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Old 10-28-2003, 01:24 PM   #1 (permalink)
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?
twan5 is offline  
Old 10-28-2003, 02:39 PM   #2 (permalink)
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.
irseg is offline  
Old 10-28-2003, 02:52 PM   #3 (permalink)
Crazy
 
the jeep is worth around $12k and the remainder of my payments totals around $7k... thanks!
twan5 is offline  
Old 10-28-2003, 05:00 PM   #4 (permalink)
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.
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Old 10-29-2003, 04:35 PM   #5 (permalink)
Tilted
 
Bowlcut's Avatar
 
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
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Old 10-30-2003, 08:02 AM   #6 (permalink)
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.
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