How To Sell An Upside Down Car?

[@geraldtisch1007]

Bottom line is that any private sale is going to require the buyer to wait days or weeks for the bank/lender to process the sale and release the car and then the ever efficient DMV of your state to then send the title. That will require finding a buy with an obscene amount of patience and trust willing to front load their money for that process. Lenders have no interest in making it easy for loans to be payed off early making less money for them in the long run. Never again people. Never again.

[@bobgunner3086]

Yep, good points.

[@damianlopez6583]

But what if they give you the money and you give them the car right then and there?? I'd send payment of payoff amount, and go to the dealer for the new vehicle to finance? All the person is waiting for is a piece of paper not? It's not like they don't have the car

[@Vanpotheosis]

They never gave me any problems when I went to pay a loan off early...

[@Vanpotheosis]

@@damianlopez6583 that piece of paper is really important. If there's a lien on the vehicle you should never trust the seller to pay the balance on their own. Use escrow or a broker or pay the loan in full to transfer the title. Otherwise, as the buyer, you're gonna have a repo man towing "your" new ride you just paid cash for within a few months. No title, no ownership.

[@criticalthinker7822]

Roger that!

[@juniorj.5108]

I owed 30k on my truck worst mistake ever never again will I buy like this. I just started Watching Dave he is so right luckily I only have the truck debt.

[@usmc03five28]

I owe 20k on my impala. It's worth 17k and have 8k credit card debt. And 4k in collection from not having gap insurance when my other car got totaled.. geico gave me 9I for my 14 sonata when I owed 14k dropped my credit score from 744 to 520

[@LORDSIDEMUSICINC]

Me and my wife ,had a Silverado, got it for 27,000 paid it off ,and brought it down to 16,100 . Sold the truck for 12,300 and put down 3,800 cash out of pocket and had the truck paid off.

[@bparkerfool]

Lol whaaaaaa

[@floppercosplay5262]

@@bparkerfoolsame bruh I don’t get what bro did?

[@Civic06]

I feel his pain. I did this 17 years ago. Bought a Mitsubishi and realized how bad of a car it was. I traded it in for a Honda Civic after a year and the dealer basically said you are throwing money out the window. Safety was a concern for me at the time. I then traded my car but with value and had a Maxima for 10 years until it was totaled. Sadly I am in the same situation right now, bought a Jeep Wrangler, and I like it but I don't see myself driving it for 10 years so I am now in the predicament of either selling or keeping it.

[@billyda1jack15]

My 2018 Tucson Limited is worth about 20k and we still owe about 25k. I feel his pain.

[@z34bruskie49]

exactly what I'm going through, I'm upside $6,000, I owe $26,000 and cars worth 20k

[@Aubreytheog]

So what did you end up doing did you sell and pay off the rest?

[@meliejenkins8917]

Update?

[@kjthomas4553]

Did you pay the car off or sell it ?

[@Just_Vibing_Bro]

I’m upside down 20 😂😂bought a ecoboost mustang 40k now worth 23k seeeeeshhhh just enjoy life my boy

[@Just_Vibing_Bro]

Scared money makes no money !!!!

[@bparkerfool]

Bet its worth more than that now

[@jrock1012]

Dawg me too🤣

[@jaywavy5734]

I owe 16k on my Beamer and it’s only worth 8-9k. My pla is to sell it for $9K and take out a loan from the bank to pay the difference

[@juancarrillo1743]

Good video I did the same thing trade in my $7,000, 2008 Ford F150 for a 2019 Chevy Silverado custom $35,000 and came up to $42,000+ 6.25% interest I've learned my lesson I will never do that in my life again

[@jay-rus4437]

Juan Carrillo ....did you sell it? After dumping everything I had one relapse and somehow justified buying a new truck. After 8500 miles I took a $15k loss and havent looked back. Now that was some stupid tax. Will NEVER happen again. Love my tundra with 151k miles on it. Favorite vehicle ever...honestly it is. Wouldnt even consider taking a new truck for it. No thanks

[@juancarrillo1743]

@@jay-rus4437 I did sold it, the 2019 chevy Silverado, what a relief, I bought myself something more that can fit in my budget, a 2010 ford f150 that cost me $13,800, $16,000 with taxes and interest,

[@juancarrillo1743]

@@jay-rus4437 same here I had my 2019 chevy Silverado for over 9 months and lost about $9,000 k, better to lose $9k than another 50+ months of my life paying that truck, worrying about it, not going to lie it is really nice to have a brand new pick up truck specially day 1, but the stress that's comes afterwards is hard, thinking about that $700 dollar monthly payment for 72 months lol or 6 years

[@bitemyshinnymetalass1569]

I'm going through that too. My used car is worth around $10k and I owe almost $12.4k . So far only one used car lot has told me to bring it in and they would make a offer on it.

[@officialdiomer]

What did you end up doing?

[@julianocegueda]

i’m down 29k widebody scatpack $69 now worth 41k! don’t know what to do man , i’m 19 and worst decision of my life !!

[@TorisGarage]

how are you doing? you figure out what you’re going to do?

[@julianocegueda]

@@TorisGarage nope, still struggling. gonna have to keep it

[@floppercosplay5262]

That’s what you get for choosing a badass car vs being smart and get a Toyota or Honda. You do you buddy

[@floppercosplay5262]

@@cyndym46bruh

[@ctheflyest]

update on this situation?

[@itsascaryworld9788]

Damn. I’m so glad I clicked and listened. Pretty much answered my question.

[@douglaswilliams6834]

Dave is right. The best way to get out of this is to aggressively pay that truck loan off. I wouldn't even bother trying to sell it. I would just super aggressively pay it off. I'm talking if his payment is $500 a month, pay $1500 a month on it. Stop eating out, live on rice & beans, move back in with mom & dad, whatever it takes. Once it's paid off, drive it until the wheels fall off.

[@d_t_8__102]

I'm working on selling my truck. I've used it about 5 times in 8 months. With the truck and insurance I pay around $650 a month. I'm hoping to sale it and use that money to fix up my paid off car. After that start paying off debt faster since I'll be saving $650 a month.

[@sethriggle1462]

Yes sir thank you Mr. Ramsey

[@cristianbravo4237]

I have a car which is worth 12k but with all its scratches and dents is worth 7k , my pay off amount is around 18000 so I’m upside down. My take home is 2000 monthly payment is 451 monthly. I was wondering if I pay 500 every month for 36months straight would it help me out or no. I’m trying to get rid of the payments already... and Santander USA is my finance company

[@usmc03five28]

@@brandylynnxtehe that's cause u probably still in the first year. Once ur near done 90% of it goes to principal

[@kingtip1818]

brandy porter because your credit was horrible and APR is high dont blame them blame yourself

[@kingtip1818]

brandy porter also refinance it

[@tone12682]

Santander was sued u may be able to get out of that loan free and clear. See if your state is listed under the chosen states

[@kevinoverholtzer3126]

his problem was caused by trading in cars so he should just keep the car and pay it off, and keep it.

[@bobgunner3086]

That's what I was thinking too. Some times Dave advises selling the car(s) and taking out a loan for the difference. I think that would not be a good idea in this situation. Gotta push through and get caught up then reevaluate.

[@usmc03five28]

The only thing I learned from this video is to not be stupid lol. I thought i was gonna learn how to negotiate the bank or someshit

[@tompain2751]

They don't want to negotiate.If you don't pay,they just sell the car to somebody else...after the repo!

[@elizabethchrismer1892]

How about sell the motorcycle!

[@sanazsu]

I was one week away from paying off my car loan….I was using the baby steps and was crushing it! I know credit scores are meaningless to some people but my score increased from 500 to 820. One week before my last payment…..out of NO WHERE… my Honda Pilot’s engine went out! Guess what I did out of fear of having to ask people to take me places….I got a new car. I could’ve gotten any car. Why did it have to be new? 🤦🏾‍♀️ And a upside down loan which I didn’t know until I signed! Dumb! 😂 So I’ve calculated that I could save around 22k by the end of the year. Add that to what I’ll be paying monthly….the car will be paid off in 2024….instead of 2029. Pray for me.😂

[@floppercosplay5262]

Nah that’s to much of a coincidence. I would be mad asf.

[@HtownDrip]

pull 5k from retirement + sale the bike for 5k and get her done.

[@MrWhite-pn7ui]

LOL What retirement?

[@kawikalavarias9391]

No lol never dump retirement

[@johns3jr]

What kind of cameras do you use Dave?

[@EllencPeres]

WOW it was very helpful. NO, it wasn't!! people that watch this kind of video doesn't need finance lectures but options how to sell an upside down car. 4:33m of video and he still didn't answer the question, what waste of time.

[@XxFlowercutieO3UxX]

Ellen Peres he’s a financial advisor not a freaking magician. YOU gotta do the work to dig your way out of the hole you dug

[@marqopolo9948]

For private sells, how would one list their car for sale?

[@zoratwofacecat9540]

Offer up an great app to sell cars

[@kidcasual1981]

Dave is the best

[@Jazz202020]

Good channel

[@Uniquemade_1]

Wow! No type of help

[@BusArch42]

I’m a cash buyer and I wouldn’t touch a car without a clear title

[@None-ce6pq]

dang what company does he work for ? lol

[@graysonfamilykennel5211]

I’m trying to rid of my 2018 R/T Scat Pack same day regretted it. It’s worth around 23k my total amount financing is 32k. I need to come up with 10k so I can get rid of it. I don’t want to take out a personal loan to add to the debt. I haven’t even made the first payment yet smh never again bad decision.

[@officialdiomer]

What did you end up doing?

[@TheChelseaeverafter]

I’m in the same boat

[@eb7614]

Did he say ma’am 😂

[@AMindInOverdrive]

Sell the toys (E.g. motorcycle)

[@PrincesssKeilani]

Ughhhhh I’m in the same boat upside down $10k

[@Alexzw92]

Step one: Flip it back over first.

[@DREQON2005]

Mine isn’t terrible I owe 8600 on a car that is gonna need at least 6000 in engine work it’s only worth 8000 or so and I wanna get rid of it maybe I could try and sell it for 6000 and take a loan on the rest to get the title idk ugh

[@floppercosplay5262]

What did you do

[@Mirianlife]

What if I really want to keep my car but don't want car payments🤣🤣🤣🤣....

[@MrDriveNGuy]

Move to Mexico with the car, worked for me

[@MrDriveNGuy]

@@emanuelsantana98 not gonna lie I have no recollection of typing that 🤣🤣🤣

[@floppercosplay5262]

@@MrDriveNGuylol

[@reverendbluejeans1748]

How can car become upside down. I need to leave.

[@phantomphan006]

who would buy a car from someone who doesn't have the title in hand?

[@it-tt2ol]

Maria Serrano An idiot. Desperate idiot.

[@jas_diaries]

Or you can take over the payments 🤷🏻‍♀️

[@selena874]

I did. Got it for payoff. STEAL! Drew up a bill of sale and agreement. met at bank to pay off the car, seller signed it over to me when it arrived. The car sat in my driveway and I had the keys until the deal was done to ensure nothing happened to it in the meantime. It's a pretty seamless process. In some states the bank will release the title in whomever's name you want, that makes it even easier. I've bought a lot of cars this way.

[@LORDSIDEMUSICINC]

Kelly blue book ,auto trader buys cars and auction them off to car dealers, just make sure your car is not junk !!

[@abyousocrazy358]

Selena you just took over their payments?

[@ryanprice1467]

This was the most stupid Answer

[@Thewordoftheswordmin]

Don't know who Rachel Cruze is but please...no

[@lorettairwin7460]

nightwing39 Rachel Cruze is Dave Ramsey's daughter

[@hazy5741]

Shoutout 210

[@ralphspencer4442]

Sell the motorcycle

[@annawitte1942]

Why my husband leases now and I won't spend more 15k on car

[@mountiescorner]

Anna Witte leases are even worse personally.. renting a car with a monthly payment attached? No thanks. To each their own though

[@Moreeelifeee]

MOUNTIE'S CORNER um.. how else can you rent a car? It’s going to cost something.

[@mountiescorner]

Rosita Blanca my point is I’d rather save up and buy a used car a few years old And have the title right away instead of being attached to a car payment. Leases are not a good investment, the buy back is high at the end, you’re upside down and are either going to pay 15k for a car that’s worth 10k (example) Or you’re tempted to sign another 4-5 years of monthly lease payments Doesn’t seem like a good idea in my opinion

[@Moreeelifeee]

MOUNTIE'S CORNER I can tell you don’t know much about leasing.

[@mountiescorner]

Rosita Blanca please educate me how it’s a good idea to have a lease? Unless you can expense it as a business .. its a waste of money

[@SEFYH]

He's a fake, wanna be Suze Orman... Got it!! 👌🏻