Can i sell my car now without conflict?

Question

the problem is i havent finished making my payments for the car which i bought three years ago, and im starting to hate it. i want a different car, but realizing i only have another two years to go with making payments, i argue with myself over whether i should hold off it. is it possible for a current owner of a car who hasnt fully "purchased" it yet, considering the outstanding payments, to sell the car much earlier? how exactly does it work with the money a dealer would pay the owner/seller for taking in his car? i see plenty of newer model vehicles for sale (pre-owned) on dealer lots...are they all from people who couldnt make their payments (repossessed)? i dont have problems with making the payments, i can afford it and am always on time. i just hate the car!

Answer 1

You have to do a 3 way transaction at the bank office.  Each state and bank has different procedure so call them.

Basically you sit down with the buy, seller and the bank.  The buy hands over the money to the bank, the bank release the title to the buy, and the seller gets what left over.  If the selling price is LESS then the value of the car (upside down), the the seller is going to have to bring some money to get rid of the car.

But the best deal is to keep it and squeeze every pennys worth out of it before selling it.  I own a 94 Civic with 187K miles on it - it still runs like NEW.  Every months I don't trade it in, I am saving $200 to $300 that I don't pay on a new car.

That's how you buy and sell and SAVE on cars.

Good Luck...

Answer 2

Not all pre-owned or used cars are repossessed. Most are trade-ins , like what your wanting to do.

If you wanted to trade in, here is what would happen. You would go to the dealership and pick a car. For example. cost 10000 dollars.  But you still owe 4000 dollars on yours, but your car is only worth 2000 dollars. They would pay off your vehicle with your current lender or bank... the 4000 dollars. Then they would slap 2000 dollars for the diffrence on paying off your old loan extra on top of the 10000 dollar car = 12000 dollars.Because they gave 4000 dollars for your loan on a car that is only worth 2000.  Now you're financing a 12000 dollar car. instead of your what you have now... Your payments would probably double. Thats not including the interest. So remember that when you go get a newer car that your payments are going to be alot higher, If you're car is going to last till its paid off, then keep the vehicle, but if it starts breaking down, then trade it in.

Everyone wants a better car.. i know the feeling but you've got to be smart with your money.

Good luck and hope it works out for you.