How do I go about selling my car.

[IceBergSLiM]

I want to sell my car. I owe a couple thousand on it still but I'm trying to buy another investment property and figured that is worth the sacrifice of having a nicer car.

how does this work has anyone done it before?

 

[batmang]

you just put it up for sale for equal or more of what you owe. you inform your bank/lean holder that you have a buyer for your car. you meet with the buyer and the lean holder and the loan is payed off by the buyer of your car, the title then goes from the lean holder to the new owner and your free. ive done it many times.

 

[IceBergSLiM]

Originally posted by: batmang
u just put it up for sale for equal or more of what you owe. you inform your bank/lean holder that you have buyer for your car. you meet with the and the lean holder and the loan is payed off by the buyer of your car, the title then goes from the lean holder to the new owner and your free. ive done it many times.

well the car market in this area took a hit over the last year and I owe couple thousand more than what I could get for it.

 

[jdini76]

Originally posted by: IcebergSlim

Originally posted by: batmang
u just put it up for sale for equal or more of what you owe. you inform your bank/lean holder that you have buyer for your car. you meet with the and the lean holder and the loan is payed off by the buyer of your car, the title then goes from the lean holder to the new owner and your free. ive done it many times.

well the car market in this area took a hit over the last year and I owe couple thousand more than what I could get for it.

Then you will have to take the hit for that if you want to sell it. or find a sucker who will pay for the extra couple thou.

Edit: What area are you in? can you send it to another area to sell?

 

[UDT89]

or you just sell it and make a final payment equal to the value of the loan.

 

[batmang]

ah i see. if you owe more then what you can get for it, the left over would go on your new cars loan, or you would have to pay it outright.
if your buying a different car the rest of the money would go on the new cars loan. if your selling the car private party, you would have to take care of the loan
at the time of sale. you cant sell the car private party and not pay the amount due, it has to be paid at the time of sale at the lean holder.

if your wanting to trade your car in, then the rest of the loan left over would get tacked on to the new cars loan. if you owe 15 and they only give you 12k for it, 3k gets tacked onto
your new cars loan. hopefully your credit is very good, getting dealership to take a car with negative equity is kinda difficult.

your better off selling it private party and getting rid of that loan entirely.

 

[IceBergSLiM]

Originally posted by: jdini76

Originally posted by: IcebergSlim

Originally posted by: batmang
u just put it up for sale for equal or more of what you owe. you inform your bank/lean holder that you have buyer for your car. you meet with the and the lean holder and the loan is payed off by the buyer of your car, the title then goes from the lean holder to the new owner and your free. ive done it many times.

well the car market in this area took a hit over the last year and I owe couple thousand more than what I could get for it.

Then you will have to take the hit for that if you want to sell it. or find a sucker who will pay for the extra couple thou.

Im not worried about taking the hit for it. How does that work though with the bank? Do I need to first come with the difference between what I will sell the car for and how much I ower or will I just have to continue making payment on a car I know longer own until the balance is paid offf?

 

[batmang]

nope, this is how it works. if you owe 15k and a private party buyer offers 13k and you take it, you have him pay the bank his 13k, and then you pay what is left at the time of sale. so you would pay the bank 2k to clear the loan. you take care of all this when you, the buyer, and your bank meet. they usually set a meeting to take care of it all, so you do it all at one time.

 

[IceBergSLiM]

Originally posted by: batmang
nope, this is how it works. if you owe 15k and a private party buyer offers 13k and you take it, you have him pay the bank his 13k, and then you pay what is left at the time of sale. so you would pay the bank 2k to clear the loan.

so If the bank would allow I could take out a 2k personal loan and use that to fund the balance of the car loan? is this a terrible thing to do credit wise considering that I would be able to pay off the personal loan in 2-3 months.

 

[batmang]

i would pay down as much as you can so that when someone buys it from you, they will pay off what you owe. banks dont typically let you take out a loan to pay off another loan. i guess it all depends on what you want and how much you want. as long as you make the payments, your credit should be fine.

 

[AgaBoogaBoo]

If you don't mind me asking, which car did you get and what kind of loan did you take out?

 

[IceBergSLiM]

Originally posted by: AgaBoogaBoo
If you don't mind me asking, which car did you get and what kind of loan did you take out?

what do you mean what kind of loan?

 

[batmang]

im guessing her means percentage?

 

[DougK62]

The car market didn't take a hit - you just made a bad deal.

 

[batmang]

Originally posted by: DougK62
The car market didn't take a hit - you just made a bad deal.

sad, but true.
when you buy a car, you gotta make sure, 100%, that you WANT this car for at least 3 years. it usually will take 2-3 years for a person to break even with the private party value when they go to sell it. (if you bought from a dealership.)

 

[IceBergSLiM]

Originally posted by: DougK62
The car market didn't take a hit - you just made a bad deal.

historically the depreciation had only been 3k per year but this year it was 5k hence the discrepency. It does happen.