Question: I have never sold a car in my life. Can you please tell me how I should go about it?
January 26, 2006
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 2003 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,
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 can also list the
car on an internet classified ad site or even on eBay.
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!" for some
additional tips on selling a car, some pricing sources and
some classified sites where you can list the car.
All my very best...
Tony Iorio
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