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You should consult with your "Consignment Pro" dealer to get their specific answer to this question. However, it is usually okay as long as the amount you owe (bank payoff) is not significantly more than your car's retail consignment selling price minus their consignment fee(s). Once your car is sold, your Consignment Pro will pay your lienholder directly from the sale proceeds and give you a check for any difference. If you owe more than your vehicle's retail consignment value (called Negative Equity or Underwater), many Consignment Pros will still allow you to enroll in their program, but may require you to place the estimated difference/shortfall in escrow at time of enrollment.
You might be interested in reading: Negative Equity Auto Loan? Discover How to Get Your Head Above Water
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 network of trusted retail consignment dealerships by zip code, city, county, or state to easily find and get connected with nearby dealers that specialize in selling your type of vehicle.
