So I'm looking to trade in my car/sell it private party (I figure private party won't lowball me as much), and I was wondering some things. My car blue book value is 15500 in 2nd to best condition (its actually in brand new condition w/o the few mods I have). I owe ~16k on the car and plan to sell the car in the next few months without any mods or anything. Now in the next few months I imagine I will have paid the car down to less then 15k as well as having the best warranty and service plan (oil changes, tire roatation, etc.). Basically all I do is sell the car private party for little or no cash to me and have the other guy takes up payments? Is this normal in selling a car? Are there any other things I need to take into mind in the next few months besides no accidents and low miles? Thanks!!!

 

WAOH! STOP!

No that is not how this takes place!

In your situation since you have a loan on the vehicle, whomever purchases it from you MUST give you CASH or bank check (if bank check better be there at the bank my friend). Then YOU must pay off the loan with the money. Typically what will happen is whomever buys this from you will get a loan and ideally you will want to set up a meeting at their lending institution to finalize paperwork and comlete the financial transfer.

Now, if they pay cash.....do it ONLY inside of the bank with a loan officer as witness for a couple of reasons....

1) they can ensure the money is not counterfeit
2) they can arrange a wire transfer to your lein holder to release the ownership to the new party.

You can not under ANY circumstance just have them "take over payments".

Hope this helps. If you have any further questions please let me know. I have owned over 25 cars so I know I can help direct you properly!

 

I didn't mean take over payments on my credit, I meant have them get the car re-financied in their name. But regardless I was wrong, so thanks for the info!