My wife and I are going to have a baby and I need to try to save money. We bought a 2006 350z this past Febuary thinking we had years before a baby, but we were wrong. I now want to stop making car payments and sell the car, but also get cash from the sale to buy a used car so I can drive to work and not make car payments anymore. Please help thank you.
2007-05-14 04:45:33 · 4 answers · asked by mr2lionheart 1 in Cars & Transportation ➔ Buying & Selling
there are a few options. 1. try selling the car back to the dealer where you bought the car. 2. try selling the car on your own and see what you can get for it. 3. trade it in to a dealer where they can give you top dollar for the car, turn around a get a less expensive car at the same dealer and it is just a simple transaction. 3. ask the bank where you are financing the car, if they have car auctions where they can list your car and see if they can sell it. 4. you can still sell the car and/or sell the car by stating that the new owner would take over your car payments, then just transfer the title.
bottom line is that you might lose some money in the process or even have to pay some for the reminder of the loan if the car is worth less than when you originally bought it.
2007-05-14 04:56:42 · answer #1 · answered by lasalle_1986 4 · 0⤊ 0⤋
Depends on how much you put down to buy the car...first year of a car loan is usually the highest percent drop in value or depreciation of the car so it may not be a good thing to sell it now....check the financial figures on balance due on the loan if you pay off the car now and see if it's worth more than that at kbb.com. Try to advertise it in the paper or online and see what kind of response you get for price....maybe someone is dying to have the model and options you have. Or see if someone will take over payments and give you something towards the downpayment or purchase on another car.
2007-05-14 11:53:59 · answer #2 · answered by paul h 7 · 0⤊ 0⤋
You can only trade it in for another one. You can't sell a car without handing over the title. You don't get the title until you pay your car off.
2007-05-14 11:49:43 · answer #3 · answered by Queen 5 · 0⤊ 0⤋
you need to pay it off first. the bank still hold the title of your car and you cannot sell it legally until the lien/loan is off it.
2007-05-14 11:53:51 · answer #4 · answered by nanabooboo 4 · 0⤊ 0⤋