Negative Equity Lien Payoff
When selling a financed vehicle on DealNow, sometimes the buyer’s offer does not fully cover your loan payoff. This is called negative equity.
Don’t worry—your deal can still close. It just means you’ll need to cover the difference between your loan payoff and the buyer’s purchase price using the DealNow Pay.
Add funds for negative equity deals
1. Navigate to your deal
2. Find step three of the deal, called "Title." Make a note of how much you will need to deposit and click "Add funds"
Tip: Payoff amounts are only good for three days and will change if you do not close the deal within 3 days. So we recommend adding enough funds in the event the deal needs more time to close. Any amount not used for the negative amout can be withdrawn back to the seller.
3. Click "Set up Bank"
4. Click "Set Up Dpay Wallet"
5. Click "Set up Bank"
6. Check off both checkboxes and then click "I agree, continue"
7. Click "Start verification"
8. You will be walked through the verification process if you have not done so already. Once drivers license is verifed you will click "Finish"
9. Once your Dpay wallet is set up you will see this Success modal and you can click "Done"
10. Click "Add funds"
11. Choose the "Wire transfer" option so you can fund your wallet within the 3 days that the loan amount has before it changes
12. Click "Continue"
13. Review instructions for how a wire transfer works and click "Continue"
14. Click "Text me this info" so you can have the wire instructions texted to your phone. You can tae these instructions to the bank you wish to send the money from to initiate the wire.
Fund via a bank transfer
If you did the wire transfer, then there is no need to add more funds. You don't have to continue reading.
Tip: Bank transfer can take anywhere from 3-5 business days to process. If you choose this option you will need to add additional per diem in the event the funds don't clear before the 3 day window. We recommend adding at least 3 days of per diem to your total amount so your deal is not delayed.
15. Click "Connect bank"
16. You can "Continue as guest" unless you alreayd have an account with Plaid
17. Select the bank you wish to link or use the search box to find your bank
18. Plaid will walk you through logging in to your bank to get it connected.
19. You can click "Finish without saving" or choose to save your info with plaid to complete connecting your bank.
20. Click "Add funds"
21. Click "bank transfer Bank transfer 3-6 day processing"
22. Click this amount field and enter the amount need to cover the negative equity amount + some additional funds in case the deal doesn't close in 3 days
23. Click here
24. Review your deposit, click the checkbox, and then "Transfer money"
