Sell Your Car If You Still Owe Money on It
Can I sell my car if I still owe money on it? Yes. Peters Auto Mall can buy your vehicle even if you are still making payments or still have an outstanding auto loan.
Still making payments? You can still sell your car. If Peters Auto Mall buys your vehicle, we can contact your lender, obtain the payoff amount, pay off the existing loan, and give you any remaining positive equity after the transaction is completed.
You do not have to purchase another vehicle from Peters Auto Mall. If you simply want to sell your car, truck, SUV, van, crossover, or other used vehicle, we want the opportunity to buy it.
Can I Sell My Car If I Still Owe Money on It?
Yes. You do not have to wait until your vehicle is completely paid off before selling it.
Peters Auto Mall can buy a vehicle that still has an outstanding loan. If we purchase the vehicle, we can obtain the current payoff from your lender and handle paying off that existing loan as part of the completed transaction.
What happens next depends on the difference between what Peters Auto Mall agrees to pay for your vehicle and the amount still owed to your lender.
Sell a Car You Still Owe Money On
Selling a financed vehicle is common. The basic process is straightforward:
- Peters Auto Mall evaluates your vehicle.
- We obtain or verify the current payoff amount with your lender.
- We compare the vehicle purchase value with the lender payoff.
- If we buy the vehicle, the existing lender is paid as part of the transaction.
- Any remaining positive equity is paid to you after the required transaction and payoff documentation is completed.
Still Making Payments? You Can Still Sell Your Car
You do not need to make your final loan payment before bringing the vehicle to Peters Auto Mall.
It is helpful to have information about your current lender, but Peters Auto Mall can work with the lender to verify the actual payoff amount.
You may want to bring:
- Lender name
- Loan account information
- Lender phone number
- Current payoff information, if available
- Vehicle registration
- Valid identification
- All available keys and key fobs
We Can Buy Your Car Even If You Still Owe Money
Peters Auto Mall considers cars, trucks, SUVs, crossovers, vans, minivans, work vehicles, luxury vehicles, and other used vehicles for purchase.
Whether we purchase a particular vehicle and the amount offered depend on factors such as:
- Year, make, and model
- Mileage
- Mechanical condition
- Exterior condition
- Interior condition
- Vehicle history
- Trim and equipment
- Current market demand
- Local and wholesale market conditions
If We Buy It, We Can Pay Off Your Lender and Give You the Remaining Positive Equity
If Peters Auto Mall agrees to buy your vehicle and its purchase value is higher than the amount you still owe, the difference is called positive equity.
For example:
- Peters Auto Mall purchase value: $20,000
- Current lender payoff: $14,000
- Remaining positive equity: $6,000
In this example, Peters Auto Mall would handle the $14,000 payoff to the lender as part of the completed transaction, and the remaining $6,000 would be paid to you after the required payoff, title, and transaction documentation is completed.
What If I Owe More Than My Car Is Worth?
If the lender payoff is higher than the amount your vehicle is worth, the difference is called negative equity.
You may still have options. How the remaining balance is handled depends on whether you are selling or trading the vehicle, the amount owed, available financing when applicable, lender requirements, and other transaction details.
Do I Have to Buy Another Vehicle From Peters Auto Mall?
No. Peters Auto Mall may buy your vehicle even if you are not purchasing another vehicle from us.
If you only want to sell your vehicle, we can evaluate it as a stand-alone purchase.
Can I Trade My Vehicle Instead of Selling It?
Yes. If you are shopping for another vehicle, you can also use your current vehicle as a trade.
You can trade in your vehicle even if you still owe money on it. Peters Auto Mall can verify the lender payoff and include the existing loan balance as part of the trade-in transaction.
How Do I Start Selling My Car?
The process begins by providing information about your vehicle.
- Start with the Peters Auto Mall vehicle-value tool.
- Provide accurate information about the vehicle.
- Bring the vehicle to Peters Auto Mall for evaluation.
- If the vehicle is financed, we verify the lender payoff.
- Review the final purchase or trade details.
Start Your Vehicle Value Online
Do I Need the Title if I Still Owe Money?
If your vehicle still has an active loan, your lender may hold the title. That does not necessarily prevent you from selling or trading the vehicle.
Peters Auto Mall can work with the lender as part of the payoff and title process.
Should I Repair My Car Before Selling It?
Not necessarily. Before spending significant money on repairs, consider letting Peters Auto Mall evaluate the vehicle in its current condition.
A basic cleaning and removing personal belongings can help make the evaluation easier, but major repairs may not always increase the vehicle's value enough to justify the expense.
Can I Sell a Vehicle With High Mileage?
Yes, Peters Auto Mall can evaluate vehicles with a variety of mileage levels. Mileage is only one factor used to determine value.
The vehicle's condition, maintenance, history, equipment, demand, and current market conditions also matter.
Where Can I Sell My Car in High Point NC?
You can start online and work with either Peters Auto Mall location:
Peters Auto Mall
2857 S Main St
High Point, NC 27263
336-781-2892
Peters Auto Mall North High Point
3037 N Main St Suite 1
High Point, NC 27265
336-791-4664
What Areas Does Peters Auto Mall Serve?
Peters Auto Mall buys and evaluates vehicles from customers throughout High Point and surrounding Piedmont Triad communities, including:
- High Point
- Greensboro
- Winston-Salem
- Thomasville
- Lexington
- Archdale
- Jamestown
- Asheboro
- Kernersville
- Trinity
Frequently Asked Questions About Selling a Car You Still Owe Money On
Can I sell my car if I still owe money on it?
Yes. Peters Auto Mall can buy a financed vehicle and handle paying off the existing lender as part of the completed transaction.
Can I sell a car I'm still making payments on?
Yes. You do not have to wait until the loan is completely paid off before selling the vehicle.
Will Peters Auto Mall pay off my current car loan?
If Peters Auto Mall buys your financed vehicle, we can verify the lender payoff and handle paying off the existing loan as part of the completed purchase.
Will I get a check for the difference?
If the Peters Auto Mall purchase value is greater than the lender payoff, the remaining positive equity can be paid to you after the required payoff, title, and transaction documentation is completed.
What if I owe more than my car is worth?
You may still have options. The difference is negative equity, and how it is handled depends on the transaction and applicable lender requirements.
Do I need to know my exact payoff amount?
It is helpful if you have it, but Peters Auto Mall can contact your lender to verify the current payoff.
Do I need the title if my lender has it?
No. If the vehicle is financed, the lender may hold the title. Peters Auto Mall can work with the lender during the payoff and title process.
Do I have to buy another car from Peters Auto Mall?
No. Peters Auto Mall may buy your vehicle even if you are not purchasing another vehicle from us.
Can I trade my vehicle if I still owe money?
Yes. Vehicles with outstanding loan balances can still be considered as trade-ins.
Can I start the process online?
Yes. Begin by using the Peters Auto Mall vehicle-value tool.
Still Owe Money on Your Car? Start Here
Still making payments? You can still sell your car.
We can buy your car even if you still owe money. If Peters Auto Mall buys the vehicle, we can obtain the payoff from your lender, pay off the existing loan, and give you any remaining positive equity after the transaction is completed.
You do not have to buy another vehicle from us.