Selling a Car: How do I do it?!

KevinNU7 · 01-16-2007, 11:44 AM

I feel like a moron even posting this but...

I purchased a 2002 Honda Accord LX Certified Pre-Owned in October 2005. It was our second car, with the approaching birth of our son we realized we needed a second car so my wife would have options while I was at work (30 miles away).

Fastfoward to now, we are now moving to Cincinnati where I will be able to take the bus to work everyday and no longer need/want two cars.

I have never sold a car before so I need some help.

kbb.com says a private sale would be around 11,000 which is right around what I owe on the car (5 year fiancing end is Oct-2010), meanwhile trade-in value is only $9,500 so obviously I want to try and sell it myself.

Only problem is that Honda has my title until I pay off my loan.

So how do I do this? This is the first time I have tried to sell a car.

Mustang · 01-16-2007, 12:31 PM

Well, the title has to be released to the buyer so either -

A.) You have to pay the balance off first, get the title and then sell the car

B.) If the lien holder is local you can just take the buyer and yourself over to the lien holder, pay it off and then transfer the title over to the buyer. (Out of town, might be able to use an escrow service)

C.) Have the buyer buy the car, pay for it, send the $ in and then get the title back and sign over to the buyer. Of course, the buyer has to have alot of faith in you so, probably not your best option.

CU Tiger · 01-16-2007, 01:20 PM

Depends on who the car is financed with.
If its a local bank or credit union it is pretty easy, if it is a national conglomerate (GMAC, Chrysler credit, etc.) its a little more tricky.

What I did when we sold my wife's car several years ago, (which may not be the best advice) was I wrote a credit card check (one of those 0% for 6 months deals) got the title and once I sold it, I paid off the credit card. Of course if it didnt sell it coudl have bit me in the ass...

Also you could have the buyer write the check to the credit company, but taht has downfalls as well.

And lastly you could get an unsecured loan from your local bank/credit union.

KevinNU7 · 01-16-2007, 01:24 PM

I guess I need to call Honda Finance...

01-16-2007, 12:31 PM	#2
Mustang Grizzled Veteran Join Date: Oct 2000 Location: Wisconsin	Well, the title has to be released to the buyer so either - A.) You have to pay the balance off first, get the title and then sell the car B.) If the lien holder is local you can just take the buyer and yourself over to the lien holder, pay it off and then transfer the title over to the buyer. (Out of town, might be able to use an escrow service) C.) Have the buyer buy the car, pay for it, send the $ in and then get the title back and sign over to the buyer. Of course, the buyer has to have alot of faith in you so, probably not your best option. __________________ You, you will regret what you have done this day. I will make you regret ever being born. Your going to wish you never left your mothers womb, where it was warm and safe... and wet. i am going to show you pain you never knew existed, you are going to see a whole new spectrum of pain, like a Rainboooow. But! This rainbow is not just like any other rainbow, its...

01-16-2007, 01:24 PM	#4
KevinNU7 College Starter Join Date: May 2003 Location: Beantown	I guess I need to call Honda Finance... __________________ Boston Bashers - III.14 - (8347)

01-16-2007, 01:20 PM	#3
CU Tiger Grizzled Veteran Join Date: Nov 2006 Location: Backwoods, SC	Depends on who the car is financed with. If its a local bank or credit union it is pretty easy, if it is a national conglomerate (GMAC, Chrysler credit, etc.) its a little more tricky. What I did when we sold my wife's car several years ago, (which may not be the best advice) was I wrote a credit card check (one of those 0% for 6 months deals) got the title and once I sold it, I paid off the credit card. Of course if it didnt sell it coudl have bit me in the ass... Also you could have the buyer write the check to the credit company, but taht has downfalls as well. And lastly you could get an unsecured loan from your local bank/credit union.

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