Selling A Car That Isn’t Paid Off – Part 1
Selling a car that isn’t paid off yet can be a bit of a problem if you don’t know how to do it yourself. And you really have to sell it yourself because if you try selling a car you don’t own through a car dealership, then you will find it to be extremely expensive.
Most people that try to sell a car they don’t own become shocked to find out that they owe more money on the car than it is worth. Its called being “upside down” on your car loan. Yet, if the economy sucks and you’re faced with not being able to make the car payments, you will need to know a way for selling a car without losing your shirt…and you good credit.
Being “upside down” has become a lot more common now because…
New cars are so expensive to begin with and many people bought into a new car by putting very little money down and are now faced with huge monthly payments. Because of the high initial cost of new cars, and the fact that few buyers are putting much money down to begin with, they are getting car loans for 5 years and longer.
When the economy goes south, people stop buying new cars, so new car dealerships offer lots of incentives that reduce the cost of a new car greatly, but those same incentives also make your almost new car worth less too.
1 in 4 vehicle owners owe more on the car they are trading in than it is worth! Scary stuff considering that so many car dealers will “take care of it for you” but then YOU are the one left holding the bag if that car dealer goes belly up!
However, most new car buyers will roll what they still owe on their old car loan – the car they are now trading-in, into their new car loan, which of course makes them even more upside down than before. I guess the larger question is…
Why the hell are people buying new cars when they haven’t even paid off their old car loan?
Because they must be INSANE!
You have two choices for trying to sell a car you haven’t paid off yet…
Click here to read Part 2 of Selling A Car That Isn’t Paid Off Yet >>