have you contacted your finance company to see if they will allow your note to be transfered to another individual if they quailfy credit wise. Many people do not know someone can assume their car payment and even get cash back from the buyer.
since your just looking to sell if for its note value i will check this out. person assumes the note and its off your credit and your not liable no more.
also you can offer an incentive, like 1st months car payment thrown in…
I actually haven’t tried that. Write the ad as a take over of payments? I financed this through my credit union and dont’ know if they would allow this. How would someone get cash back from the buyer?
Rich,
I am Nigerian is that a problem? LOL does this mean we can’t do the deal?
I actually had a guy who tried to contact me about my last car and tried to get me with a deal like that. I played along with him and he even sent me a cashiers check.
I’ve seen a lot of those scams and what I notice that tips me off is the routing number on the cashier’s check, the one I saw was only 6 digits long.
Worse case scenario—sell it to Carmax. I tried selling a Honda Accord a few years ago on my own. Took it to a busy intersection every morning before traffic started to go past, picked it up every night. Placed a nice sign by it every morning, picked it up every night. Placed ads. Met potential “buyers?” After a couple weeks I said screw it and took it to Carmax. Got a decent enough price and was able to sleep in past 5:30 every day.
I looked just now and they’re selling cars like yours for 20-21k at retail.
Naperbill
Nadaguide is really the way to go for used car pricing, KBB and other sites tend to be on the high side which is why the car dealers love quoting them. Nada is what the insurance companies use to figure out what to pay you when a car is totaled so in that sense it’s closer to fair market value than other guides. With that said, retail is what a consumer pays at a dealership and gets all those extra services like warranties and the dealer will prep the car which can include things like oil changes, coolant flushes, brakes, etc, basically any minor maintenace items. You would be very lucky to get retail but obviously you’re not having much success. Trade in is what the dealers pay when you’re buying a car from them. That way they make a little money on the sale of a new vehicle and can afford to mark up the trade in a little.
Basically when I bought my car, I went through a wholesaler and basically paid the trade in price on nadaguide. That’s what I meant by saying the car was worth wholesale, but that doesn’t mean you can’t try and do a little better and getting something between trade in and retail. Just don’t expect to get close to retail.
Basically you asked how you could sell it as you were having trouble with it. What you actually paid for it or the details of the deal weren’t really relevant. As soon as you drive off the lot, it’s a used car, automatically worth less than a new car. You said you owed 20k on it and that means that you’re currently upside down on it as you can’t seem to sell it for what you owe on it. Just trying to offer a little advice and have you set some realistic expectations. Don’t shoot the messenger.
My '96 Explorer will be traded in soon so I have been checking out what its worth. Though FULLY loaded and mint it still is 10 yrs old with 145k miles on it. According to KBB its worth $6440. I paid $7k for it (a deal at the time) 4 yrs and 40k miles ago…even though I bought it cheap this isn’t anywhere near what I could sell it for. Retail in a nice dealership they could get over $4k for it, privately I might get $3k or a little more for it, definitely not $6440 any way you slice it and even considering my buddy just fully detailed it and its nearly as clean as they day I bought it.
sean
you can get cash back from the buyer if he is spending more than the current note. they assume your loan plus maybe you want $1000 on top of that, or you can offer to make there 1st car payment after they assume the loan. genrally the payment stays the same so after they sign the paperwork you hand them a check for their 1st months payment.
if you do a search online they have websites you can advertise your car for someone to take over the payments…do not know the cost though…
See…now buying a car can be like buying a home…assummable mortgages are great and so are assummable car loans…
Lite it on fire and collect the insurance?
I second the idea of selling it with a home. I’ve actually done this, and it worked very well. Gave away a Mercedes with a $1.2 million home. It gets realtors talking about the house.
Just be careful about the way you structure the deal. You can’t give it away as a bonus. You have to include it with the purchase, just like you were selling a piece of lawn furniture with the house. Also, you’ll need to give it away with a house worth $600,000 or more. Most lenders limit side items to 3% of the purchase.