Financial Question
12-20-2009, 06:24 PM
#1
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Financial Question
Looking to sell my Z for various reasons...monthly payments, crazy insurance, etc..
06' Base black/black 35K Miles
I owe: $4,500
...ironically, that's the same amount i have in cash to my name (401K) not included.
So how do I sell this thing when the bank still "owns" the title?
What's the smart thing to do?
06' Base black/black 35K Miles
I owe: $4,500
...ironically, that's the same amount i have in cash to my name (401K) not included.
So how do I sell this thing when the bank still "owns" the title?
What's the smart thing to do?
12-20-2009, 07:43 PM
#3
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The bank technically owns the car until you pay it off. You say you have enough money to pay the car off... so the smart thing to do would be to pay it off and wait until you receive the title from the bank to simplify the process of transferring ownership when you sell the car. You could also sell the car, and use that money to pay the car off and the buyer will have to wait until everything clears with the title to receive the title. It is easier to sell a car when you can say that you have the title in hand.
12-20-2009, 07:48 PM
#4
ms has never sold a car with money owed on it.
You need to sell it for a price you both agree upon. Then the buyer will provide the funds and you will pay your lender what you owe them such that your lender will release the title and you will sign it over to the new owner. You are entitled to keep the difference between what you sold the vehicle for and what you owe your lender. This isn't rocket science guys. If you sell it for less than you owe, you'll have some money. If you sell it for more than you owe you will need to supplement the "upside down" money to release the title.
You need to sell it for a price you both agree upon. Then the buyer will provide the funds and you will pay your lender what you owe them such that your lender will release the title and you will sign it over to the new owner. You are entitled to keep the difference between what you sold the vehicle for and what you owe your lender. This isn't rocket science guys. If you sell it for less than you owe, you'll have some money. If you sell it for more than you owe you will need to supplement the "upside down" money to release the title.
Last edited by surfcity40; 12-20-2009 at 07:49 PM.
12-20-2009, 08:06 PM
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ms has never sold a car with money owed on it.
You need to sell it for a price you both agree upon. Then the buyer will provide the funds and you will pay your lender what you owe them such that your lender will release the title and you will sign it over to the new owner. You are entitled to keep the difference between what you sold the vehicle for and what you owe your lender. This isn't rocket science guys. If you sell it for less than you owe, you'll have some money. If you sell it for more than you owe you will need to supplement the "upside down" money to release the title.
You need to sell it for a price you both agree upon. Then the buyer will provide the funds and you will pay your lender what you owe them such that your lender will release the title and you will sign it over to the new owner. You are entitled to keep the difference between what you sold the vehicle for and what you owe your lender. This isn't rocket science guys. If you sell it for less than you owe, you'll have some money. If you sell it for more than you owe you will need to supplement the "upside down" money to release the title.
Isn't the bolded statement kind of backwards. OP owes 4500. If you sell it for more than you owe
(5000) you will have 500 left over. If you sell it for less than you owe (4000) you will have to cover the 500
Last edited by 1GR8350Z; 12-21-2009 at 03:23 AM.
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12-20-2009, 10:02 PM
#8
ms has never sold a car with money owed on it.
You need to sell it for a price you both agree upon. Then the buyer will provide the funds and you will pay your lender what you owe them such that your lender will release the title and you will sign it over to the new owner. You are entitled to keep the difference between what you sold the vehicle for and what you owe your lender. This isn't rocket science guys. If you sell it for less than you owe, you'll have some money. If you sell it for more than you owe you will need to supplement the "upside down" money to release the title.
You need to sell it for a price you both agree upon. Then the buyer will provide the funds and you will pay your lender what you owe them such that your lender will release the title and you will sign it over to the new owner. You are entitled to keep the difference between what you sold the vehicle for and what you owe your lender. This isn't rocket science guys. If you sell it for less than you owe, you'll have some money. If you sell it for more than you owe you will need to supplement the "upside down" money to release the title.
I think he is right. Think of it from a buyers standpoint. Would you hand a seller cash for a car that he doesn't hold the title too? You would have to trust that he is will actually turn over the money to the lien holder. If he doesn't, you won't get the title to the car.
What is the seller just entered bankruptcy? You're screwed.
What if the seller owes more than you gave him and can't/won't come up with the rest? You're screwed.
As a buyer, I am very careful about buying a car that someone owes money on. It makes the transaction a lot more complicated unless you are willing to absolutely trust a seller that you don't know. I did it when I bought my FD and I did it when I bought my Z, but it was a pain to do it in such a way as to ensure that there was no way that I could get scammed by the seller.
OP, if you have the cash to pay off the loan, do it. If the lender is local to you, then you can just walk in with cash and get your title. At the most, it may take a couple days to get your title from the lien holder. Then, selling is easy. You get the cash from the buyer and then sign the title over to them. If you want to sell the car for the best price and in the shortest amount of time, then you want to have highest number of potential buyers. Why eliminate all the cautious buyers or have to sell the car at a small discount because the buyer has to trust you to come through on your end?
12-21-2009, 03:04 AM
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Surf, what makes you think that ms hasn't sold a car with money owed on it? You are right about the process, but that wasn't why ms made the recommendation he did.
I think he is right. Think of it from a buyers standpoint. Would you hand a seller cash for a car that he doesn't hold the title too? You would have to trust that he is will actually turn over the money to the lien holder. If he doesn't, you won't get the title to the car.
What is the seller just entered bankruptcy? You're screwed.
What if the seller owes more than you gave him and can't/won't come up with the rest? You're screwed.
As a buyer, I am very careful about buying a car that someone owes money on. It makes the transaction a lot more complicated unless you are willing to absolutely trust a seller that you don't know. I did it when I bought my FD and I did it when I bought my Z, but it was a pain to do it in such a way as to ensure that there was no way that I could get scammed by the seller.
OP, if you have the cash to pay off the loan, do it. If the lender is local to you, then you can just walk in with cash and get your title. At the most, it may take a couple days to get your title from the lien holder. Then, selling is easy. You get the cash from the buyer and then sign the title over to them. If you want to sell the car for the best price and in the shortest amount of time, then you want to have highest number of potential buyers. Why eliminate all the cautious buyers or have to sell the car at a small discount because the buyer has to trust you to come through on your end?
I think he is right. Think of it from a buyers standpoint. Would you hand a seller cash for a car that he doesn't hold the title too? You would have to trust that he is will actually turn over the money to the lien holder. If he doesn't, you won't get the title to the car.
What is the seller just entered bankruptcy? You're screwed.
What if the seller owes more than you gave him and can't/won't come up with the rest? You're screwed.
As a buyer, I am very careful about buying a car that someone owes money on. It makes the transaction a lot more complicated unless you are willing to absolutely trust a seller that you don't know. I did it when I bought my FD and I did it when I bought my Z, but it was a pain to do it in such a way as to ensure that there was no way that I could get scammed by the seller.
OP, if you have the cash to pay off the loan, do it. If the lender is local to you, then you can just walk in with cash and get your title. At the most, it may take a couple days to get your title from the lien holder. Then, selling is easy. You get the cash from the buyer and then sign the title over to them. If you want to sell the car for the best price and in the shortest amount of time, then you want to have highest number of potential buyers. Why eliminate all the cautious buyers or have to sell the car at a small discount because the buyer has to trust you to come through on your end?
12-21-2009, 08:24 AM
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Looking to sell my Z for various reasons...monthly payments, crazy insurance, etc..
06' Base black/black 35K Miles
I owe: $4,500
...ironically, that's the same amount i have in cash to my name (401K) not included.
So how do I sell this thing when the bank still "owns" the title?
What's the smart thing to do?
06' Base black/black 35K Miles
I owe: $4,500
...ironically, that's the same amount i have in cash to my name (401K) not included.
So how do I sell this thing when the bank still "owns" the title?
What's the smart thing to do?
12-21-2009, 09:04 AM
#11
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I agree. I've purchased many used vehicles and if the seller doesn't have the title i don't even consider it. There are too many scammers out there these days to take a risk. The only way i would consider such a transaction is if i could personally go to the bank with the seller to pay off the loan and get them to send ME the title.
12-21-2009, 09:29 AM
#12
I agree. I've purchased many used vehicles and if the seller doesn't have the title i don't even consider it. There are too many scammers out there these days to take a risk. The only way i would consider such a transaction is if i could personally go to the bank with the seller to pay off the loan and get them to send ME the title.
Dave
12-21-2009, 01:04 PM
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12-21-2009, 02:13 PM
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If he only owes 4500 left on a 06, it's probably a 48 month loan? So payments are probably 700-800 dollars. If it's a 60 month loan, then maybe 600 dollars a month, with 8-9 payments left?
12-21-2009, 03:00 PM
#16
ms has never sold a car with money owed on it.
You need to sell it for a price you both agree upon. Then the buyer will provide the funds and you will pay your lender what you owe them such that your lender will release the title and you will sign it over to the new owner. You are entitled to keep the difference between what you sold the vehicle for and what you owe your lender. This isn't rocket science guys. if you sell it for less than you owe, you'll have some money. If you sell it for more than you owe you will need to supplement the "upside down" money to release the title.
You need to sell it for a price you both agree upon. Then the buyer will provide the funds and you will pay your lender what you owe them such that your lender will release the title and you will sign it over to the new owner. You are entitled to keep the difference between what you sold the vehicle for and what you owe your lender. This isn't rocket science guys. if you sell it for less than you owe, you'll have some money. If you sell it for more than you owe you will need to supplement the "upside down" money to release the title.