I have two cars and I need to get rid of one of them.
A 2004 Mazda 6 at 560.00 a month and a 2005 Cadillac CTS which is a lease at 417.00 a month. I need to get rid of one of them SOON. Where do I start looking and what is the process?
2006-08-26 12:29:57 · 4 answers · asked by CEDRICK H 1 in Cars & Transportation ➔ Buying & Selling
Advertise the car or cars for sale in a local paper. Pennysaver or something like that. Your local newspaper might be reasonably priced for classified, check with them.
Advertise for the remaining balance of the loan. A buyer can get their own financing and pay off your loan or pay off the lease. If the value of the car or the price they will pay is less than what you owe, you may have to come up with the difference. If the buy for more, you keep the difference.
Your loan will need to be transferable, but if is isn't, sometimes your financing place will work out a deal with the new owner anyway. Call them and ask what can be done.
While you have them on the phone, ask if you can re-finance the balance for a longer period. The payment(s) will be less and you may be able to keep them both if the payments come down enough.
There is a great tool for finding the current value of used cars. Go there and see what they are worth. Compare it with what you owe. Click the link below and have your car's info ready. They ask a bunch of questions, but the value is accurate.
Good Luck!
2006-08-28 16:05:29 · answer #1 · answered by Ken C. 6 · 0⤊ 0⤋
Someone is going to have to qualify for their own loan AND want your car. You could advertise selling the Mazda, ask for the balance owing, and if you're not "upside down" in it you could probably sell it. The lease just has to go back (I think) I hope your miles are still good on the Caddy
2006-08-26 19:36:58 · answer #2 · answered by westgaliberty 6 · 0⤊ 0⤋
Even if someone else take your lease/loan car payments you are still responsible for the debt. Unless your name is off the contract, but that might cost you money too. Careful what kind of deal you make.
2006-08-26 19:43:30 · answer #3 · answered by tiger 4 · 0⤊ 0⤋
Advertise in the paper a assume payments and your requirements like how much down/no down, must be cleared thru the people who financed your car, and they approve of the payment transfer, also you release all responsibility of the balance of the loan.
2006-08-26 20:14:17 · answer #4 · answered by drifttosun 2 · 0⤊ 0⤋