How do I sell my car?


#1

I’ve never sold a car that has a lien on it and could use some advice. I have a 2004 subaru forester that has only 41K on it and is in great condition. The KBB on it for private sale is between $14,000 and $15,000. I still owe 12,500.



My lienholder said it would take 5-7 days from payoff to title. If I sell it privately, how do I handle this with the potential buyer?



Thanks in advance!


#2

Be honest with them that you have a loan against the title, and what the pay off actually is.

Why are you selling this car to begin with?


#3

Does your state require an inspection before a car can be registered? If so, get the inspection done yourself. If you have a car that can be driven away with no extra work required, you will get top dollar. We have safety ispections in Maryland. Other states might have pollution inspections, too.


#4

You need to call your local DMV, or whatever you have, and ask this question. Laws vary from state to state.

If I had to do that here, I’d be sure the buyer paid with certified funds, or cash. That way there is no lag for your lending institution to wait for the check to clear.

Around here, the county or a willing car dealer can issue a 30 day permit as long as there is insurance in the new owner’s name. Then there is no problem for the new owner to wait for your title. If tags transfer with the car in your state, I don’t think it’s any real issue for them to drive away with your car as long as you both have a copy of a bill of sale to show that ownership has changed. If the tags stay with you, letting them drive off with your tags is a crap shoot and only quasi legal. INSIST that they have insurance on THAT Subaru if you do that.


#5

For someone to put up with the 5-7 days your likely going to have some good contracts AND a great selling price.

Otherwise I would advise trying CarMax if its in your neighborhood and see what they give you for it.


#6

Does your state require an inspection before a car can be registered?

What state requries an inspection BEFORE it’s registered?? Every state I’ve lived in you get the inspection AFTER it’s registered.


#7

Looks like this is going to be work than I thought. I just moved to Seattle from Maryland. I live and work in the city and would like to save $700 a month in car payments, insurance, gas, etc. I can get everywhere I need by bike, metro or flexcar.

I have not registered the car in WA state and was hoping to avoid that. I’ll go see the DMV today to see what I absolutely have to do.