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Car Forum / Driving, Maintenance, Tuning / General Car Topics / February 2005Tips on selling my car ... still have payments ....
Hello, I wish to sell my 2002 Volkswagen Golf but I still have about $4500 CND left on my financing. HOW then do I word my private classified ad and approach the potential buyer without scaring them off ? I mean, it's pretty straight forward when one puts up for sale their already paid off car but I'm not sure what to do in this particular situation. Thank you for your advice, Daniel Not uncommon. You need to get the finance company involved. The buyer will send the check for the balance owed directly to them, and give any remainder to you. You will sign a transfer certificate with a power of attorney to transfer the title when the finance company sends it to the new buyer. If there is a difference between what is owed (in your favor) the buyer would pay that difference to you. If there is a difference between what the buyer is paying and what is owed that is not in your favor, you will have to make up that difference to the buyer! (Yes, it is easy to have to pay to 'sell' the car if your loan is more than the car is worth.) No buyer should ever give you the money to send to the finance company (if they do, they are stupid) they should deal with them directly. This protects them from teh case where you take the money and run. (Not saying you would, but some people have strange sets of values of what is right and what is wrong... <g>) When there is a loan on a vehicle things are more complex, but not impoossible. BTW, if the buyer is also financing the sale, usually their lender will take care of most of the work for both of you! >Hello, > [quoted text clipped - 7 lines] > >Daniel > Not uncommon. You need to get the finance company involved. The buyer > will send the check for the balance owed directly to them, and give [quoted text clipped - 20 lines] > BTW, if the buyer is also financing the sale, usually their lender > will take care of most of the work for both of you! You have been a great help! Thanks for the info!! ~Daniel >>Hello, >> [quoted text clipped - 9 lines] >> >>Daniel You need to ask the lien holder what their rules are. They differ from a loan company to bank, etc... Mike 86/00 CJ7 Laredo, 33x9.5 BFG Muds, 'glass nose to tail in '00 88 Cherokee 235 BFG AT's > Hello, > [quoted text clipped - 7 lines] > > Daniel > You need to ask the lien holder what their rules are. They differ from > a loan company to bank, etc... Alright, thank you. ~Daniel > Mike > 86/00 CJ7 Laredo, 33x9.5 BFG Muds, 'glass nose to tail in '00 [quoted text clipped - 13 lines] >> >> Daniel > Hello, > [quoted text clipped - 7 lines] > > Daniel Hi Daniel. Sounds as if we've missed your point. Word it something like this: "Small equity and assume payments"; "Assume payments"; "Need to sell: buyer can assume loan and I will make up the small difference". Hope this helps, s >> Hello, >> [quoted text clipped - 15 lines] > Hope > this helps, s Would you suggest then that I place this info in the classified or just tell the potential buyer after he had responded to my ad ? Also, what is meant by: "I will make up the small difference." ? Thanks so much! Daniel > >> Hello, > >> [quoted text clipped - 19 lines] > the potential buyer after he had responded to my ad ? Also, what is meant > by: "I will make up the small difference." ? .. Snip << This would be where u owe, say $4500, but are willing to sell it for $4000. The buyer comes up with $4000 & u put $500 with his $ to pay your loan off. As another poster said, it's prolly best to relate this info to prospect after he calls. Or any other arrangement needed making to get the title from your lendor to him and/or his lendor. This type of sale is made quite often. HTH, s Most lenders will not allow the note to be transfered. They may be willing to write a new loan for the new buyer, but often not (they may be into only new cars, for example). It is not unusual for the buyers financing company to contact the sellers finance company and take care of the details for everyone, too. >> Hello, >> [quoted text clipped - 14 lines] >sell: buyer can assume loan and I will make up the small difference". Hope >this helps, s |
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