I want to sell my car but..?

Question

I owe some money on my car and I wanted to know if I put the car on e-bay and sell it for what I owe should I be alright? The interest rate is way to high and I am finding myself spending too much money on gas. At this point in my life I need a car that is fuel efficient without the hassles of having this car.

Answer 1

Someone has to want to pay for your mistake, though.

If you are severely upside down, a smart buyer will know that and pass on this.  You'd have to chip in some cash up front to make this deal work.

Also, be sure you have done the math.  Many get delirious and trade to a more fuel efficient ride and end up paying more than the payment and gas of the vehicle they traded out of.

Answer 2

When I bought my car there was a loan against it.  What the seller and I did was meet at the bank who held the note. I paid for the car in full. Whereas I was then issued a document called "Title perfection" and I was then handed the title itself.

You and the buyer will have to work through the lender even if the loan does not need to be transferred to the new owner. That would be the place to do it. DO NOT, under ANY circumstances, agree to finance to car for the new owner. Banks have resources that you do not.

Answer 3

If you sell on ebay and you aren't upside down in you payments. You should also include a disclaimer for tax, title and fees to avoid hassle/haggle. Upside down means that your car has depreciated  to below what you owe. This often happens in the first tow years of a vehicles life.

Answer 4

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Answer 5

Yes, just get the loan pay off amount from your finance company and sell it for that price or higher. Whatever you get about the pay off amount is for you to keep. Just make sure you let the buyer know about your situation.