I just bought a car on Monday, and have since discovered that the car is not for me. I did take it for a test drive, but obviously not for long enough. The car (Mazda3, hatchback, 2005, 23520 miles now) is in great condition, but being a larger person with a 3 month old tailbone injury, it just doesn't work.
Once I return the extended warranties that I bought, I will owe $4000 on it. I financed it through the Honda dealership that I bought it from. If I sold it through Carmax, I believe that Carmax would take care of paying off the financed part, and cut me a check for the remaining.
What if I wanted to sell it via Autotrader? I would want to get about $17500 for it (the original factory warranty is good until 7/09 or 50,000 miles). I know I have to wait until I have plates for the car, but how would I sell it to a private party? I wouldn't have the title until the car was paid off, and I wouldn't be able to pay the car off until I get the money for it? Can I still FSBO?
2007-02-23 14:22:40 · 4 answers · asked by Scorpeo 2 in Cars & Transportation ➔ Buying & Selling
I can return the extended warranties for a full refund as long as it is 30 days or less of the sale date, I already talked to the dealership. I bought the car on 2/19, it is now 2/23, I can return the warranties for the full refund and have my signed notice ready to mail.
If I can get about $17500 for the car, I will not lose $4000. I can purchase my old car back for what they gave me for it, I have that in writing, so that's not a problem. I will be out the registration fees for the car, but I am willing to lose $300 for my mistake.
I know Carfax wouldn't pay off the financed part, I am referring to CarMax.
2007-02-23 14:44:20 · update #1
Absolutely. Anything is possible. However, be aware that "Possible" and "Good Idea" are not the same thing.
If you NEED TO GET RID OF IT you don't have a choice but to possibly take a monetary loss on it.
Selling it privately is really almost no better than taking it to a dealership to trade it in. People complain about dealerships all the time but when it comes time for them to buy a car from a private seller, they become the same kind of pirahnas that they accuse the dealerships of being. People will try to low-ball you just as aggresively as any dealership.
Whatever you decide to do.. decide it quickly. "Depreciation" and "Time" are very good friends! The longer you wait, the more you will lose!
Good Luck!!
.
2007-02-23 14:39:57 · answer #1 · answered by rob1963man 5 · 0⤊ 0⤋
Yeah, you made a mistake and now you are stuck. You can put it up for sale, that's not the problem. You would have to ask as much as you owe on the loan, pay off the loan, and then go shopping again, provided you had money to put down. I think you are stuck with this car, and hopefully have learned about spontaneous purchasing. Carfax isn't going to pay off your financed part, they aren't a car dealership, they offer info that anybody can get on there own through public disclosure laws.
2007-02-23 14:31:43 · answer #2 · answered by fisherwoman 6 · 0⤊ 0⤋
You would be making a bigger mistake to sell it now. I'm sure there is some kind of cushion that you could buy to make the seat bearable. Eating $4000 on it would just be plain stupid. You may be able to get someone to assume the notes if they have good credit, but you will probably still end up eating the cost of the extended warranty.
2007-02-23 14:30:25 · answer #3 · answered by p_doell 5 · 0⤊ 0⤋
NO DEALERSHIP!!
unless its last resort
they will buy it for a lowwwww price
they will ask you all kinds of questions: y u selling, etc
ANSWER MY Q'S, PLEASE
DESPERATE!
SPICYCHEESEPIZZA10
2007-02-23 14:26:45 · answer #4 · answered by spicycheesepizza10 1 · 1⤊ 3⤋