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Old 03-24-06, 01:20 PM   #1
explody pup
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Question about selling a car...

So I'm thinking about selling the car I bought new in 2003 when I was slightly more stupid than I am now. Kelly Blue Book says I can sell it for ~9300 in a private transaction and ~7800 to a dealer. I currently owe ~7200 as of my last statement.

My question is, how do I go about selling a car privately? Things like transfering the title and lean and all that kind of crap. I've never done anything like this and was wondering what the pitfalls are and how to avoid them.

BTW, I'm thinking about an early 90s Volvo 240 since I already know those cars and there's a local guy who specializes in them (god, I miss my GLT).
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Old 03-24-06, 01:53 PM   #2
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If you talk to one of those "park" and "sell" lots you will probably get alot of good advice. I imagine there will be a slight difference from my experience due to the fact that you owe on it so I won't be able to provide much input as the vehicle I wanted to sell was completely paid for.
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Old 03-24-06, 02:05 PM   #3
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^ Same here, but from what I know about this, first you'll have to pay back the money you owe on it to the dealership/bank you borrowed it from, so if you wanna make some money, looks like you should sell it privately.

If you end up selling privately go through a bank!! The person that'll buy your car will choose a bank, then a representative from the bank is supposed to come check the car out, and once the contract between the bank and the buyer is signed, I think the bank is the one that'll send a check for the money that you still owe so they can get the title, and you'll get a check for whatever's left. You can't have the title until the car is paid in full.

Also, once you find someone interested in the car, it's a good idea for the both of you to go to a dealership/carshop for a check-up, if the buyer prefers it this way.
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Old 03-24-06, 02:30 PM   #4
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1. Decide on a price you want to sell it for. The kbb private sale is an excellent indicator.
2. Prepare a comprehensive and fair description. Be ready for abbreviations in papers.
3 Clean your car to the best you can, show-room condition is your goal. There is nothing worse for a buyer than looking at a dirty, messy or smelly car.
4. Get good pics for web sites.
5. Advertise your car in craigslist, local paper, web sites etc. Craig's free and a lot of people use it, thy there first?
6. Get your title and a bill of sale (instructions are on either/both documents)
7. Gather registration, maintenance and repair invoices, any receipt for accessories you may have added.
8. Get calls, arrange viewing and testing. (always go with the prospective customer or if not ask for license and keep it with you).
9. Sell the car. Only take secure payment (cash or certified check). Only hand over keys and signed title with payment in full.
10. Buy another one. (or a new bike ).

Prospective buyer may ask to get the car checked by a professional mechanic, in which case ask for a deposit of $500 or so, refundable only if a serious problem is found (costing >$500). Always give a receipt with terms.

Make sure you take your plates off before the buyer drives off with your sold car.

Then move to another state or a different country

On question: one do you think a fifteen year old Volvo is better than your current three year old car? I like Volvos (I own one) but have you thought about an older car repair bills?
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Old 03-24-06, 02:34 PM   #5
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I didn't see you owed money on the car. Call the financial institution who have the title and tell them about your plan, they will advise you. Usually, they do the transfer of title to the new owner themselves upon payment.
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Old 03-24-06, 02:41 PM   #6
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Quote:
Originally Posted by Cycliste
On question: one do you think a fifteen year old Volvo is better than your current three year old car? I like Volvos (I own one) but have you thought about an older car repair bills?
No, not better. My motivation for all of this is trying to get out of credit card debt. If I can sell this car, I can throw that monthly payment plus the difference in insurance at the card and have it paid off in a year. Otherwise, I'm looking at about 2 years.

Yeah, repair bills will be higher. But I'll only need this car for a little more than a year and any repairs in that time can't possibly outweigh my current payments.

It doesn't have to be a Volvo. Just something reliable and that I can buy outright. I just have a soft spot for 240s.

Also, thanks for the info.
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Old 03-24-06, 03:30 PM   #7
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Quote:
Originally Posted by Cycliste
Make sure you take your plates off before the buyer drives off with your sold car.
Check your state regulations to make sure before you do this. In Texas, for example, the plates stay with the car when it's sold.
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Old 03-24-06, 03:36 PM   #8
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CarMax.com does real good inspection of vehicles.
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Old 03-24-06, 05:25 PM   #9
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I'm in Kansas. I've sold cars before. It really is the best way to go because you can make more coin, however it does come with more risk. All you really need here is some form of bill of sale. I made my own on Microsoft Word.

Then the buyer gives you the $ and you give him the title and the car. THat's it!
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Old 03-28-06, 02:16 AM   #10
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Good summary by Cycliste, a few additional points

Quote:
Originally Posted by Cycliste
8. Get calls, arrange viewing and testing. (always go with the prospective customer or if not ask for license and keep it with you).
It's probably not legal for the prospective buyer to drive your vehicle without her or his license on their person. Even if you go along for the ride--and you should make every effort to--be sure to verify the driver's license is not expired (and as best as you can tell, not invalid).
Note that if there is an accident during the test ride, there may be an issue about whose insurance policy covers the non-owner driver.


Quote:
9. Sell the car. Only take secure payment (cash or certified check). Only hand over keys and signed title with payment in full.
Don't accept a money order--too easily forged (though "official," "cashier" or "certified" checks can also be fraudulent, but unlikely when issued by a used car finance company in the form of a check issued by the loan company).

Take a photo of the buyer, make sure you have the correct home address and phone number, and keep a copy of the buyer's driver's license.

Some states (e.g., Illinois) may require you to collect tax on the sale.

I would also add that you should immediately advise your own insurance agent of the sale so there is no problem for you if the buyer has an accident after purchase. And many policies allow you 30 days or so to obtain a replacement auto to continue coverage under the same policy for your replacement car (not too much unlike medical insurance that may cover a newborn so long as the insurer is notified in writing within 30 days), but the flexibility you have depends on your policy language and your insurer's service attitude. (Of course the amount of any premium adjustment depends on the difference between the old and replacement vehicles.)
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Old 03-28-06, 11:31 AM   #11
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The loan company will tell you what you need to do with respect to the title. My guess is that the buyer would make out a check to you. You cash it and pay off the loan. The loan company sends you a copy of a clear title and the buyer takes that to the DMV.

The DMV may also know how this works. I'm sure that this is a common transaction.
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