Selling the G...Can someone help me?
 

Ok excuse my ignorance guys...Im most likely forced to sell my G thanks to current financial issues...Im trying to figure out how big of a loss Im taking, and I think the confusion of the #'s mixed with my displeasure of selling is leading me to wrong answers...Anyways Ill give # details and if someone can tell me how much of MY invested money Ill see back I'd greatly appreciate it...Also how does a sale happen when you dont have title in hand?? As in the car still had 3 years left to pay it off? Thanks for the help guys...


2004 G35 coupe -

Down Payment - $13,000
60 month Term - $418 per month

I've paid 26 months thus far @ $420 a month...

If I sold the car for 28k where would I stand?? What would I get back??

Well, the easiest thing to do is...
Call whoever financed your car loan (infiniti financial services or whoever) and find out how much you still owe. Then find out how much your car is currently worth by checking KBB or look at what similarly packaged cars are selling for on autotrader for private party sales.

If you owe less than the market price of your car, then in the end you will pocket some money. If you owe more, sorry but you have lost money and will need to payoff the rest of the loan out-of-pocket.

Thanks for the response! I was worried nobody would give me some info..I know its a dumb question but I guess Im just in denial so dont want to find out the answers...

I owe 13k on the car...And the KBB value is 28k...So that means Ill see a 15k return in hand???

Also if you sell a car thats not paid off how does the title transfer work?? Does he just pickup payments right where it left off? Does his bank loan come to my account?? Thanks...

Yea, you would get 15k back if you sold the car at 28k and payed off the loan at 13k. Sucks I know... but cars are a depreciating asset...

The loan is in your name... he pays you the whole amount (either cash or with a loan he got somewhere else). You take that money and pay off your loan.

As far as details on private party sales, I dont know how those work out exactly... I havent actually done one myself, but there is plenty of information online -do some google searches.

Also be sure to check some comparables... other G35's being sold that are similar to yours, to verify if the KBB price is accurate.