selling a car before the loan's paid off

[daan]

Has anyone here done that? My V is the first new car I've owned, and the first car with a loan I've had since 1994. (I'm old). Due to some crappy financial stuff, I may have to sell my V to free up some $. I've had the V since March, and it still has less than 2500 miles, so it's virtually new still. I know I'll lose a bunch of value because of depreciation, nothing to be done about that. I've heard of "Carmax" that buys vehicles, but the closest one to me is almost 400 miles away, and I don't really want to take the bus home from there. Thanks guys.

[Johniboi]

sell it on ebay perhaps?

[fjwagner]

i sold a car by advertising on cars.com and a local classified ad in the newspaper. You will take a beating at Carmax. I have gotten a quote from them and they have to make money on the deal too, so they offer basically a trade in quote. Selling on your own should net you more money if you have a little more time. At least try for a week.

[Woody64]

I would say sell it on ebay for CASH. If you look on ebaymotors you will see a few versas selling at pretty good prices. If you have an 08 Versa S, you should be able to get close to the loan amount, if not all of it. Best of luck..

[RobsPages]

I just sold my Legacy while I still owed on it. It's a tricky process and takes time to nail down but can make you considerably more than a dealer trade if done well - make sure your buyer knows you have a lien on the car and the time frame before you start in.

Since there is a lien on the car, you first need to clear the lien by paying off the loan - usually with the buyer's money. If your loan is through a common bank (mine was through Citizens) then they can handle this at a branch which significantly speeds things up. If you are lucky enough to sell the car for more than you owe and you want to pay directly to the lien holder then you need to get 2 checks - one for the lien holder in the exact amount due and one for you for the remainder.

Once the check you handed/sent to your lien holder clears (up to 7 business days even for certified funds - thanks Scammers!) they send the release info to your state's DMV which then sends the title to you. If you title is electronic this can take 3-5 business days. If not, leave up to 2 weeks.

In PA your buyer can get a temporary plate which covers this gap so they can take the car while you wait for the title - you just have to provide a notarized bill of sale.

Once you have title in hand, you sign over the title to the new owner, cancel your registration and insurance and you're good to go.

One final note, if you are buying a new car immediately from a dealer ask your sales person about handling the sale of your old car so that it appears as a trade-in on your paper work - this can save you a bundle on sales tax.

Hope that helps.

[Slider4105]

Or you can post up on http://www.swapalease.com/. My girlfriends father got his G sedan, Pacifica, and Cadillac SRX from there. Basically you transfer the loan to the new buyer.

[daan]

Thanks for that swap link, it was interesting. Uh...I have a loan, not a lease though... Will give them a call/email tomorrow though.

[Slider4105]

Ah.....well insert facepalm here. Sorry I couldn't be of help.

[jrw1621]

Call your lender and ask them what the "pay-off" is on your car. This will tell you exactly how much money you will need to get out of the loan. Once you know the pay-off you can use that to help you in deciding what price to ask for the car.

If you sell the car for less than the pay-off, you personally have to come up with the rest of the cash immediately.

Selling the car yourself would yeild you the greatest dollars. If both you and the buyer visit your bank branch together, the bank will assist in the paperwork.