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Yet another car question; financing
Topic Started: Jan 12 2010, 05:38 PM (406 Views)
Optimistic
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HOLY CARP!!!
So far I have not had much luck with selling my car. A few inquiries, but nothing serious. I took it to Carmax the other day, and after hearing a few successes from other people selling their cars there I expected that I'd get a decent offer for it. No dice. They were offering a good $2000 below the value of the car.

KBB value for private party puts it just over $9500 right now. It's only a year old, but has substantial mileage, at 23K.

So, my question is how do I arrange financing with somebody who wants to buy the car but can't pay cash? I have a loan for it right now, and owe about $9600 for it.
PHOTOS

I must have a prodigious quantity of mind; it takes me as much as a week, sometimes, to make it up.
- Mark Twain


We shall not cease from exploration
And the end of all our exploring
Will be to arrive where we started
And know the place for the first time.
-T. S. Eliot
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Mikhailoh
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If you want trouble, find yourself a redhead
You don't. It is a sure way to see your car go bye-bye leaving you on the hook for the loan. You'd be better off to let it be reposessed.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Mikhailoh
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If you want trouble, find yourself a redhead
Question. Are you telling people you are leaving and have to sell it? If so, don't. First off, it's none of their business why you are selling it. It's still under warranty, so no risk. So make up something if you must, maybe your job changed and you need an SUV or something.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Optimistic
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HOLY CARP!!!
Well, I know I wouldn't just hand my loan over to the buyer. But isn't there some way that they can obtain their own financing, which could be somehow applied towards my loan? I really have no concept of how any of this would work, and I assumed that such an arrangement couldn't be made, but one of the guys who called about my car mentioned something about it (but didn't get into details. When he got more info about the car and decided he wasn't interested, he gave me a few tips for selling it and even offered to help by spreading the word among his car friends).

So you're saying, really the only way is for people to pay cash?
PHOTOS

I must have a prodigious quantity of mind; it takes me as much as a week, sometimes, to make it up.
- Mark Twain


We shall not cease from exploration
And the end of all our exploring
Will be to arrive where we started
And know the place for the first time.
-T. S. Eliot
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Optimistic
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HOLY CARP!!!
Mikhailoh
Jan 12 2010, 06:14 PM
Question. Are you telling people you are leaving and have to sell it? If so, don't. First off, it's none of their business why you are selling it. It's still under warranty, so no risk. So make up something if you must, maybe your job changed and you need an SUV or something.
Actually, yeah. I said I'm leaving the country, otherwise I wouldn't want to sell it. I guess I mostly mentioned this because there is a specific date I need it sold by, and also just to mention that I really do like the car and it's not being sold because of any fault.

How does mentioning this hurt?
PHOTOS

I must have a prodigious quantity of mind; it takes me as much as a week, sometimes, to make it up.
- Mark Twain


We shall not cease from exploration
And the end of all our exploring
Will be to arrive where we started
And know the place for the first time.
-T. S. Eliot
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Mikhailoh
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If you want trouble, find yourself a redhead
That's why you are getting lowball offers. They know you are over a barrel.

As far as financing, you don't get it for them - they do. Do not be tempted to finance it for them yourself. You will lose both the car and the money you will still owe.
Edited by Mikhailoh, Jan 12 2010, 06:33 PM.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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kenny
HOLY CARP!!!
I sold a used car to a couple that got a loan from their bank.
We all 3 went to their bank so they could sign the papers, the bank could see the car to verify its value, and so their bank could write me a check.

You said KBB was X, BUT it has Y miles on it.
Uhm, KBB price takes miles into account so you don't need to mention the mileage as if it makes the car worth less than that KBB number.

Next, KBB has 3 prices which, in descending order are, retail at a dealer, private party, what a dealer should give you at trade-in.

You said Carmax offered you $2k below "the value of the car".
Which of the 3 prices are you referring to when you say, "the value of the car"?
If it was $2k below retail at a dealer it may be a perfect price.

Never appear desperate to sell.
Lie.
Buyers can smell a desperate seller.
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Optimistic
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HOLY CARP!!!
Mikhailoh
Jan 12 2010, 06:32 PM
That's why you are getting lowball offers. They know you are over a barrel.

As far as financing, you don't get it for them - they do. Do not be tempted to finance it for them yourself. You will lose both the car and the money you will still owe.

Actually, so far nobody has complained about the price. They just realized last minute it was a stick, and needed automatic. Don't people read information clearly when they're looking into a big purchase?? <_<

Oh, no way was I planning on getting financing for someone. I'm not doing the extra work for them.

I just don't understand how the financing works when it's private party. Does their loan provider write me a check for the price we agreed on, and then I just use that to pay off my loan?
PHOTOS

I must have a prodigious quantity of mind; it takes me as much as a week, sometimes, to make it up.
- Mark Twain


We shall not cease from exploration
And the end of all our exploring
Will be to arrive where we started
And know the place for the first time.
-T. S. Eliot
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Optimistic
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HOLY CARP!!!
kenny
Jan 12 2010, 06:39 PM
You said KBB was X, BUT it has Y miles on it.
Uhm, KBB price takes miles into account so you don't need to mention the mileage as if it makes the car worth less than that KBB number.

Next, KBB has 3 prices which, in descending order are, retail at a dealer, private party, what a dealer should give you at trade-in.

You said Carmax offered you $2k below "the value of the car".
Which of the 3 prices are you referring to when you say, "the value of the car"?
If it was $2k below retail at a dealer it may be a perfect price.

Never appear desperate to sell.
Lie.
Buyers can smell a desperate seller.
Well, in the ad I didn't make the mileage sound like a liability like I did here. All I did was list it.

Their offer was about $2500 below private-party. It's about $4k below retail, and even $200 under trade-in value. I can NOT settle for this low. It would be better for me to keep the car in my parents' yard for two years than to settle that low. I'd have to pay off nearly $3k for my loan.

I'll revise the ad to take out any sell-by deadline, though so far the price hasn't been the issue with getting people interested.
PHOTOS

I must have a prodigious quantity of mind; it takes me as much as a week, sometimes, to make it up.
- Mark Twain


We shall not cease from exploration
And the end of all our exploring
Will be to arrive where we started
And know the place for the first time.
-T. S. Eliot
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Mikhailoh
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If you want trouble, find yourself a redhead
Optimistic
Jan 12 2010, 07:03 PM
Mikhailoh
Jan 12 2010, 06:32 PM
That's why you are getting lowball offers. They know you are over a barrel.

As far as financing, you don't get it for them - they do. Do not be tempted to finance it for them yourself. You will lose both the car and the money you will still owe.

Actually, so far nobody has complained about the price. They just realized last minute it was a stick, and needed automatic. Don't people read information clearly when they're looking into a big purchase?? <_<

Oh, no way was I planning on getting financing for someone. I'm not doing the extra work for them.

I just don't understand how the financing works when it's private party. Does their loan provider write me a check for the price we agreed on, and then I just use that to pay off my loan?
Opti, all I meant was do not be tempted to make a private arrangement with you as the lender. I've seen people do that and it always ends up badly.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Improviso
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HOLY CARP!!!
Opti.

Keep in mind that your lender holds the title to your car. A purchaser will need the title once they purchase it to get the car titled in their name. The lender isn't going to release the title until the lien is paid.

Quote:
 
I just don't understand how the financing works when it's private party. Does their loan provider write me a check for the price we agreed on, and then I just use that to pay off my loan?

I think their loan provider would work with yours to get the lien paid and title transferred to the new owner.
Identifying narcissists isn't difficult. Just look for the person who is constantly fishing for compliments
and admiration while breaking down over even the slightest bit of criticism.

We have the freedom to choose our actions, but we do not get to choose our consequences.
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jon-nyc
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Cheers
Optimistic
Jan 12 2010, 07:03 PM
I just don't understand how the financing works when it's private party. Does their loan provider write me a check for the price we agreed on, and then I just use that to pay off my loan?
Yes. They would get a car loan from a bank, and the bank would write a check to you and your lender.


I agree with Mik about not communicating your situation.

Can your parents keep trying to sell it on you behalf after you leave? Add them to your checking account then they could deposit proceeds and write payment checks as needed.
In my defense, I was left unsupervised.
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Free Rider
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Fulla-Carp
Jon makes a good suggestion. What you need is time to sell. Dump that sucka on your parent's driveway and catch a cab to the airport!!
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Mikhailoh
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If you want trouble, find yourself a redhead
FR needs a car. He'll buy it.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Free Rider
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Fulla-Carp
Mikhailoh
Jan 13 2010, 06:50 AM
FR needs a car. He'll buy it.
Minivan. Not a car. HUGE difference!

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Mikhailoh
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If you want trouble, find yourself a redhead
How about a 97 Plymouth Grand Voyager? $1500, 101K, original owner.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Free Rider
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Fulla-Carp
Mikhailoh
Jan 13 2010, 07:05 AM
How about a 97 Plymouth Grand Voyager? $1500, 101K, original owner.
That thing wouldn't do the speed limit if I pushed it out of an airplane! :lol2:
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Klaus
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HOLY CARP!!!
Mikhailoh
Jan 13 2010, 07:05 AM
How about a 97 Plymouth Grand Voyager? $1500, 101K, original owner.
I'd buy it if I could get the same offer over here.
Trifonov Fleisher Klaus Sokolov Zimmerman
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Mikhailoh
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If you want trouble, find yourself a redhead
Free Rider
Jan 13 2010, 07:06 AM
Mikhailoh
Jan 13 2010, 07:05 AM
How about a 97 Plymouth Grand Voyager? $1500, 101K, original owner.
That thing wouldn't do the speed limit if I pushed it out of an airplane! :lol2:
You're too stoned to go that fast anyway.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Aqua Letifer
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ZOOOOOM!
Mikhailoh
Jan 12 2010, 06:32 PM
That's why you are getting lowball offers. They know you are over a barrel.
+1. Don't do that.
I cite irreconcilable differences.
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Aqua Letifer
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ZOOOOOM!
Mikhailoh
Jan 12 2010, 07:22 PM
Opti, all I meant was do not be tempted to make a private arrangement with you as the lender. I've seen people do that and it always ends up badly.
+1 on this too. (Mik, we're agreeing on things! Lookit this!)

I think you're being way too trusting about this in my opinion. Definitely don't tell people why you're getting rid of the car (not the real reason anyway). Makes you look desperate.

And as for financing, no effing way. Think of what banks do, when they give someone a car loan. They don't give loans to just anybody. They have security measures in place in case they stop receiving payments, they can perform a very thorough credit check for every applicant and they have no problem going repo on anyone who tries to short change them.

What measures would you have, if a total stranger screwed you over with financing? You'll be out of the country.

No effing way.
I cite irreconcilable differences.
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Qaanaaq-Liaaq
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Senior Carp
Unless it’s a sports model, a manual transmission car will be a harder sale. You'll sell it but it’s going to take longer to find the right buyer.

Don’t tell prospective buyers why you’re selling the car because it’s basically none of their business. If they insist on knowing why, then just say it’s for personal reasons.

Take cash only. Businesses provide financing, not individuals.

Is the car paid off? What about placing the car into long term storage? There are places that’ll store it for a monthly fee. You’ll also have a car when you return.

You’re running out of time if you’re intent on selling it. What about having a family member sell it for you?
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Mikhailoh
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If you want trouble, find yourself a redhead
Aqua Letifer
Jan 13 2010, 07:41 AM
(Mik, we're agreeing on things! Lookit this!)

You may expect that to happen more often as time goes on, young Padwan. :lol2:
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Jolly
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Geaux Tigers!
A word about KBB...Car dealers down here do not use it. They use NADA. NADA value is consistently lower on most vehicles.

Secondly, most dealers only want to go as far as the loan value on a car, not the wholesale value.
The main obstacle to a stable and just world order is the United States.- George Soros
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Kincaid
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HOLY CARP!!!
Don't forget craigslist.

I would not recommend letting it go back to the lender - you don't want to trash your young credit history.

It is most likely that any buyer will need to finance the car, so they'll go out and make the arrangements for that. Because the car has a lienholder (your lender), the new lender will need to work out the details with your lender to get it all wrapped up and safe.

Any buyer should also be able to apply to your lender and see if they can just take over the payments - some people love this because then they get a car w/no money (or very little money) down. Check with your lender to see what is needed to do this so that you can provide direction to any prospective buyer.

I second the idea of having your folks sell it for you if they are willing. Also, if you could store it for free somewhere safe (like in your parent's garage), I think that's also a great idea. Just make sure to have it prepped for long term storage (and keep insuring it).
Edited by Kincaid, Jan 13 2010, 01:26 PM.
Kincaid - disgusted Republican Partisan since 2006.
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