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I Want to Sell My Car But I Still Owe Money in Omaha NE | Schrier Automotive

Published on Jul 29, 2022 by Schrier Team

Schrier Automotive – How to retain your vehicle value near Elkhorn NE

Schrier Automotive – How to retain your vehicle value near Elkhorn NE

I want to sell my car but I still owe money in Omaha. If you can relate to this statement, rest assured that you are in great company. The market for used cars is hot right now, and you may want to take advantage of this great opportunity to trade up to your next vehicle. At Schrier Automotive serving Omaha Elkhorn Bellevue Lincoln Nebraska, many of our customers want to sell us a used car that still has a loan on it. The good news is that you can sell your old car if you still owe money on the auto loan. If you are saying, “I want to sell my car but I still owe money,” you should be aware that there is one extra step in the sales process. This involves paying off the loan with the lender so that title can be transferred to the new owner. How can you walk through this straightforward process?

What Is Your Car’s Value?

When you state, “I want to sell my car but I still owe money in Omaha,” the first step involves looking at the vehicle’s value. Because of current market conditions, many used cars have a great resale value. However, you need to know if your car’s value is sufficient to pay off the loan or if you will need to bring money to the table. You can conveniently research your car’s trade-in or resale value through websites like Kelley Blue Book. If you want to get a firm offer on the vehicle, you can reach out to our associates serving Omaha Elkhorn Bellevue Lincoln Nebraska.

How Much Do You Owe?

If you have recently said, “I want to sell my car but I still owe money,” the next step in the process is to research the payoff amount. You can easily connect with your current auto lender to request a payoff. Then, compare the payoff amount to the vehicle’s value. If you owe less than the vehicle is worth, you have positive equity. This means that you may receive cash for the sale, and this money could be used as a down payment toward your new vehicle. If you owe more money than the vehicle is worth, you have negative equity. This means that you may need to provide cash to make up the difference so that your old car loan can be paid off. If you plan to buy your next vehicle from Schrier Automotive, it may be possible to roll the negative equity into your next auto loan. Our associates serving Omaha Elkhorn Bellevue Lincoln Nebraska are available to help you explore the possibilities.

Will You Trade in Your Car or Sell It Privately?

For drivers who say, “I want to sell my car but I still owe money in Omaha,” there are two primary sales options. The first option is to locate a private buyer and complete the process yourself. In addition to marketing your vehicle for sale and locating a qualified buyer, you must work with your lender to get the old loan released. With this option, your negative equity must be covered through a cash payment by you. The other option is to sell your old car to Schrier Automotive. When you do so, our team will work directly with the lienholder to handle the release of the lien. In addition, there may be the possibility of rolling the negative equity in a new auto loan so that you do not need to pay off the auto loan with a cash payment.

While you do have a few options available if you are saying, “I want to sell my car but I still owe money,” you can see that the most hassle-free solution available is to sell the vehicle to our dealership. We are available to make a great offer to you today that is based on its current value. To explore the possibilities in full detail, contact our associates today. Also serving Elkhorn and Bellevue Nebraska.

*For general informational purposes. For complete details, please contact the dealership.

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