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Old 10-07-2012, 10:51 AM
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Lyzelle Lyzelle is offline
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Default Selling a car?

I've talked to the bank I have the loan on, and they said I can sell the car. I'm just not sure what my best options are at the moment.

Since we are moving to Italy, we aren't taking the car. Between gas, insurance, and the fact that it's a 2004 Buick, there's just no really good reason why we should take it, especially when public transportation is a lot easier over there.

I don't think "selling" it back to the bank would make me any profit, or even break even. Private party is great and all, but a real PITA. I dealt with that with my last car, and I hated all the creeps that came out to look at it (and subsequently stalk me afterward). I don't think the dealership I got it from would give me anything decent on it either. I dunno.

But the other problem is that we need the car right up until we move in March. So I can't just sell it now and get it over with. I have to have it timed, perfectly, which makes private sales harder.

So I'm looking for Chaz suggestions. What would you do in this situation?

Keep in mind I'm still paying out my loan, although it'll be down to 3 thousand or so by the time we leave.
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Old 10-07-2012, 11:06 AM
Saeleofu Saeleofu is offline
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I gave my Caliber back to the bank a couple months ago because I couldn't afford to fix it (buying a private party car was significantly cheaper than fixing it). I have not heard back how much I might still owe them yet, but it was super easy - they even towed it away from the shop (where I got my repair estimate). Anything I owe after it's all said and done, they said they'll do $100/month payments on. So, if you just want easy, I'd give it back to whoever's financing it.

Remember that if you sell private party, you're going to have to sell it for at least what you owe, and that may or may not be possible.

Whichever way you go, be sure you're aware of the bluebook value for your car's condition. It's not written in stone, but it's a good starting point.
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Old 10-07-2012, 11:11 AM
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Trading in a car--or just selling it to the dealership--is always the easiest and quickest option. However, the resale value on a 2004 Buick is pretty low, so don't expect a bunch of money. However, it will make your timeframe work perfectly.

Private party can usually net you more, but then there's the creepers and all to deal with, as you know. Plus, you don't know how long it will take to sell. If there is a college by you, post ads there.
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Old 10-07-2012, 11:16 AM
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I'd start getting feelers out there. Might find a poor college kid that can do payments till march(just don't spend the money in case something happens). It took us a while to sell our car but it was 9,000 and people generally don't have that lying around in cash for a screw around in sports car kids are attracted to so it took a bit.

Do not turn it back to the bank. That's going on your credit. Even if it sits at a friends and you pay on it that's still better.

How long will he be stationed there? If its two years and it's a good car do you have a friend or family member you trust to keep it? Apparently there are poa papers just for cars for things like this.
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Old 10-07-2012, 11:26 AM
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No friends, no trustworthy family to keep or hold the car.

Blue Book value is around 4500 for "good" condition. There's a few cosmetic flaws(mostly the hood), but it runs like a beast. Boss Tank. Never had issues with anything major and tires are in good condition. I'm pretty sure our loan will be paid down to 3000 or so by March.

I don't want a bunch of money or anything. Some profit would be nice, but I'd just like to break even on the loan, or owe under a thousand or so. The budget CAN work if we still owe on it, it's just not ideal for a moving situation, ya know? Especially since the bank is only local.
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Old 10-07-2012, 11:27 AM
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I'd sell it on craigslist. If you price it decently cheap not only will you make some money on it, you'll probably sell it pretty quick. I just bought one and all I needed was the title and a bill of sale it was super easy.

I know you are worried about creepers but just remember the #1 rule to selling something. Don't use your normal/personal email. Make an email just for selling it.

Also remember... You're leaving the country so without a real email and you not living around there I don't see a creeper being that bad of an idea.
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Old 10-07-2012, 11:56 AM
Saeleofu Saeleofu is offline
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Have you asked the bank how much they'd give you for it? If the bluebook is that high and your loan is that low, you may be able to break even - or better. I know my bank told me that if they take my car and sell it for more than I owe plus repairs, I would get the money over that amount sent back to me (not sure I quite believe them, though).
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Old 10-07-2012, 05:33 PM
crazedACD crazedACD is online now
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Quote:
Originally Posted by Saeleofu View Post
Have you asked the bank how much they'd give you for it? If the bluebook is that high and your loan is that low, you may be able to break even - or better. I know my bank told me that if they take my car and sell it for more than I owe plus repairs, I would get the money over that amount sent back to me (not sure I quite believe them, though).
Won't this be listed as a voluntary repo on your credit though? I doubt she wants anything damaging on her credit.
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Old 10-07-2012, 06:18 PM
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Quote:
Originally Posted by crazedACD View Post
Won't this be listed as a voluntary repo on your credit though? I doubt she wants anything damaging on her credit.
Exactly. Better to try a private sale, and, if the time frame gets to a crunch, look for consignment lot or someplace like CarMax that will get you out from under it.
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