Is it possible to short sale a car?

Question

Is it possible to short sale a car?

Answer 1

During my time as a F&I manager, I saw it attempted twice. Both times it was declined.

Short-sales work in real estate, as most real estate doesn't lose value. Lenders know they'll at least get a decent percentage back on return. Not the same on vehicles.

Answer 2

Maybe, with a lot of luck, good timing, and the cooperation of your lender.

If you haven't already convinced your lender that you can't make payments (you've already missed payments), and the timing is such that the lender hasn't already repossessed the car, you might be able to short-sell the car and convince the lender that it is all the money they will get -- or you might not. They may accept the money, bill you for the deficiency, and report it to the credit agencies as a repo -- or they might not. It's a big chance to take but if you're facing a repo anyway, it might be worth a try.

Answer 3

you mean sell it before you buy it?  only in stocks

Answer 4

Maybe certain types of Ferrari or exotics bought at the right time, but and automobile is NEVER an investment and depreciates from the time of sale and the result is almost always a guaranteed loss.