How can I sell my car for more than I owe, pay off the loan, and make the profit?

Discussion in 'Growing and Managing a Business' started by petmeadow, Aug 1, 2011.

  1. petmeadow

    petmeadow
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    I'm trying to sell my car. I do not owe on it as much as I'd like to sell it for. How can I sell it for about $1,000 more, without the buyer knowing? The bank I have the loan with is out of state, so we will not be able to meet there, after it is paid, the title will have to be mailed to me. But is there anyway of going about this without the buyer knowing the exact amount I still owe for it?
     
  2. Fergal

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    What kind of finance is on the car, did you get a personal loan for it, or is it on some kind of hire purchase agreement? If you have a personal loan for it, the value of the loan would be of no relevance to the buyer. For example, if you had bought the car with cash and didn't have any loan on it, that wouldn't oblige you to give it away for free.
     
  3. youngkia1

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    How is the condition of your car?
     
  4. Mountain Man

    Mountain Man
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    You can sell your car for whatever someone is willing to pay. As far as the car loan goes, that is non of their business how much you have left on it. the only situation I can think of where this would come into play is if there is a lean against the car from a third party.
     
  5. The Reverend

    The Reverend
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    I'm a massive car enthusiast, can you tell me the make, model and year of the car? Also, it would be very helpful if you could post some pictures :) I can then tell you how much it's worth and what you can do to get the most money out of it :)
     
  6. Jerlene

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    I buy and sell cars all the time. If you get everything settled right away after selling the car, there would be no reason why the buyer would need to know.
     
  7. daytrader

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    you must be doing some kind of a trick to actually sell it more than you owe and get away with it.
    car prices depreciates as far as i know, unless its collectible. is it?
     
  8. James Greg

    James Greg
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    Fergal has a point there. It depends on the type of loan the car has been procured from. If you have bought it rather than leased or directly loaned from bank then there is no need to tell the buyer of the financial loop you have spun to acquire the car.
     

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