I got a job which I get a company car with free gas. Can I sell my car, with a $10000 balance - I don't own it? Do I have any options? And no I do not want to just stop making payments and let the bank repo it! Serioius replies much appreciated?
2006-11-01 04:54:14 · 6 answers · asked by Curiousty27 2 in Cars & Transportation ➔ Buying & Selling
Yes, you can definately sell it. You just have to pay the bank off when you do. Make sure you sell your car for at least as much as you owe on it if you can.
2006-11-01 05:03:53 · answer #1 · answered by MCJB 2 · 0⤊ 0⤋
OK, let me see if I have this figured out: You got a new job and one of the perks is a company car, so you're thinking of selling "your" car, but you still owe $10,000.00 on it.
If this is the case, you can sell "your" car as long as you were the only one who signed the papers for it when you bought it from the dealer. The problem is you're still on the hook for that $10,000.00, so if you sell the car you have to pay the loan company $10,000.00 right away, even if you don't get $10,000.00 for the car.
One option is to advertise it as "take over payments." The way that works is the buyer doesn't give you any money -- he/she just takes over your payments. You'll have to work that through your loan company if you get a prospective buyer, so don't be surprised if the loan company won't do it if your prospective buyer doesn't have good credit.
Does that help?
2006-11-01 13:07:04 · answer #2 · answered by sarge927 7 · 0⤊ 0⤋
Not having the title should put a crimp in your plans to sell the car, since the person buying the car will likely require it.
I'd try local car dealerships first, to see if they would take it off your hands. It's probable that you won't get much over your loan balance for the car, but at least you'll be rid of it.
2006-11-01 13:03:14 · answer #3 · answered by jinenglish68 5 · 0⤊ 0⤋
Hi, I've sold several vehicles on ebay and they were all but one financed . Just explain in the listing that the title will be mailed to the buyer as soon as the bank sends you the title. Some banks will send the title directly to the new owner.
put in the listing that you will put this in a signed bill of sale , stating title will be sent as soon as releasing bank sends title out. Most banks can take up to 30 days to send title after receiving payment in full.
Do a kelly blue book on your car , if its not private party value of the $10,000.00 you might want to consider getting it down to private party value if you sell it yourself.
2006-11-01 17:27:45 · answer #4 · answered by teresa b 1 · 0⤊ 0⤋
Sure, you can sell it. But you'll be hard pressed to find a buyer who will buy a financed vehicle.
Maybe you can advertise it as "take over my payments" or if you do find someone who will buy it, you will have to pay out of pocket the difference between $10k and the selling price.
Or you can go to Carmax, they buy financed vehicles. But expect a lowball offer.
2006-11-01 13:04:32 · answer #5 · answered by Anonymous · 1⤊ 0⤋
If you don't have the title, it will be much harder for you to sale. Contact the place you have the car financed through and see if it is possible for someone to take over your car note. You'll have to then sign the car over to the new buyer, which will take some paperwork from the place you have it financed through.
2006-11-01 13:06:13 · answer #6 · answered by Xander 4 · 0⤊ 0⤋