[p7wang]

Existing car loan will make this a more complicated transaction. Who is the lender, how much is left on the loan, and what is the interest rate? If reputable lender, perhaps the buyer would want to take over the loan (subject to new interest rate set by lender based on buyer credit, of course).

 

[captivabolt]

My exact car , but 2017 year , just North of you…
Good luck.

 

[Digi]

You have two different prices. One on the title and one in your post. May want to fix that.

 

[MoranJ2000]

You have two different prices. One on the title and one in your post. May want to fix that.

Thanks-- fixed. The dangers of posting something bleary-eyed at almost 1 AM...

 

[MoranJ2000]

Existing car loan will make this a more complicated transaction. Who is the lender, how much is left on the loan, and what is the interest rate? If reputable lender, perhaps the buyer would want to take over the loan (subject to new interest rate set by lender based on buyer credit, of course).

I've only traded cars in before--never sold privately-- but I'm pretty sure car loans (unlike leases) are not assumable, regardless of the creditworthiness of the buyer. I don't think my interest rate or what I owe would be relevant to a buyer, unless they were paying cash, in which case they could write one check to my bank (of America) for the loan balance, and the other to me.

So, yes, a bit more complicated than if I owned the car outright. So I need to check with BoA to see how a sale should be handled, but I think the way this would need to work to protect both parties would be the buyer either brings their own certified funds, or funds from their own pre-arranged financing, and then we would go in person to the bank to deposit funds and arrange for the transfer of title to either the buyer or the buyer's lender.

 

[Pete Blair]

I've only traded cars in before--never sold privately-- but I'm pretty sure car loans (unlike leases) are not assumable, regardless of the creditworthiness of the buyer.

You would be incorrect. Car loans are assumable by others, it is just dependent on the institution you have the loan with on if it is allowed or not. Banks typically prefer the person assuming the loan already be a client though, that isn't always true though. I would call your bank and ask them if they allow it and if they do are their any specific restrictions. Knowing that for sure would help you understand what all you will need to do for the sales process.

 

[MoranJ2000]

You would be incorrect. Car loans are assumable by others, it is just dependent on the institution you have the loan with on if it is allowed or not. Banks typically prefer the person assuming the loan already be a client though, that isn't always true though. I would call your bank and ask them if they allow it and if they do are their any specific restrictions. Knowing that for sure would help you understand what all you will need to do for the sales process.

Just called BoA and was told they don't transfer loans but they could do a "refinance" to a new owner. Not sure of the distinction and the person I spoke to couldn't really explain it.

 

[p7wang]

Just called BoA and was told they don't transfer loans but they could do a "refinance" to a new owner. Not sure of the distinction and the person I spoke to couldn't really explain it.

My point was just that not having the title on hand makes it more challenging. Having the new owner "refinance" with BOA (and BOA maintains the title the whole time) makes the sell/transfer more seamless - effectively like a escrow.

The buyback is quite an opportunity for someone with low mileage 2017-2019 to trade up to a 2020 and get money back in the process.

 

[Pete Blair]

Just called BoA and was told they don't transfer loans but they could do a "refinance" to a new owner. Not sure of the distinction and the person I spoke to couldn't really explain it.

Essentially it is the same thing, the only difference is that the person will be getting new rates/terms based on whatever their credit is. However it would make the sales process much easier if whoever buys it did refinance a loan with BoA.

 

[Martin D]

As someone who has purchased a fair number of used vehicles private party as well as sold, I would not even call you if you don’t have “clear title in hand”, and will be first question if not listed in the ad.

The potential for a headache (or worse) quickly multiplies as soon as anything other than cash for signed clear title is involved, and the only way to convince a potential buyer is to start drastically dropping the price until he thinks it would be worth the headaches and potential to be ripped-off.

Have you considered selling it to Carvana or Vroom or Car Fax etc? I sincerely doubt that you will be able to do better $-wise in a private sale anyway, but you are of course entitled to try.

Good luck 👍

 

[cehkc]

Have you considered selling it to Carvana or Vroom or Car Fax etc? I sincerely doubt that you will be able to do better $-wise in a private sale anyway, but you are of course entitled to try.

Carvana has been offering around 20K lately for couple of years old Premiers(as of couple of months ago). Although supply is significantly constrained at the moment. Could highly depends on if specific car has been recalled or not. I think some dealers afraid of touching Bolts at the moment.

 

[RacerX00]

Have you considered selling it to Carvana or Vroom or Car Fax etc? I sincerely doubt that you will be able to do better $-wise in a private sale anyway, but you are of course entitled to try.

Good luck 👍

Especially consider this if you live in a state with significant sales tax offset and a trade could work for you. Here in NYS I very rarely sell anything private party because the few thousand I'd make I lose in sales tax on the vehicle I'm replacing it with.

Pretty much a wash 100% of the time @ ~9% sales tax and you don't have to deal with any of the headaches, potential scams, etc.

 

[MoranJ2000]

Could highly depends on if specific car has been recalled or not.

Of course, they've all been recalled.

I think some dealers afraid of touching Bolts at the moment.

Possibly, but not one of the six places I went to for a quote-- a mix of online, new car dealers, and independent used car lots-- told me they wouldn't buy the car. A few even had offers that I would describe as "borderline decent"-- at least they would have been if it wasn't a time of historically high used car prices. I had one dealer pretty much tell me point blank that normally they'd have paid a lot more for the car but for the "situation with the battery".

And the thing is, assuming we hang on to our cars long enough to get the battery replacement, will that restore their resale value? Possibly, but I have my doubts.

 

[p7wang]

Especially consider this if you live in a state with significant sales tax offset and a trade could work for you. Here in NYS I very rarely sell anything private party because the few thousand I'd make I lose in sales tax on the vehicle I'm replacing it with.

Pretty much a wash 100% of the time @ ~9% sales tax and you don't have to deal with any of the headaches, potential scams, etc.

Private sale tend to be a few thousand above trade-in, so you are getting the trade-in value + 'sales tax offset' and then some with private sales. The big question is whether you want to go through the hassle/risk... similar hassle/risk factor when considering whether to rent out your car on Turo on days you do not need the car.

 

[RacerX00]

Private sale tend to be a few thousand above trade-in, so you are getting the trade-in value + 'sales tax offset' and then some with private sales. The big question is whether you want to go through the hassle/risk... similar hassle/risk factor when considering whether to rent out your car on Turo on days you do not need the car.

"Tend" doesn't include NYS!