| Author |
Message |
Daniel
Guest
|
 Posted:
Wed Feb 16, 2005 3:20 pm Post subject:
Tips on selling my car ... still have payments .... |
|
|
Hello,
I wish to sell my 2002 Volkswagen Golf but I still have about $4500 CND left
on my financing. HOW then do I word my private classified ad and approach
the potential buyer without scaring them off ? I mean, it's pretty straight
forward when one puts up for sale their already paid off car but I'm not
sure what to do in this particular situation.
Thank you for your advice,
Daniel
|
|
| Back to top |
|
 |
Peter D. Hipson
Guest
|
| Posted:
Wed Feb 16, 2005 7:41 pm Post subject:
Re: Tips on selling my car ... still have payments .... |
|
|
Not uncommon. You need to get the finance company involved. The buyer
will send the check for the balance owed directly to them, and give
any remainder to you. You will sign a transfer certificate with a
power of attorney to transfer the title when the finance company sends
it to the new buyer.
If there is a difference between what is owed (in your favor) the
buyer would pay that difference to you. If there is a difference
between what the buyer is paying and what is owed that is not in your
favor, you will have to make up that difference to the buyer! (Yes, it
is easy to have to pay to 'sell' the car if your loan is more than the
car is worth.)
No buyer should ever give you the money to send to the finance company
(if they do, they are stupid) they should deal with them directly.
This protects them from teh case where you take the money and run.
(Not saying you would, but some people have strange sets of values of
what is right and what is wrong... <g>)
When there is a loan on a vehicle things are more complex, but not
impoossible.
BTW, if the buyer is also financing the sale, usually their lender
will take care of most of the work for both of you!
On Wed, 16 Feb 2005 10:20:23 GMT, "Daniel" <NotReal@yahoo.com> wrote:
| Quote: | Hello,
I wish to sell my 2002 Volkswagen Golf but I still have about $4500 CND left
on my financing. HOW then do I word my private classified ad and approach
the potential buyer without scaring them off ? I mean, it's pretty straight
forward when one puts up for sale their already paid off car but I'm not
sure what to do in this particular situation.
Thank you for your advice,
Daniel
|
|
|
| Back to top |
|
|
Mike Romain
Guest
|
| Posted:
Wed Feb 16, 2005 7:59 pm Post subject:
Re: Tips on selling my car ... still have payments .... |
|
|
You need to ask the lien holder what their rules are. They differ from
a loan company to bank, etc...
Mike
86/00 CJ7 Laredo, 33x9.5 BFG Muds, 'glass nose to tail in '00
88 Cherokee 235 BFG AT's
Daniel wrote:
| Quote: |
Hello,
I wish to sell my 2002 Volkswagen Golf but I still have about $4500 CND left
on my financing. HOW then do I word my private classified ad and approach
the potential buyer without scaring them off ? I mean, it's pretty straight
forward when one puts up for sale their already paid off car but I'm not
sure what to do in this particular situation.
Thank you for your advice,
Daniel |
|
|
| Back to top |
|
|
sdlomi2
Guest
|
| Posted:
Fri Feb 18, 2005 7:50 am Post subject:
Re: Tips on selling my car ... still have payments .... |
|
|
"Daniel" <NotReal@yahoo.com> wrote in message
news:H7FQd.406013$8l.112630@pd7tw1no...
| Quote: | Hello,
I wish to sell my 2002 Volkswagen Golf but I still have about $4500 CND
left
on my financing. HOW then do I word my private classified ad and approach
the potential buyer without scaring them off ? I mean, it's pretty
straight
forward when one puts up for sale their already paid off car but I'm not
sure what to do in this particular situation.
Thank you for your advice,
Daniel
Hi Daniel. Sounds as if we've missed your point. Word it something |
like this: "Small equity and assume payments"; "Assume payments"; "Need to
sell: buyer can assume loan and I will make up the small difference". Hope
this helps, s |
|
| Back to top |
|
|
Daniel
Guest
|
| Posted:
Fri Feb 18, 2005 3:03 pm Post subject:
Re: Tips on selling my car ... still have payments .... |
|
|
"Peter D. Hipson" <phipson@deletethisword.darkstar.mv.com> wrote in message
news:oim611thhaf1rp20urd970010sq6esd67a@4ax.com...
| Quote: | Not uncommon. You need to get the finance company involved. The buyer
will send the check for the balance owed directly to them, and give
any remainder to you. You will sign a transfer certificate with a
power of attorney to transfer the title when the finance company sends
it to the new buyer.
If there is a difference between what is owed (in your favor) the
buyer would pay that difference to you. If there is a difference
between what the buyer is paying and what is owed that is not in your
favor, you will have to make up that difference to the buyer! (Yes, it
is easy to have to pay to 'sell' the car if your loan is more than the
car is worth.)
No buyer should ever give you the money to send to the finance company
(if they do, they are stupid) they should deal with them directly.
This protects them from teh case where you take the money and run.
(Not saying you would, but some people have strange sets of values of
what is right and what is wrong... <g>)
When there is a loan on a vehicle things are more complex, but not
impoossible.
BTW, if the buyer is also financing the sale, usually their lender
will take care of most of the work for both of you!
|
You have been a great help! Thanks for the info!!
~Daniel
| Quote: |
On Wed, 16 Feb 2005 10:20:23 GMT, "Daniel" <NotReal@yahoo.com> wrote:
Hello,
I wish to sell my 2002 Volkswagen Golf but I still have about $4500 CND
left
on my financing. HOW then do I word my private classified ad and approach
the potential buyer without scaring them off ? I mean, it's pretty
straight
forward when one puts up for sale their already paid off car but I'm not
sure what to do in this particular situation.
Thank you for your advice,
Daniel
|
|
|
| Back to top |
|
|
Daniel
Guest
|
| Posted:
Fri Feb 18, 2005 3:03 pm Post subject:
Re: Tips on selling my car ... still have payments .... |
|
|
"Mike Romain" <romainm@sympatico.ca> wrote in message
news:42135FCA.39EA7EBE@sympatico.ca...
| Quote: | You need to ask the lien holder what their rules are. They differ from
a loan company to bank, etc...
|
Alright, thank you.
~Daniel
| Quote: |
Mike
86/00 CJ7 Laredo, 33x9.5 BFG Muds, 'glass nose to tail in '00
88 Cherokee 235 BFG AT's
Daniel wrote:
Hello,
I wish to sell my 2002 Volkswagen Golf but I still have about $4500 CND
left
on my financing. HOW then do I word my private classified ad and approach
the potential buyer without scaring them off ? I mean, it's pretty
straight
forward when one puts up for sale their already paid off car but I'm not
sure what to do in this particular situation.
Thank you for your advice,
Daniel |
|
|
| Back to top |
|
|
Daniel
Guest
|
| Posted:
Fri Feb 18, 2005 3:07 pm Post subject:
Re: Tips on selling my car ... still have payments .... |
|
|
"sdlomi2" <sdlomi2@spamyahoo.com> wrote in message
news:5YeRd.836$gm1.433@fe06.lga...
| Quote: |
"Daniel" <NotReal@yahoo.com> wrote in message
news:H7FQd.406013$8l.112630@pd7tw1no...
Hello,
I wish to sell my 2002 Volkswagen Golf but I still have about $4500 CND
left
on my financing. HOW then do I word my private classified ad and approach
the potential buyer without scaring them off ? I mean, it's pretty
straight
forward when one puts up for sale their already paid off car but I'm not
sure what to do in this particular situation.
Thank you for your advice,
Daniel
Hi Daniel. Sounds as if we've missed your point. Word it something
like this: "Small equity and assume payments"; "Assume payments"; "Need to
sell: buyer can assume loan and I will make up the small difference".
Hope
this helps, s
|
Would you suggest then that I place this info in the classified or just tell
the potential buyer after he had responded to my ad ? Also, what is meant
by: "I will make up the small difference." ?
Thanks so much!
Daniel
|
|
| Back to top |
|
|
Peter D. Hipson
Guest
|
| Posted:
Fri Feb 18, 2005 7:12 pm Post subject:
Re: Tips on selling my car ... still have payments .... |
|
|
Most lenders will not allow the note to be transfered. They may be
willing to write a new loan for the new buyer, but often not (they may
be into only new cars, for example).
It is not unusual for the buyers financing company to contact the
sellers finance company and take care of the details for everyone,
too.
On Fri, 18 Feb 2005 00:16:05 -0500, "sdlomi2" <sdlomi2@spamyahoo.com>
wrote:
| Quote: |
"Daniel" <NotReal@yahoo.com> wrote in message
news:H7FQd.406013$8l.112630@pd7tw1no...
Hello,
I wish to sell my 2002 Volkswagen Golf but I still have about $4500 CND
left
on my financing. HOW then do I word my private classified ad and approach
the potential buyer without scaring them off ? I mean, it's pretty
straight
forward when one puts up for sale their already paid off car but I'm not
sure what to do in this particular situation.
Thank you for your advice,
Daniel
Hi Daniel. Sounds as if we've missed your point. Word it something
like this: "Small equity and assume payments"; "Assume payments"; "Need to
sell: buyer can assume loan and I will make up the small difference". Hope
this helps, s
|
|
|
| Back to top |
|
|
sdlomi2
Guest
|
| Posted:
Sat Feb 19, 2005 7:49 am Post subject:
Re: Tips on selling my car ... still have payments .... |
|
|
"Daniel" <NotReal@yahoo.com> wrote in message
news:C7jRd.420039$Xk.378756@pd7tw3no...
| Quote: |
"sdlomi2" <sdlomi2@spamyahoo.com> wrote in message
news:5YeRd.836$gm1.433@fe06.lga...
"Daniel" <NotReal@yahoo.com> wrote in message
news:H7FQd.406013$8l.112630@pd7tw1no...
Hello,
I wish to sell my 2002 Volkswagen Golf but I still have about $4500 CND
left
on my financing. HOW then do I word my private classified ad and
approach
the potential buyer without scaring them off ? I mean, it's pretty
straight
forward when one puts up for sale their already paid off car but I'm
not
sure what to do in this particular situation.
Thank you for your advice,
Daniel
Hi Daniel. Sounds as if we've missed your point. Word it something
like this: "Small equity and assume payments"; "Assume payments"; "Need
to
sell: buyer can assume loan and I will make up the small difference".
Hope
this helps, s
Would you suggest then that I place this info in the classified or just
tell
the potential buyer after he had responded to my ad ? Also, what is meant
by: "I will make up the small difference." ?
... Snip |
This would be where u owe, say $4500, but are willing to sell it for
$4000. The buyer comes up with $4000 & u put $500 with his $ to pay your
loan off. As another poster said, it's prolly best to relate this info to
prospect after he calls. Or any other arrangement needed making to get the
title from your lendor to him and/or his lendor. This type of sale is made
quite often. HTH, s |
|
| Back to top |
|
|
|
|
|
|
FAQ
Memberlist
Register
Profile
Log in to check your private messages
Log in