Hey everyone--

This is just a hypothetical, but lets say I was going to sell my car...I've had it for about 4 months...only about 3000 miles on it...I'm financing about 30 percent of the car....is it a pain in the *** to do? Would I go through my bank or my dealer? I have never sold a car before, so I don't know the first thing about what is my best option if I were to.

I'm not going to sell it, I am just curious because I like to account for every possible contingency.

Thank you all...this forum is awesome!

 

Banks don't buys cars. Dealers always pay less than you would get if you sold privately. I would get an offer from the dealer for comparison. I would then place an ad on ebay, on this forum and other Z forums (in the Classified Section), in my local newspaper, and at various others cars sites (like cars.com, etc.).

 

don't place an add on ebay. you will get raped. can you imagine paying 5% of the total cost to ebay???? that's 1500 bucks for a 30k sale just for selling on ebay. it's not a seller's market.

 

You do NOT pay 5% to ebay on car sales or real estate sales!!! It's a flat $40 fee for a car listing. If you sell the car, there is an additional $40 fee. That's it.

Please double check your facts before posting.

 

You sure there isn't a % base charge. I thought ebay does charge a % charge on items over a certain amount. 5000+ and also there is an table depent on the amount to be sold.

5000 1%
10000 2% etc.

I might be mistaken.

Anyways. As suggested before. Check with dealer That is step 1.
step 2. Place adds in the local paper. step 3. Place adds on the internet. Especially some local auto sales agencies. step 4. Work & Friends.

This isn't a 1992 honda accord. Its a performance car.

 

What about the leftover payments on the car? How does that work?

 

that's good. would have been more in the tradition of ebay if they took a percentage.

 

ebay only charges $40 to list and $40 if sold when selling planes, boats, cars, trucks, etc

they do it under a different name... ebay motors. anything on the original ebay does take a cut.

 

If you sell to a reputable dealer, you can let them pay off the loan when they buy the car.

If you sell to a private party, it's a bit trickier. You can use an escrow agent to pay off the loan from the buyer's proceeds. An easier method would be to have the buyer get a certified or bank check for the payoff amount (which has been verified). That check is then put in a FedEx envelope and you both go to FedEx and mail it. This way you both know the loan is being paid off. The release of lien is mailed to the new owner and he mails that along with the title (which the seller signed over to the buyer) to the State for a clean title in the buyer's name.

Now, if the seller is using borrowed funds, he may have to follow the procedure required by his lender.

Anyone else have some good ideas when selling to a private party?

 

Check with your local DMV for procedure on title. Check with your lender for payoff amount and acceptable funds. If the buyer has a loan, his bank will most likely take care of the payoff and cut you a check for the difference btween what is owed and purchase price. You should be in good position since you only financed 30%. If the seller does not have a loan, be sure to get a Certified Bank Draft. This is different then a certified check and the purest form of payment. Or have him wire funds into your account. His bank will give you a receipt for it. Do not accept a personal check!

Good luck.