What is the best way to sell a car that you own but still owe significant money to the financing company?

December 11th, 2007 | by Michael |
sell car
Colin C asked:



LEOPOLDO

  1. 7 Responses to “What is the best way to sell a car that you own but still owe significant money to the financing company?”

  2. By smartarse on Dec 11, 2007 | Reply

    its illegal

  3. By jennjn1331 on Dec 11, 2007 | Reply

    Dealerships won’t give you a fair deal most of the time. Put an ad in the paper & try to sell it to a private buyer. They will probably have to get it financed & their bank or whoever will send the check to your financer & to you if there is any left over. We just bought a car from a private seller that way.

  4. By jimi_magic_2 on Dec 11, 2007 | Reply

    If you want to get good value for it, clean it up, take good pictures of it and post it on e-bay motors with a high reserve price that is enough to cover what you owe. Trust me, it works, especially with low mileage cars. I had a friend sell a Scion for nearly its sticker price and it had a dent, 20,000 miles, and nothing special.

    Good luck.

    **late addition - it is not illegal to sell a car, but you will have to pay off what you owe.

  5. By chiiky25 on Dec 12, 2007 | Reply

    try the website.
    It should have a rough idea of how much cars like yours are selling for. If it’s less than what you were after then try another website that sells cars. Also you should bump up the price a lil, coz if u get any offers they will always want the car for cheaper. That way you still get the money you were after & they think that they’re gettin a bargain!

  6. By littlebit17 on Dec 15, 2007 | Reply

    I have seen it listed before for cars where people list, “assume payment”, not sure how that could work if someone has given you a loan? Also, get a loan from your bank and pay it off. Then, sell it.

  7. By israelmoya20 on Dec 18, 2007 | Reply

    if you have a new car, and can’t make no more payments, or just don’t want it, then you can let someone else take over payments, even though is on your name, the credit….i bought a car from a lady that had it parked, on her home, but she offer me to take over payments, until i pay it all, she will give me the title of the car, last week, i just pay it all, so she trusted me and now she and we don’t owe money to the dealer nor to her….what kind of car is that you have….

  8. By k on Dec 19, 2007 | Reply

    I had the same situation. Basically, you need to pay off the car and have the title in your hands before you can sell it yourself. You could try to get a loan from your bank or credit union. Once you pay it off it still takes a couple of weeks for the title to be processed to make the car officially yours. Then you could try posting it on ebay motors, autotrader, local paper, etc. Your local DMV can help you with the paperwork you will need for the transaction. Remember, do not sign over the title until you have the buyer’s money in the bank. Once you sell it, then just pay off the loan. The interest that you pay should be minimal. It is kind of a hassel, but I do not think there is an easier way. If you use a dealer/broker, you will not get the blue book value or will have to pay a commission fee. Doing it yourself, you will come closer to breaking even, but it requires a lot more work on your part. Best of luck!

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