How To Sell A Financed Car
In these financially uncertain times, many people are wondering how to sell a financed car. Some of them may have purchased a car that they could afford at the time, but perhaps have been laid off or are currently unemployed. It is always good for all purchasers of financed vehicles to have an idea of how they can sell their vehicle if needed.
- Research the rules and procedures. Contact the local Department of Motor Vehicles and the vehicle's finance company for information pertaining to transferring ownership of the vehicle. Tell them details about the present situation, and always ask for suggestions on what can be done to make the process easier.
- Find out how much is owed to the finance company. It may be surprising to learn just how much is still owed on a vehicle that was purchased not too long ago. Automobiles depreciate fast, so the news of an accurate payoff amount may be a surprise.
- Estimate how much the vehicle could sell for. Use resources such as Kelley's Blue Book to find a ballpark figure of a vehicle's worth based on year, make, model, and condition.
- Decide if selling is still a possibility. Is it a deal breaker if more is owed on the vehicle than what it is worth? Is it really possible to find a seller willing to pay at least the amount that is owed on the vehicle? Those are all questions that have to be considered when facing the decision of whether or not to sell a financed car.
- Find a buyer and write up a detailed sales contract. There are people who have had success selling their vehicle using magazine listings, online ad Website or just by placing a For Sale sign on the vehicle. It may take a combination of the above mentioned methods to snag a serious buyer. Once a suitable buyer has been found, make sure to write up a detailed sales contract to protect both parties.
- Follow the rules and procedures given by the Department of Motor Vehicles and the finance company. Motor vehicles laws can vary from state to state and some finance companies may have their own rules regarding the sale of financed vehicles so be sure to do what they require.
- Pay off the finance company. Make sure the finance company receives their money. Do not think for a moment that it is a good idea to sell the vehicle and pocket the money. The finance company has ways of making people pay up.