Folks, I'm planning on selling my G35. Man i love this car but my new employer is giving me a free car lease with all expense paid! I just don't have any need for two cars.

Anyway i still have 3 years left on my car ($17,000), and I'm planning on selling it to a private buyer. How do i do this? Do i pay off the car first? Or do i receive the cash from the buyer than pay off the car. Right now I don't have an extra 17K hanging around. Would letting the buyer take over payments work? Or am i still liable if the buyer defaults? any suggestions would be awesome.

 

sell then pay off.

How much ? 17K sounds like a good deal...

 

sorry for the confusion, $17000 left on the loan.

 

Generally it works like this:
the buyer will go to the bank that you financed your car through with you. He will write a check to the bank that will pay the car off and another check to you for the remainder of the amount. If you owe 17k still and sell it for say 27k then you would get 10k and the bank 17. The bank will then mail the title out either to you, and then you have to sign it over to him, or if he is also financing the vehicle then they can do a power of attorney thing where you basically give his bank the power to sign the title over for you and the title can be sent directly to the buyer's bank. There are other possibilities too, sometimes you can have the buyer just write a check for the full amount to your bank that it is financed through and then that bank will cut you a check for the difference amount. If buyer is financing it sometimes the banks will take care of it completely. You would just tell the buyers bank/finance company your loan number and what bank you have it financed with and they will talk to them and take care of all the details.

Good luck on selling the car.

 

Hi, How much you looking to sell that car. Please email me directly at explorer98@aol.com If the price is right, and you are local, you might not have to go through all that hassle...Let me know.