Sunday, June 10, 2012

4 Tips for Selling a Car that Has Not Been Paid Off

The process of selling a car is something that many will have to go through at some point. When that car has not yet been paid off, you will want to treat the sale a little differently than you would another type of sale. Here are a few tips for selling a car that has not been paid off yet. 

1. Do Not Negotiate Too Much
One thing that used car buyer's love to do is negotiate. When you own the car outright, there is no reason that you should not be able to negotiate with them as well. You could take whatever you want for the car just to get rid of it if you want. However, when you owe money against the car, the process is a little bit different. Make sure that you know what your bottom dollar is for this process. You need to know exactly how much you still owe and then add enough to cover selling expenses as well. Regardless of how badly you want to sell the car, you can not take less than this figure. The last thing you want is a car payment on a car that you no longer own. 
2. Be Present For Test Drives
When you are selling a car that you still owe money against, you are going to want to keep the car in your sight at all times. Do not let anyone that sees your ad in the classifieds to test drive the car without supervision. Anyone that wants a car could theoretically call you up and then take off in your car. If they get away, you will still owe money on a car that you do not have. Then it will be up to your insurance company to pay you back for a stolen car. The last thing that you want to do is rely on your insurance company to bail you out in this situation.
3. Make Sure Check Clears
When you are selling a car to a private party, you need to make sure that the financial end of the deal is legitimate. Before you let the car out of your sight, you need to make sure that their check clears. You may want to require a cashier's check or some other guaranteed method of payment if they want the car quickly. Just because someone writes you a check does not mean that check is actually going to clear your account. Therefore, until the money is in your account, you need to keep the keys to your car. 
4. Keep Insurance
Many people are tempted to cut their car insurance on a car that they are selling as soon as possible. Do not get too anxious to get rid of your insurance. You should keep it until the last possible minute. Make sure that the transaction is cleared and the title to the car has been transferred before you stop paying for insurance. 

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