Do you owe more money than your car, RV or motorcycle is worth? You are definitely not alone. In fact, according to Edmunds.com’s April 2020 Used Vehicle Market Report, two negative equity statistics (also known as “upside down” or “underwater”) showed a sharp record spike and reached all-time highs for the first time since 2016:
There are many contributing factors to this negative equity trend, but if you find yourself in this situation, the “why it happened” is not as important as the “how to get out.”
If you search on the subject, you will find most articles suggest the same old not-so-good options:
There is a lesser known but much smarter option available for reducing or eliminating your negative equity. It is called automotive retail consignment. With retail consignment, you get more money than a dealer trade-in like a private sale, but without all the hassles and hazards of selling your car, RV, or motorcycle, yourself. In fact, receiving higher value for your vehicle is the #1 benefit of choosing the retail consignment selling option. The other three benefits are expertise, safety and convenience.
The other good news is there are hundreds of licensed automotive consignment dealers (Consignment Pros) throughout the United States listed on Retail My Ride that can help with your negative equity dilemna or to just put more money in your pocket if you are not too far underwater.
How can you determine if and how far you are underwater with your car, RV, or motorcycle loan?
Contact your lender to obtain a current net payoff amount
Determine your vehicle's value for each of the selling options - trade-in, private sale, retail (consignment) by using one of the many free online pricing guides available (e.g., NADA, Kelly Blue Book, TrueCar, CarGurus, etc.). NADAGuides.com is helpful because it provides valuations for all three types of vehicles - Autos, RVs and Motorcycles.
Subtract vehicle's value from bank/lender payoff
Use Retail My Ride to find a consignment dealership near you that specializes in selling your type of vehicle. Then, contact them directly to discuss your vehicle, your estimated negative equity position, and to find out more about their specific consignment program requirements.
In this example, you can expect to receive approximately $12,000 from a traditional dealer or $14,500 selling it privately or $15,000 sold by a consignment dealer.
Take the next step - Enter your zip code or city to Find a consignemnt dealership near you that specializes in your type of vehicle.
Use Retail My Ride to find a Consignment Pro (dealership) near you specializing in selling your type of vehicle, then contact the Consignment Pro to discuss their specific program details and requirements. You can search by Zip code, City, County, State, and filter your search by vehicle type, including Autos (late-model), Classics, Exotics, Antiques, Vintage, Custom, RVs, Motorcycles, Wheelchair accessible, Commerical, or Trailers.
You can also request a free no-obligation consignment valuation quote for your vehicle before contacting the dealer.
What is My Vehicle Worth on Consignment?
How to Get More Money, Hassle-free
Find out what your car, RV, or motorcycle is worth from a specialized Consignment Pro dealership nearest you.
Browse our collection of Articles, Common questions, and Testimonials. Find out Which Vehicles Are Best Suited for Consignment and What Your Vehicle is Worth Using Consignment. Search our national directory of 1,087 consignment dealerships in 48 states by zip code, city, county, or state to easily find and connect with Consignment Pros near you that specialize in selling your type of vehicle.