How to sell your car when you still owe money on it

[@LATINTHRONE]

Wtf why would I sell my car for half the price to a dealership? If you are really motivated you can sell a car that has a loan on it. He must work with dealerships.

[@Sig721Tau]

@Real boxing Fan1 Huh? English please.

[@XX-fl4zg]

He sure does, grimy!

[@frankrizzo2348]

Your car is worth 14. You owe 12k. The dealer will offer you 8.5. Great plan.

[@Cmakeithappen]

🤔🤔😂😂😂

[@conceptdesigns4100]

He must be the dealer😂

[@TheRubb3rbandmanx]

True!!!!!!!

[@carterbusby239]

That’s funny. That’s exactly where I’m at right now

[@zarbeast28]

This dude literally give us Advice on exactly what we are not asking for

[@richb7414]

#3 I've done it several times both buying and selling. You have your lending institution cut the check to buyer and bank. You meet the seller at bank where loan is from and walk away with a title and lien release to register your car. It's not as dramatic as this guy states. Only time it's an issue is when the owner owes more than you are paying.

[@Sig721Tau]

Second sentence, huh?

[@danielboudreaux85]

Exactly

[@troytruong8246]

you mean to get the bank(buyer's bank) to cut the check to the seller and seller's bank? lol

[@Isweir]

@@troytruong8246 ?? I don’t inderstand what he’s talking about.

[@necessaryJustice_4all]

What if the bank that holds the lein is out of state? 🤔

[@mehmedtiro412]

If someone wants to buy your car, simply go to the bank and let them handle the paperwork. What you owe will be covered (unless it's negative equity, in which case i dont believe you can sell it) and the title will then be transferred to that bank. You're now free to go with your profit. The WORST advice is selling to a dealer.

[@cgc]

Holy crap....this guy just made the whole process so much harder than it actually is. 1. Don't sell a car outright to a dealership...you're NEVER going to get anything close to what the car is worth. 2. MOST people have a loan on a car they are selling. I've sold SEVERAL cars I still owed money on and all you have to do is have the buyer write the check to the lender you have and the lender cuts you a check for anything over what is owed on the car. 3. There is no "talking someone into" buying a car like this. I've never had issues selling a car to someone like this. If you've ever bought a car from a private party, it's pretty much what you're going to do. Absolutely not the foreign concept this guy is trying to make it out to be.

[@fauztran]

cgc I noticed that as well. As if the dealer would remotely give what it's worth. Heck, I have a 2010 Subaru Impreza, with around 7 or 8k, and the dealer wanted to give me 2k for it. I flipped them the bird and carried on.

[@cizzlen07]

+cgc Can you please explain how this works in detail? I want to sell a car that I'm still financing but have over half of it paid off. Do real world buyers typically go for this type of thing? I'd like to have an understanding based on actual experience before I list it on the market and move forward. Thanks in advance, anyone who can help me!

[@cgc]

Sure. It really is pretty painless. If you google you can find a decent bill of sale. See if you can find one outlining that the car still has a lean on it. At that point I make sure I document that once I receive payment that I will pay the car off (give bites the name of the mending establishment and account number for their reference). Normally I'll call and get the 10 day pay off and let the buyer know I should have the title for the car in XX days. I've had on instance where the buyers bank and mine worked together to take care of the transaction. I've sold several cars with open leans...I've never had ANY problems and it is NOT the headache this video makes it out to be.

[@cizzlen07]

cgc Seems pretty seamless if you know what you're doing and are very thorough and transparent. It makes sense to go to the bank and ask them to assist. Thanks for answering my question!

[@gp5]

+cgc ok what about if I'm using my car as collateral for a loan? The car at this point is worth $3,100 and the amount left on the loan is $1,500, how would I sell a car like this? The same way?

[@GuestYouTubeUser]

I hate negative equity. I’m never buying a new vehicle ever again. If I do, it’ll be lease!

[@quevenmz8456]

its the same ish

[@clover7359]

You can very easily have negative equity when leasing a car. Ask a person who leased a car, then after 3 months, they got, say, an injury to their eyes, and can't drive anymore. No sense in making payments on the car since they can't drive it. Except to get out of the lease, they either have to find someone to "take over" the lease (very, very difficult if even possible at all as some manufacturers specifically make it impossible in the lease contract, and even if they manage to pull this off, they are still ultimately responsible for damages at the end of the lease anyway), or pay a huge, and I mean huge early termination penalty which is essentially the same as negative equity (costs money to get rid of the car) or they can get it repossessed which may still not absolve them of all financial responsibility, and ruin their credit for several years.

[@ripjeffhanneman5838]

If I may... I took my car to the dealer as suggested by this video. Granted it's not a cheap car and has a hefty lien on it. The NADA for private sale is $33k. I owe $35k (negative equity obviously). The dealer offered me $18k. My advice? Don't even bother. If you're feeling bored with your car, give it a nice detail. Maybe add a stereo or something else that would make it more fun owning. But NEVER let go of a car with negative equity. If possible, just pay a little extra each month until you've built up some positive equity (then getcha a new car) OR just pay it off and drive it till the wheels fall off. Either way, no buyers remorse which equals better sleep at night. Good luck and stay away from the "stealerships" unless you already have a loan from YOUR bank. That's another thing... if you walk in there (dealership) without your own check, you're gonna get shot in the head lol

[@alang.846]

Hey good thing I saw the comment section, know I know selling my car to the dealership is the last option

[@oscarmorales1621]

I think the easiest thing is that the buyer takes a personal or auto loan with the amount you need to pay the car or are willing to sell it. So then you can go to the bank and pay them completely.

[@canadianamerican90]

Or you just go to the dealer/bank with your buyer it’s all done there. Safe and easy .

[@jadencresser]

A legal agreement signed by a notary at UPS only cost $10 🤷🏾‍♂️

[@rustambekzokirov8333]

Bruh, not the best advice. Don't go to the dealer. My lien on the car is - 23k. Financed for 26k. The dealer offered - 20k. 3k loss. Instead, find the private buyer and tell him/her to wire directly to the finance company the exact amount. You will not lose anything, plus can upsell if you have warranty on it.

[@cosmicunity7263]

Dealer will give you pennies for what the car is worth.

[@aesir0784]

This guy telling you to sell it to dealer is a bunch of bs. You tell the buyer there's a loan and then you have them cut the check to you and the lender. It is NOT complicated. It's the BEST way to get the value your car us worth and not be ripped off by "nice guy" Mr. Goldtooth, here. He's NOT your buddy. He's a con artist pretending to he your pal.

[@RandySoWavvy]

Lmao I’m not having any issues selling my car it’s actually the opposite within 1hr of me listing my car I have 5 people all wanting to buy the car. I just wasn’t sure on how to get the title

[@JuiceBox22]

Dealers always give you a lot less than the car is worth

[@earll8181]

I'm selling my car to a dealership with negative equity but I arrange with my bank for my remaining negative equity and they gave me conditional release lien letter to the buyer so that the buyer (dealership) can pay the offer. I'll just have to pay the balance with the bank as per our arrangement or installments.

[@efthimios]

Lol worst advice at 1:51. Dealers offfer me 11k for my car that I owe 11k- privately I’m offered 17k

[@MrBizike]

Worst advice I have heard in about 6 years. lol

[@Sig721Tau]

Do explain.

[@mystical_raze3646]

@@Sig721Tau well explained

[@HealthRUs_321]

What if you're upside down on loan

[@wturner777]

Instead of the dealer paying you the equity, you pay them the equity, aka negative equity. That's something he should've explained in this video, even though the video was old.

[@umbertovanstaden2651]

I'm moving overseas but still own money on my car, all I can do is sell it.

[@bx3054]

this is the answer right here.

[@nighttrain022]

Now try a trickier one. Let's say an elderly person got in over their head unknowingly and wound up being responsible for the debt to pay on a car. Due to limited faculties, the elderly person signs technically as the Primary buyer, with a secondary buyer actually being the one who was driving the car, making payments on the car, etc etc. But then defaults and before the " Primary buyer" knows anything about it, she starts receiving collection past due notices for the debt. Once the adult children of the "primary buyer" now responsible for the debt person, find out about this car, it turns out it was the 2nd of 2 cars purchased this way, due to the secondary buyer taking advantage of an elderly person. Long story short, the primary starts to make payments, not to ruin credit etc, gets the car in her possession, but with no title obviously because there is a lien on it. Then to make matters worse, due to trade in of the 1st car, adding in bells and whistles, satellite radio, the whole kitchen sink., the terms of this loan bring a 30 some thousand dollar car up to over 62K with a payoff amount of 42K leaving the elderly lady upside down to the tune of at least 10K over what the car could be sold for. Now fix this scenario and I will me very happy.

[@raymondmartinez1761]

My car has like 20k positive equity right now but I’m still under loan and trying to sell I doubt the dealer will give me the 20k 😂 going private seller but now sure exactly how to go about it.

[@SHOTS-FIRED]

what dealership is gonna pay you book value for a vehicle? none! why would they pay what the vehicles worth? makes no sence theres no money for them to make

[@e2sguy]

Jon Dough yes no profit on the trade but they can make it up on the new car . It happens everyday

[@noneatall485]

Funniest thing I’ve ever watched

[@trentcalson105]

I also got two biweekly paystub for my loan to be approved

[@ajhatti2011]

This was extremely helpful.

[@sinistergaming1014]

So what if your vehicle is worth 10k but your loan is 13k what then? Do you need to have that 3K right then and there to cover the cost?

[@LaniAnne402]

What do you do if ex was sent title to sign it and never returned it. How can you get a new title?

[@derrickjohnston7181]

Can I just make contact that I have positions and be willing to make payments that I will and do own tell payed off with expectation I will bond title and do court order to keep making payments after been making payments and keeping insurance for 4 months? Sound reusable?

[@XyoojPheng]

Only option you can do now is to keep the car, should've bought a Honda/Toyota that has values.

[@suavilica]

And if you could make the payment then what?

[@durandalfeee1227]

Simple to the point. I’ve been thinking of just selling to a dealer just to avoid a headache

[@brotherjames2204]

That's what dealers are counting on. They know they're offering us a bad deal but the real question is: Is the convenience they're offering worth the thousands of dollars you're missing out on when you settle for their pawn shop rate?

[@gethighallday2044]

i still have loan on my car and i want to trade it in.just a quick ? if i trade my car my interest on my car will go onto the next new car or they going to drop it and give me a new rate

[@mikerpdx]

Does this guy own a dealership or something? My lord.. the difference in private party sale price to dealership trade-in price is probably 20%. Not worth the hassle? Think again!

[@teddypgray]

Yap. And it's very unlikely that you're going to get more money for the vehicle than you owe on it, also.

[@balance667]

How so? I owe 19 on my car and it’s worth 26

[@shatrelcotterell4938]

What if you it’s worth less than wat you owe??

[@eddieruiz3503]

my car is worth 11k but i owe 19k and i want out of this loan and idk wat to do

[@youdontknowmyname6956]

What happens if you owe 10,400 its worth 9,300 and u just put 3k into to fix stuff and it still acting up?

[@troytruong8246]

you are f*cked. cut your losses. Sell the car if you don't like it.

[@irma562mart5]

Hi.. I don't no much about this but I have a 2011 Toyota senna mini van that I don't like no more but I still owe on it, and I herd that I can go to a dealership and get a other car but would I owe what's left of the loan plus the new car? Pleas if you can help😊

[@yudahel9821]

sweet562 Mart my exact situation

[@mr.bosstang8363]

sweet562 Mart-- dealer rolls over whatever is the balance on the van to the new car. If you go that route negotiate the price of the car you want and low ball until it's a good deal for you, then throw in the van in. Let's say the new car is $20k. You talked him down to $18k now you add the $9k total $27k you still saving $2k. Don't do it upfront cause they selling $20+ $9k it's $29k. If you negotiate the $2k from there they still getting $27k. Always work out the price of the car before you add a trade in.

[@mr.bosstang8363]

It's basically a trade in what you doing. But don't tell them that yet. Like I said work the numbers first on the new car. Always negotiate from the invoice price or lower.

[@adrianalvarado7407]

Talk the dealer into trade wanting value then have him write you a check to pay off your car, On a promise to purchase a car off his her lot. Dealer always knows how to make it confusing on the paper work to screw you. And its much clearer for a process on one car.

[@adrianalvarado7407]

Of course the dealer rarely does this but if he wants a sale then he may go for it

[@jairogarcia5513]

Hey man this was a very great video really made it so easy and simple but do you happen to know where i can get my car appraised to know exactly how much the value of the car is?

[@user-pq5jr1tl6h]

@@dha588 hahaha really

[@everetttucker7849]

Kelly Blue Books website will appraise it automatically

[@jay5729]

what do you do if you are getting a loan for purchase and the seller still has a lien?

[@troytruong8246]

get your bank to work with the seller's bank. They will do all the paper work for you. that's what i'm Planning to do now too.

[@swift4311]

Thank you

[@TypeRBeans96]

Can I use another bank to pay off the car ? (Debt consolidation) and get title ?

[@mehmedtiro412]

That's actually a smart idea... didnt even think about that 😯

[@thumpertorque_]

Will they give you a loan for $12k even if you have a loan on the car?

[@kokoajay5540]

Hey Adam I want to go to the dealer and sell my car. What dealers would by my car with a lien holder. Just any dealer ??

[@carlosg2677]

Anyone will it affect me credit score? I owe 27 the dealer gives me 35

[@deplorabledreg2935]

I live in California and I want to purchase a motorcycle from a private party. His dad will be handling the transaction since the seller is currently out of the country. The registered owner of the motorcycle had signed line 1A on the front of the title but didn't fill in the mileage or sign the signature line to verify the mileage. What solution is there to purchase the bike and not have to wait for the return of the seller from out of the country....thanks a bunch....

[@troytruong8246]

I was in this situation. I sold my car when the title is under my brother's name. Technically was his car lol. He lives in another state. I put in the bill of sale that my brother authorizes me to sell the car on his behalf. When a person has a title, 99% it is a legit sale.

[@PLT123]

Oh yeah just sell it to a dealership why didn't we think of that?🤦🏼‍♀️

[@alberto_o17]

Hey guys I currently have a car loan and still owe 13k on my car but it’s only worth about 9k I want to buy a new car can I transfer my car loan to someone’s else or what should i do ? Please help

[@joelgonzalez8657]

I got the same question

[@qt7829]

my sister sold me a car and she owns about $1100 for late fees.. they are holding the pink slip can I transfer the car in my name... will I have to pay that are no.... I live in California. so what do I do... the lender is not going to repossess but they are hold the pink slip?????

[@richb7414]

Current owner of vehicle is forced to pay. If you take over that vehicle, you must assume that debt to register it.

[@bryanedrada1806]

I sell my track in the dealer but i owe only 1600 in the lean the dealer buy it. why he take 3 to 4 week to pay me

[@JESUSD6765]

I want to buy a honda accord that someone has and he owes money on it, how can i purchass i without being scammed? Hes local. A written agreement?

[@Sig721Tau]

Yes, a written 'bill of sale' is a must when purchasing a car from a private seller.

[@Vater1]

It’s hard to sell it ? Really ? You don’t need the cash ! Equity in the car will cover you the car and the lien holder.

[@Tom-wl7sm]

What if you owe 18,800 on a car

[@jerrylundegaard2592]

It is not rocket science. It is just math. If you owe $18,800 on a car and you sell the car, you will owe the finance company the difference between what you owe and what you get selling the car. Or you will get a check from the finance company if you sell for more than the $18,000. People need to understand "equity"! Equity exists when you pay for it. It is not free. Equity is simply the difference between how much you owe and the value of the vehicle. Example, you buy a vehicle for $20,000 and pay cash. After a year the vehicle is worth $15,000, you have $15,000 equity and you paid $20,000 On the other hand if you paid $3,000 down, after a year you still owe $17,000. You have negative equity of $2000 but you only paid $3,000. If, at that time, you pay the $17,000 you have the $15,000 in equity and you paid, once again, $20,000. No difference.

[@Alfactors]

My credit Union owns my car they'll give them the money and then the credit Union can give me the profit

[@jameslarue8678]

can anybody give me advice.. so I bought a truck and the kid I bought it from said tht the title is still in his friends name who which he bought it from awhile back and I didn't want to buy it until he had the title the same day I as giving him the cash but he told me that he would give me the title the upcoming Monday because his friend needed to get it notarized and I agreed to it and now its been almost 2 months and I have no title.. any ideas to get the title ?

[@Cmimss]

james laRue Go to the DMV

[@QuanticoBoyz]

I have a 2008 chevy malibu with 90000 miles. I owe 14000 and the car is only worth 6500. what can I do?

[@SurviventheOnslaught]

steal another Malibu and change the vin number

[@cleandmg1]

Don’t buy American

[@Sig721Tau]

Pay it off. Save some money for next car. And drive that Chevy to an auction or salvage yard. Lol

[@unstoppableking2356]

@@SurviventheOnslaught 😆

[@unstoppableking2356]

@@cleandmg1 I love 🇺🇸

[@johnny7121]

that's a lot of intro.

[@amdxp12]

His advise is a bad advise!

[@wturner777]

How so? Even Dave Ramsey would explain it the same way. You call up on his show and tell in you're in debt and have a car loan, the first thing he'll tell you is to "sell the car".

[@thomas25082]

How bour getting to the point

[@philipkim2672]

horrible advice. lose a ton of money selling your car to a dealer

[@k8l8m8]

This is stupid advice. No dealer is going to give you the value of the car.

[@lorettawilliams7893]

B

[@AllUnbelievableShits]

what did ya do ?

[@ripjeffhanneman5838]

He sucked a good one and got what he wanted.

[@bparkerfool]

Man take this dude off the tube. Lies.

[@ryank9306]

This is terrible advice

[@Manatti06]

This is terrible advice.

[@trentcalson105]

They on Instagram

[@RandySoWavvy]

Lmao I’m not having any issues selling my car it’s actually the opposite within 1hr of me listing my car I have 5 people all wanting to buy the car. I just wasn’t sure on how to get the title

[@goaltunenews5027]

Same how it go ?