how to sell my car im still financing

[sirbiznatch]

Hello everybody, I am looking for advice on how to sell my car. I bought a 2012 Honda Civic SI sedan and I am still financing it. Any advice on how to sell, or trade to someone willing to take over the payments. Any help is appreciated and if this post is in the wrong forum I do apologize. Feel free to PM me, thanks

[TomcoPDR]

The buyer would usually just want to walk to your bank/dealership (holding the loan) with you.

Some buyers break down two portions (the loan remaining held by bank/dealer) and write a cheque directly in that name, and the other portion is what seller is owning.

Or the buyer just pays you one main cheque, and walk into the loan place and watch you clear it.

The idiot buyers will just trust you, not check for liens, so they'll give you entire amount... then you just make some good $$$ leaving them with the debt.

Don't get overwhelm, it's not uncommon for people financing, leasing vehicles to sell or transfer payments.

[sirbiznatch]

Thank that makes sense, and i certainly dont want to screw anyone over or get screwed over myself

[relyt92]

Depending on the amount owing, and your credit you could also open up a line of credit, put the remaining balance of the loan owing onto the LOC which clears up the lein with the bank and then sell the vehicle and put whatever money you got for it into your line of credit.

[leftwing]

I bought my current truck from a lady who was financing it. I broke it into two cheques. One cheque was issued to 'Ford Credit Canada' and that paid the balance owing on the loan and then I gave her the remaining balance that we agreed upon on a separate cheque.

Since it was a large balance owning I contacted Ford Credit (with the permission of the seller) and confirmed that it was paid and I eventually received a certificate stating the the vehicle was lien free.

You can also try and find someone to take over payments, although that may be harder to find.

[sirbiznatch]

And what would happen if I were to bring the car back to the dealership?

[TomcoPDR]

Originally posted by sirbiznatch
And what would happen if I were to bring the car back to the dealership?

Sell it back to dealership?

[sirbiznatch]

Originally posted by TomcoPDR


Sell it back to dealership?

Yes, but what would happen, would I still owe money to them, are there penalties or fees for selling back to the dealer. Forgive me I've never had to do this so I have absolutely I idea what happens or how to proceed

[BrknFngrs]

How does the amount you owe on the car still compare to the amount that you can sell the car for?

[sirbiznatch]

Originally posted by BrknFngrs
How does the amount you owe on the car still compare to the amount that you can sell the car for?

Im not quite sure how to look up my cars value

[A790]

Generally speaking, the sale of the purchase satisfies the loan obligations.

You can trade it in to a dealer and they will make an offer (though their offer may not equal what you owe, so the difference would be applied to the purchase price of the vehicle you were buying).

If you sell a vehicle for LESS than what is owed you must come up with the difference yourself to satisfy the lien, or else the buyer will have problems later on with respect to registration, etc. That could create a hornets nest of problems.

[wintonyk]

Originally posted by relyt92
Depending on the amount owing, and your credit you could also open up a line of credit, put the remaining balance of the loan owing onto the LOC which clears up the lein with the bank and then sell the vehicle and put whatever money you got for it into your line of credit.

This is what I did in the past.

[avishal26]

Originally posted by sirbiznatch


Im not quite sure how to look up my cars value

http://bit.ly/1m6sx2H

[realazy]

You should be able to call Honda finance (or whoever you're financing with) and they should be able to tell you the value remaining.

I bought the lease out on my car from the previous owner and we both met at the dealership. In my case, the amount owing was more than my purchase price, so I paid the entire purchase price to the dealership while the owner paid the remainder to the dealership.

[D. Dub]

how to sell my car im still financing?



Begin by bending over...

[Seth1968]

You might find some good advice here:

http://www.leasebusters.com/en/default.asp