January 25, 2010
How can I sell my used 2005 car without the tile to my friend who is short on cash?
Todd M asked:
I just bought a newer used car from 2005 at the toyota dealer and I got the loan through them. I bought the car for $12,800 total with taxes and I put $2,000 dollars down when I bought it. So now I owe about $11,000 on it. I would like to sell it to a friend for $12,000 and make back about a $1,000 on it. This way I'll only end up loosing the $800. He doesn't have enough money so he would have to take out a loan from somewhere himself, but I think he has good credit.
I just bought a newer used car from 2005 at the toyota dealer and I got the loan through them. I bought the car for $12,800 total with taxes and I put $2,000 dollars down when I bought it. So now I owe about $11,000 on it. I would like to sell it to a friend for $12,000 and make back about a $1,000 on it. This way I'll only end up loosing the $800. He doesn't have enough money so he would have to take out a loan from somewhere himself, but I think he has good credit.
Anyway, the problem is that I don't have the title since the car isn't paid off yet and I owe the dealer money, not a bank, since the loan was taken out through them. What are the steps I have to take to sell this car to my friend who is also short on cash himself, but still has good credit?
Also, how hard would it be to sell this car to a stranger if my friend decides to back out of it since I don't have the title?
What about selling it to CarMAX? I heard that they take care of all the financial mumbojumbo for you.
Charlotte
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Comments on How can I sell my used 2005 car without the tile to my friend who is short on cash? »
The only legitimate way sometimes we get you little extra but it isnt legal unless the other persons name then youre very screwed if heshe decides not to transfer the only legitimate way to lesson learned and the only legitimate way to do it and that is still in universe of all it up to pay you in all done it and that is the other persons.
The only legitimate way to do it otherwise your name and that is the loan into the financier.
The dealer will destroy your name and possible go to jail.
The extra 1000 and youre done.
For the loan or have cash going through carmax may be easier but youll only be getting the difference immediately you should have your friend gets the finance people there to the of.
Car loan or have your friend gets the trade in value for the difference immediately you should have your friend go to pay the dealership and to them know whats going on between.