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Discussion Starter #1
Unfortunately things are not good at work and we are looking at downsizing.

How difficult is it to sell a financed vehicle yourself? We would just like to get our payoff not looking to make a profit. Just curious how difficult it is to find buyers.
 

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Goldtopan said:
Unfortunately things are not good at work and we are looking at downsizing.

How difficult is it to sell a financed vehicle yourself? We would just like to get our payoff not looking to make a profit. Just curious how difficult it is to find buyers.
As long as you are not "upside down" on your loan, it shouldn't make a lot of difference. Are you going to replace the Pilot with something else - or simply sell it? Some people "trade down" and you may be forced to do that if you cannot find a buyer on your own.

Good luck and sorry to hear about your work situation. I was RIF'd after 27 years in my previous life and can tell you it was not fun at the time. But often times "bad things happen for good reasons" and later on you may be thankful things happened the way they did.


:)
 

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Discussion Starter #3
I guess my concern is how does it work. Most likely the buyer would have to get a loan to purchase. Does their lender pay us and then we pay off our lender? Do lenders not like this type of situtation? Do they prefer working with car dealers?

We definately have to replace the Pilot. I just think it would be a great deal at our payoff, but dealer's offer is around $1,500 less.
Our Pilot has 10,000 miles is an EX and has the extended warranty that is transferable. We need $26,800 and would be clear.

The only vehicles we've sold previously were paid off. I just I concerned on the hassle of a vehicle that isn't.
 

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Goldtopan said:
I guess my concern is how does it work. Most likely the buyer would have to get a loan to purchase. Does their lender pay us and then we pay off our lender? Do lenders not like this type of situtation? Do they prefer working with car dealers?

We definately have to replace the Pilot. I just think it would be a great deal at our payoff, but dealer's offer is around $1,500 less.
Our Pilot has 10,000 miles is an EX and has the extended warranty that is transferable. We need $26,800 and would be clear.

The only vehicles we've sold previously were paid off. I just I concerned on the hassle of a vehicle that isn't.
I doubt your lender will release the title until you walk in with the payoff. As you say, the buyer will most likely need to get a loan himself. I would think though once the buyer has his financing in order, it will be a simple transaction to get the title from your bank to the new owners bank.

One little zinger is that most lenders would rather loan on a NEW vehicle than a USED one. Oftentimes better rates and closer to 100% financing. This will make it more difficult for you to find a buyer for your USED vehicle.

Some (maybe all) extended warranties are down the tubes if you trade the car in to a dealer. They are only transferable if between private parties. Check the fine print.

:)
 

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It depends on the financial institution that the person buying the vehicle uses and the company that has your loan. If you contact you loan company they may be able to assist you with some of the details that they need. But beware every loan company does things differently.

I have sold three cars myself that I still owed money on and all three loan companies wanted to do something differently.
 

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Discussion Starter #6
Thanks for the replies. I will check with my credit union tomorrow. You are correct on the extended warranty. It is only transferable between private parties. But we can get a prorated amount back if we do trade it in.

Thanks!
 

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Goldtopan said:
You are correct on the extended warranty. It is only transferable between private parties. But we can get a prorated amount back if we do trade it in.

Thanks!
Hmmm, I didn't know about getting a prorated amount back! I wonder if all extended warranties are that way? :confused:
 

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Most likely you will get a certified check from the buyers bank for the loan on the Pilot. You will sign something that says you will send the title to the new owner by certified mail as soon as you get it from your lien holder. You pay off your loan, get the released title and then you send it to the new owner.
 

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The one time I did this it was exactly as my3kids described. Not difficult, just seemed like a great deal of running around. Plus the time it took to actually sell it.
 
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