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Selling my new car with a Loan on it

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M

mAdMaLuDaWg

Platinum Member
I hava 2008 Camry that I have decided to sell. Now I have a 0% APR loan on it so the title is in the financial company's name. I have had enough money to pay off the loan but never bothered since it was @ 0% APR. Now that I've decided to sell my car, would it be easier just to pay off the loan or is selling a car with a lien on it really not a big hassle?
 
Originally posted by: Slew Foot
Looks like you werent, "Saveeeeeeed byyyyyyyyy zeeeeeeeerrrrrrrooooooooooooooooooooooooooooooooooooooooooooo.."
Click to expand...

:music: It's alright because he's saved by the bell :music:
 
I've sold a car with a lein before and I was uncomfortable the whole time. I've sold several cars before and I've encountered one disgruntled buyer that turned me off to the whole thing.

I went to a Mazda dealer to see if they would buy my car (Carmax made a ridiculous lowball offer). The guy I talked to said they didn't buy cars outright without a sale, but he would find a buyer for me for a fee. I agreed to pay him $250 to find a buyer since he came across them all day long. I was selling the car for less than payoff due to some prior damage that was poorly repaired.

The salesman set up a meeting for the buyer and me so she could inspect the car. I had it looking nice as I could and she agreed to buy it. I was losing about $3k on the deal, but it was better than the 10k I would have lost selling to Carmax. Once she agreed to buy the car, I came up with a cashiers check for $3k and she came up with $12k which we put in an overnight envelope to Mazda for the payoff. I gave her a copy of the payoff quote from Mazda when we signed an agreement for the transaction. Thats when I found out the salesman earned $500 total on the deal. I guess I cant complain since he did save me. She took off with the car the same day as we agreed to bring the funds that day.

I got the title back in a week and I mailed it with a signed title application to the buyer and an extra key which I didnt have on me at the time.

The deal went pretty smooth overall, but if youre dealing with a flakey buyer a lot might go wrong (backing out, etc). The car was under warranty so that did help, otherwise make sure you both sign something stating the car is sold "as is" so theres no misunderstanding later if they get buyers remorse.
 
Originally posted by: FelixDeKat
I've sold a car with a lein before and I was uncomfortable the whole time. I've sold several cars before and I've encountered one disgruntled buyer that turned me off to the whole thing.

I went to a Mazda dealer to see if they would buy my car (Carmax made a ridiculous lowball offer). The guy I talked to said they didn't buy cars outright without a sale, but he would find a buyer for me for a fee. I agreed to pay him $250 to find a buyer since he came across them all day long. I was selling the car for less than payoff due to some prior damage that was poorly repaired.

The salesman set up a meeting for the buyer and me so she could inspect the car. I had it looking nice as I could and she agreed to buy it. I was loosing about $3k on the deal, but it was better than the 10k I would have lost selling to Carmax. Once she agreed to buy the car, I came up with a cashiers check for $3k and she came up with $12k which we put in an overnight envelope to Mazda for the payoff. I gave her a copy of the payoff quote from Mazda when we signed an agreement for the transaction. Thats when I found out the salesman earned $500 total on the deal. I guess I cant complain since he did save me. She took off with the car the same day as we agreed to bring the funds that day.

I got the title back in a week and I mailed it with a signed title application to the buyer and an extra key which I didnt have on me at the time.

Overall pretty smooth, but if youre dealing with a flakey buyer a lot might go wrong (backing out, etc). The car was under warranty so that did help, otherwise make sure you both sign something stating the car is sold "as is" so theres no misunderstanding later if they get buyers remorse.
Click to expand...

Thanks. Sounds like a bit more work than I would like. I can easily afford to pay off the loan myself so I think I'll go that route.

Now, hopefully I could get a decent price on the car.
 
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