I need to sell my car, but I still owe...help? (sale, loan)

[lg97]

What is the best way to sell my car, if I still owe on it? It is worth more than is owed, but I want to get the most that I can for it. Also, how would I transfer the title to the buyer? Thanks...this is urgent!

[lamishra]

You go ahead and sell it on craigslist or cars.com (or trade it in) and then take the profit you made from it and pay off your loan. You have to go to the DMV to transfer a title. NCDOT Division of Motor Vehicles: How do I title & register a vehicle?

[saturnfan]

Many buyers will not trust this kind of deal.

Try Carmax. they will take a check (certified) from you if you are upside down.

[kelly237]

This is what we did when we bought a car with an outstanding
loan.

The bank the car loan was done with was in town.

We all met there and we brought 2 money orders.
One paid the loan in full to the penny and one
was the balance for the seller.( Get this info for the buyers.)

Then the buyers take possession of the car , gets a bill of sale and
a copy of the loan marked paid in full.
The title is mailed from the loan bank to the new owner.

I cannot tell you if this is officially the proper way but it worked fine for us.

I wonder if NC DMV could give you advice??

[tony23]

If I were doing this (I have done so in the past) I would contact the finance company and tell them I was planning on selling the car, and ask for their help to be sure I took care of things properly.

[JJingle]

The fastest way to sell a car is Carmaxx. They will provide a quote to you in about an hour. You can take it or leave it.

The other route is to post the car and sell it yourself on craigslist or autotrader. This can be a hassle, as you have to deal with the general public including browsers and other non-serious buyers.

I've taken both routes. I would recommend going to Carmaxx and getting the quote. Then determine if (1) it's enough to pay off the loan and (2) if the difference in the Carmaxx quote and the private sale price you feel you can obtain is worth the added time and energy to sell it yourself.

Although someone mentioned calling the finance company for advice, I wouldn't recommend that route. Auto finance companies don't really have a department for that type of thing. So, you may end up with someone trying to be helpful and instead giving you wrong information.

[saturnfan]

Carmax gave me more than the dealer offered for my 03 Corolla when I got an 08 last December.

If the finance company is out of state, Carmax will make your life simpler, and no issues with buyer complaints if things fail just after you sell.

Try them first.

[Huckleberry3911948]

contact dave ramsey radio show. he is the austerity guru.

[kelly237]

Originally Posted by JJingle

The fastest way to sell a car is Carmaxx. They will provide a quote to you in about an hour. You can take it or leave it.

Although someone mentioned calling the finance company for advice, I wouldn't recommend that route. Auto finance companies don't really have a department for that type of thing. So, you may end up with someone trying to be helpful and instead giving you wrong information.

Carmax offers have always come in well below what we ended up
selling to a private buyer . The hassle of selling was worth the extra
$ to us.

The loan company/bank that is holding the title is exactly who you need to talk to to find out the payoff to the penny(the day of purchase)
and how to assure that the loan payment and title release goes
smoothly.

[sbanawan]

What usually happens is that the buyer cuts a check to the finance company. When the finance company gets it and they owe you money, they'll mail you a check and mail the title to the buyer or lien holder if they got a loan to pay for the car. It's complicated but not difficult.