your lender and the lender will pay the difference to you. Or two, we'll pay your remaining balance to your lender and make a separate payment to you. After payment is settled, you and your lender will sign the title and hand it over to us!
Selling with Negative Equity
Negative equity, on the other hand, is when you owe more than what your model is worth. For example, if your model is worth $10,000 and you owe $12,000 on your auto loan, you'll pay your lender the $2,000 difference. The good news is that you can still sell a model that has negative equity! We'll pay what the model is worth, and all you'll have to do is pay off your lender, which can be done easily with our big check in hand.
If you have any questions about selling your car, contact us online or give us a call! We can't wait to show you how high our offers can be. Giles Buys Cars is located in Lafayette, LA, serving the automotive needs of our neighbors from New Iberia, Abbeville, Youngsville and Broussard .