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Question: I have never sold a car in my life. Can you please tell me how I should go about it?

Hello Tony

I have never sold a car in my life. Recently my husband accepted a job in NYC and we no longer need my car, on which I have 51 payments left to make.

The car is being garaged at my mother's in Ohio. It is in good shape. It's a Jeep Liberty Limited 2WD. I bought it in Arkansas, there is no rust, it is up to date on all work. No damage, excepts a few minor scratches and the logo on the front is peeling.

Like I said before I still owe on it and really don't know where to start on selling it. My brother-in-law in Ohio offered to help, but I don't know what to do about what I owe, and what I need to do with the credit company that holds the lien, the title and figuring out what to sell it for.

Any advice you can give would be greatly appreciated.

Thank you so much!

Becca S.


Answer:

Hi Becca,

Call the bank or finance company where the vehicle is financed and ask them for the payoff so you know what you're dealing with. This is the amount you need to pay-off the loan.

Now you have to find someone willing to buy the car from you. Since the car is in Ohio you can try to advertise it there in the local newspaper. Somebody there will have to show it and try to sell it for you.

You'll have to figure out how much you want for the car. I don't know what the vehicle is worth, but you can research it on the internet to get an idea. If your goal is to sell it for at least what you owe on it then use your payoff as your pricing guideline. Just remember, the payoff may be more than you can sell the car for.

You are then faced with making a decision whether to sell the car for whatever you can get for it and coming up with the difference so that you can get a clear title, or holding out for the payoff amount. Remember that with each payment you make the payoff comes down a little.

If you find a buyer, you can put them in touch with whoever is financing the car and they can arrange to pay them direct in exchange for the title. Once the loan is paid off the bank will cancel the lien and release the title to you. Once you have the clear title you can then transfer it to whoever buys the vehicle.

You can read "How to Sell Your Car for the Highest Possible Price!"

All my very best...

Tony Iorio


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