Post # 1
That you owed money on? Was it a PITB? (I gave up cuss words for lent…not even abbreviations…lol)
Sorry for all the posts lately…
Currently own a brand new Kia Sportage, but am wanting to downsize to reduce our payment (if you’ve been following my crazy life I’m starting nursing school soon so I am tring to make adjustments to our bills since we have, ahem, been spending a lot). We’ve been paying more than our car payment so we owe what it’s worth right now, so we could basically start over and maybe even make a little out of it. I just do NOT understand how all of this could work!! lol. We are also selling a truck that we own, so all stories are welcome.
How did it work? Did you get the money (cash? cashier’s check? wire transfer?), pay off the loan, and the buyer just trust you to give them the car when it was all done? Did you use the newpaper, Craigslist, Facebook, friend, or what to find your buyer? How do I avoid being scammed, does that really happen?
PS: The trade in value was less than what we owe (since we bought it brand new, whoops), so that’s not an option.
Post # 3
It’s pretty painless but a process with a lot of steps. DH sold his car recently. He posted up the ad about the car on Craigslist. A buyer contacted him, and they negotiated the price and an inspection appointment at the mechanic’s. He met her at a mechanic’s shop where the buyer paid to have the car inspected. They went to the county clerk’s office, she paid him in cash, and filed the vehicle registration paperwork in her name to make sure that the car was no longer in his name. The entire process was about 2-3 hours I think. In your case, you could take the money and just go and pay off the remaining amount due on the car. Cash is nice but it’s risky to have that much on you at a time. I would recommend a cashier’s check made out to you.
Post # 4
@Olive12: So with your DH, it doesn’t sound like he owed money on it? I didn’t think about inspection, do you know how much that cost off hand? Thanks so much for sharing your story! Ugh, I’m so stressing outttttt about this for some reason, I dk why I’m so resistent, I guess just because I know trading it in is so much easier but I will get thousands more if I sell it private party! hahah.
Post # 5
@ChuckNorris: it’s ok. I understand. Selling a car is a cumbersome and big step. DH says the mechanic only charged for an hour’s worth of work since that’s how long the inspection took so I’m assuming $100? We didn’t owe on his car but I think the process is still the same overall. You would just be sitting on a lump of cash that you would then apply to the balance of the loan on the car.