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What do you need to do to

todpod

todpod

Golden Member
sell a car that we still owe on. Its a 2011 Ram 1500, owe about 15000, books about 21000, Probably sell about 19 or 20
 
Step 1:

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AT Moderator
Bartman39
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Step 2: Call insurance.

Or pay off the car and sell it privately.
Or maybe Carmax?
 
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Get money from the buyer to pay it off. Hold onto the vehicle and/or title for the month or two it takes to get the lien release from the bank. Then deliver the vehicle, or mail the title.
 
My mother bought a car from someone that had a loan on it. The lady owed 13k or so. Car is a 09 altima with pretty low miles when she bought it. My mom payed the lady, took the car with a copy of the owners registration and information plus insurance cards. Since the lady didn't Need the car she payed the bank , got and sent her the title. She was an old friend though so she was trusted but you could have the buyer send the money to the bank and you give them the car so then they send the title to you and you send it to buyer.
 
If you have your loan at a local bank it can be a bit easier. Line up what your wanting to do so they have the title ready. Meet at bank, have money wired and the title is signed over.
 
good question.

i'm looking to sell my genesis coupe. it's worth about 15-16, i owe 10.5, so i come out positive.

i just don't know what i need to do in terms of paperwork, getting the lender the $$, and getting the buyer the title.

i want to get a miata (preferably MSM) instead.
 
boomhower said:
If you have your loan at a local bank it can be a bit easier. Line up what your wanting to do so they have the title ready. Meet at bank, have money wired and the title is signed over.
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This doesn't always work. One of the vehicles I sold was paid off at a local bank. They still took two months to get me a lien release letter. The seller took the car, but it wasn't until that two months later that I sent him the title.
 
We can afford to keep it but just not sure it makes sense too. I can walk to work. We may keep it.
 
ThatsABigOne said:
But buying a car for monthly payments? I would just save, and pay up in cash.
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Some people don't have the opportunity to do that. When I finished school I had loans and no one to help me plus a car that was breaking down and no time to look for a used beater as the job started in a week and I only had a bit saved up.

If I had the time, a way to get to the new job I could have saved enough to buy something decent but oh well. Assuming you have no other bills other than rent saving up to pay all in cash can't be that hard but sure wasn't my case lol.
 
jlee said:
Sometimes you find the right deal and it's worth it. And with rates as low as they are now, who cares, really..
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Just saying that selling the car that they cannot afford to own is not a wise choice. 🙂 No hard feelings, you all. I will go back to my own corner!
 
ThatsABigOne said:
Just saying that selling the car that they cannot afford to own is not a wise choice. 🙂 No hard feelings, you all. I will go back to my own corner!
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If they can not afford the vehicle that they own, what other options are there.

Do they refinance vehicles at a lower rate?
 
EagleKeeper said:
If they can not afford the vehicle that they own, what other options are there.

Do they refinance vehicles at a lower rate?
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Depends on the bank. My bank keeps sending me stiff to refinance at 2.9 % or so but I don't want to restart the loan cycle. If they can refinance me for the same number of months I currently have then I would do it.
 
ThatsABigOne said:
Just saying that selling the car that they cannot afford to own is not a wise choice. 🙂 No hard feelings, you all. I will go back to my own corner!
Click to expand...

who said the OP can't afford it?

paying cash has opportunity cost. with a low (or even 0%) interest rate, it makes virtually no sense to pay cash for a vehicle.
 
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