Help on selling your car...
05-02-2011, 05:18 PM
#1
Help on selling your car...
So.. I thought I'd throw this up there for people who are trying to sell their car or looking at buying one.
Having bought my xB2 used not too long ago, I thought I would share how the bank works and what you can expect in terms of a loan. Or at least maybe use my experience to gauge what you can expect.
Banks will loan to you based on the NADA Used car buying guide.
If you are curious as to what the bank will loan someone to buy your car, go there and put in your vehicle information. If they have great credit, they will usually loan the largest amount that NADA says your car is worth. And it decreases exponentially based on credit score from there.
So consider what you are asking someone to come up with out of pocket if you are having a hard time selling your car. I'm not saying you should give it away, just offering some insight as to what people are going against when they are trying to get a loan.
So.. if you can't figure out why your 2004 xB won't sell for what Kelly Blue book says, there is the reason. It sucks, and having tried to sell my xA for what it should have been worth and not what the bank said it was worth, I can honestly say it sucks trying to sell a car in this economy.
KBB says that my excellent shape xA with 100k miles on it and manual transmission, I should be able to get $7560. In all reality, the bank will only give someone $6100. Not to bad to ask someone to come up with $1400.00. However! The Bank will also roll all of the taxes, titles, and registration fees into the loan. So, depending on where you live and the costs of all that, you can be looking at another $500. In the end, someone will have to come up with another $2000 to buy my car, Not to mention carry a note on a vehicle that the bank says isn't worth what they've loaned to you.
Another note, banks make no consideration for modifications that have been done. They won't loan more because it has coil overs and a premium stereo. They will look at things like alloy wheels and Manual or Automatic transmission.
Mods if this is the in the wrong place, let me know. Just thought it might be useful.
Having bought my xB2 used not too long ago, I thought I would share how the bank works and what you can expect in terms of a loan. Or at least maybe use my experience to gauge what you can expect.
Banks will loan to you based on the NADA Used car buying guide.
If you are curious as to what the bank will loan someone to buy your car, go there and put in your vehicle information. If they have great credit, they will usually loan the largest amount that NADA says your car is worth. And it decreases exponentially based on credit score from there.
So consider what you are asking someone to come up with out of pocket if you are having a hard time selling your car. I'm not saying you should give it away, just offering some insight as to what people are going against when they are trying to get a loan.
So.. if you can't figure out why your 2004 xB won't sell for what Kelly Blue book says, there is the reason. It sucks, and having tried to sell my xA for what it should have been worth and not what the bank said it was worth, I can honestly say it sucks trying to sell a car in this economy.
KBB says that my excellent shape xA with 100k miles on it and manual transmission, I should be able to get $7560. In all reality, the bank will only give someone $6100. Not to bad to ask someone to come up with $1400.00. However! The Bank will also roll all of the taxes, titles, and registration fees into the loan. So, depending on where you live and the costs of all that, you can be looking at another $500. In the end, someone will have to come up with another $2000 to buy my car, Not to mention carry a note on a vehicle that the bank says isn't worth what they've loaned to you.
Another note, banks make no consideration for modifications that have been done. They won't loan more because it has coil overs and a premium stereo. They will look at things like alloy wheels and Manual or Automatic transmission.
Mods if this is the in the wrong place, let me know. Just thought it might be useful.
Last edited by RevolutionAutomotive; 05-02-2011 at 05:35 PM.
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