Need help selling my car!

[mailr0425]

Hello!
First post here and I'm not a T4R owner.. yet! I need to get rid of the car I have now, first. The problem is, I still owe $6,6XX on my lease. I wouldnt be upside down because I can get about 8500ish for my car. SO... my question is.. and I havent found a straight answer from my loan agency or the DMV. What do I need to do in order to sell it? I heard a few things...
1)Take the buyer and bring them to the bank or credit agency, collect the cash and sign over the slip.
2)Hope the buyer trusts you enough to take their money, pay off the loan and hand over the title.
3)Get a bill of sale from the DMV as a proof of purchase until the title comes and then transfer it over..

This being my first time selling a car I'm totally in the dark and have no idea where to start. I live in California (if that makes a difference) and would love to hear from someone who has sold a car like this and what steps I need to (or should) take.

Thanks in advance and I'll post the pics of my 4runner once I get it! :cheers:

 

[8sm]

Option 1

Together, proceed to the bank or credit agency who has the lien on your car. There they will payoff your loan and give you the difference.

Now depending on how your state handles vehicle lien releases and tranfer of title.

1. If your bank or credit agency holds title, they will give the buyer a lien release along with a signed title to registar with your DMV.

2. If you hold the title, bring it with you to the bank. There you simply sign the vehicle over to the new buyer on the reverse side of the title, attach the lien release then proceed to tranfer title at DMV. I personally go to DMV with the buyers just to make sure everything get done.

I hope you find your 4Runner soon. Read everything on this board about purchasing a 4Runner. It will save you time, answer alot of questions and save money.

Hope this helps and good luck with your sale.

Regards 8sm

 

[iDRiVaT4R]

Pretty much what he said. I sold my Tacoma after I bought my 4runner. I owed 23k cause I had just refinanced it. I sold it for 25k. The buyer had his bank write a cashiers check for 25k to my name. We both went in to my bank. He handed them the check. Signed a few things. I signed a few things. They put the extra amount into my checking and we were on our separate ways. I went online to DMV.CA.GOV and filled out the release of liability form. And the buyer just had to go to the DMV to pay the sales taxes and something else I think. Not sure though since I didn't go with.

I lucked out with the buyer cause he had this money in his savings account. He had been saving for about 2 years for a vehicle.

 

[mailr0425]

The one thing I didn't mention was that Ford Credit is the lien holder. So I can't go to the bank and do it (because there isn't one)... in that case do I go to a dealership?

 

[iDRiVaT4R]

Good question. I'm not sure, I would imagine that you would basically talk to the financial guy there at the dealership. Best way to find out would be to give Ford Credit a call and ask. Just to know for certain.

 

[JohnsD90]

didn't realize you could sell a leased vehicle, anyway i have no knowledge about car loans but good luck.