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You have nothing to lose by trying to sell it privately on Craigslist, after all it's free.
We had a Dodge Caliber to sell on Craigslist. We got it detailed, had all service records available, drove it very little since listing it. Due to it's condition, the availability of records, etc...we listed it slightly above KBB. A young, 21 year old female mechanic came to look at it and purchased it. While we lucked out, it didn't cost us a thing and worked in our favor.
Be honest about the condition of the vehicle, your situation (you don't have to explain your situation in detail in the ad obviously), and if it works out--great. If not, you're in the same situation.
Bummer for you but don't fret, those are good cars and it should last you quite a while. Just keep taking care of it and driving it. Keep building your credit and saving up. When it comes time to replace that car, you will have the odds stacked in your favor.
Usually the minute you drive a car off the lot you are upside down on it. I see these car loans now for 7-10 years and wonder how many people even keep the cars that long. But since a new car now costs what a house used to sell for I guess it is the only way to be able to afford one.
Don't get suckered into the zero down/ low payments game, they'll end up sticking you with a 7 year loan which will get you upside down all over again. Unless you plan on keeping the car for a very long time, I don't recommend financing any vehicle over 48 months. You need to be able to pay down your loan fast enough to keep up with the depreciation.
A good rule of thumb when financing a car is to never take on a principle that you can't pay off at at any given time either by cash or liquid assets. Now you are stuck selling a car that you not only don't have a title to, but also may not be able to come up with enough cash above the buyer's money to get the title.
Can you just refinance the car? See if a bank or credit union will give you a 48 or 60 month loan on it. It's lower your payments and you'd know the car already.
Do not tell the dealership/salesman you have a trade-in. Negotiate the price of the car you want to purchase. Once you've agreed on a price, then let them know you have a potential trade-in.
As far as trade-in value, the dealer will always provide an insanely low offer. If you are upside-down on the trade-in, the amount owed will be added to the new loan.
You are always better off selling the car privately, or if you're near CARMAX, check what they'll offer for your car; CARMAX is usually more generous than dealerships.
Good idea but most dealers will NEVER give you a solid price until they find out if your credit is solid enough to buy it. The debt you still owe on the old car will affect the report.
Good idea but most dealers will NEVER give you a solid price until they find out if your credit is solid enough to buy it. The debt you still owe on the old car will affect the report.
Then you're in the wrong dealer. IME, the sales department and credit department are totally separate from each other.
Then you're in the wrong dealer. IME, the sales department and credit department are totally separate from each other.
Why do you think the sales rep asks for your ssn? They check your credit way before you get to the F&I department
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