How to sell a car? - Tilted Forum Project Discussion Community

twan5 · 10-28-2003, 01:24 PM

Ok, heres the deal... I've sold 3 cars previous to this, but they have all been completely paid for. I just bought a house (a fixer-upper) and need a good work truck. I currently own a 2000 Jeep Cherokee, and still have about 2 years of payments left on it, and cannot afford to keep paying on the Jeep AND buy a truck.

My question is... How do I sell a car that is not paid for, and pay it off, so that I can take the rest of the money and buy a cheap truck? Since I don't own the vehicle, how do I sell it to another owner?

irseg · 10-28-2003, 02:39 PM

How much do you owe compared to how much it's worth? You could have the buyer take over the loan if they're similar.

If you owe significantly less, get a personal loan to pay off the Jeep and buy a cheap truck, then pay it back with the money you get from the sale. Paying off two loans well ahead of time would likely be a good credit booster, too.

twan5 · 10-28-2003, 02:52 PM

the jeep is worth around $12k and the remainder of my payments totals around $7k... thanks!

hotdogg · 10-28-2003, 05:00 PM

Be careful...If you assighn the original payments to a new buyer, you may still be responsible...I sold a car that I still owed money on by getting the new buyer to accept a contract for the vehicle pending a clear title...The buyer agreed to pay me the ($2000) owed, as a down payment on the $2500 sale price. I then sent the $2000 to the holder of the loan to pay off the vehicle and get the title. The process took about ten days and of course the buyer of the car was agreeable and kept in the loop so he knew what was going on.

Bowlcut · 10-29-2003, 04:35 PM

what you will need to do is make sure you either get enough to cover the payoff, not the payments but the actual payoff at this point in time. if the car doesnt sell for that you will need to go to your local credit union and get a small personal loan to cover the difference. going from 10k to say 2k in debt is worth it. then you tell the person you are selling it to that you will be getting the title from the loan company then giving it to them. you give them a bill of sale and take them to the dmv to get a temp tag. they can drive it like that till you get the title from the holding company

Blahman · 10-30-2003, 08:02 AM

Sometimes, if the lean holder of the title is local, you can take the money to them and have them sign off on the title right there. I did this with my car that was loaned through a local bank.

Then you can sign it over free and clear.

10-28-2003, 01:24 PM	#1 (permalink)
twan5 Crazy	How to sell a car? Ok, heres the deal... I've sold 3 cars previous to this, but they have all been completely paid for. I just bought a house (a fixer-upper) and need a good work truck. I currently own a 2000 Jeep Cherokee, and still have about 2 years of payments left on it, and cannot afford to keep paying on the Jeep AND buy a truck. My question is... How do I sell a car that is not paid for, and pay it off, so that I can take the rest of the money and buy a cheap truck? Since I don't own the vehicle, how do I sell it to another owner?

10-29-2003, 04:35 PM	#5 (permalink)
Bowlcut Tilted Location: Nashville, TN USA	what you will need to do is make sure you either get enough to cover the payoff, not the payments but the actual payoff at this point in time. if the car doesnt sell for that you will need to go to your local credit union and get a small personal loan to cover the difference. going from 10k to say 2k in debt is worth it. then you tell the person you are selling it to that you will be getting the title from the loan company then giving it to them. you give them a bill of sale and take them to the dmv to get a temp tag. they can drive it like that till you get the title from the holding company __________________ Remember, my opinion is as irrelevant as yours.....

10-28-2003, 02:39 PM	#2 (permalink)
irseg Junkie Location: Florida	How much do you owe compared to how much it's worth? You could have the buyer take over the loan if they're similar. If you owe significantly less, get a personal loan to pay off the Jeep and buy a cheap truck, then pay it back with the money you get from the sale. Paying off two loans well ahead of time would likely be a good credit booster, too.

10-28-2003, 02:52 PM	#3 (permalink)
twan5 Crazy	the jeep is worth around $12k and the remainder of my payments totals around $7k... thanks!

10-28-2003, 05:00 PM	#4 (permalink)
hotdogg Crazy Location: NYC Metro Area	Be careful...If you assighn the original payments to a new buyer, you may still be responsible...I sold a car that I still owed money on by getting the new buyer to accept a contract for the vehicle pending a clear title...The buyer agreed to pay me the ($2000) owed, as a down payment on the $2500 sale price. I then sent the $2000 to the holder of the loan to pay off the vehicle and get the title. The process took about ten days and of course the buyer of the car was agreeable and kept in the loop so he knew what was going on.

10-30-2003, 08:02 AM	#6 (permalink)
Blahman Upright	Sometimes, if the lean holder of the title is local, you can take the money to them and have them sign off on the title right there. I did this with my car that was loaned through a local bank. Then you can sign it over free and clear.