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Selling/Buying a Car

modern buddha

modern buddha

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Nov 28, 2010
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Floating across the civilization / simplicity cont
Hey all. Here's the situation I'm currently dealing with:

I just graduated from college and am still working at a grocery store. I bought a car (2007 Ford Focus) while in college for transportation and now that I'm finished, I realize that this car is a HUGE dimple in my buttcheek I call a paycheck. I pay $240 a month to pay for the car, and $150 a month for insurance.

This is about $400 a month. However, here's the thing -- I rarely ever use my car for anything. It's driven about once every two weeks now. I use my bicycle for major transportation and drive my car only when I have more than 20 miles to travel one way.

What I would like to propose is a way to sell or get rid of my car so I can take this load off my back. Does anyone have any knowledge about transferring ownership or selling back to the dealership?

Also, what are some of the positives and negatives, if I can exchange ownership or sell back?

Thanks far in advance! My wallet will probably be thankful too.
 
It does sound leased or on hire-purchase, have you read your contract? Cos we can't!

If you have taken out a loan then you are supposed to pay back the loan and typically you won't be able to settle early so you're liable for the interest. Sell the car (you know, place an advert in a newspaper or craigslist or whatever), take a welcome cash injection and carry on.
 
if the OP is leasing a car, he can't sell it. he will owe whatever is left of the lease plus early termination fees to whoever the lease is with. some places allow you to do a lease assumption which is transferring the lease to another person.
 
I know, I meant if it's bought with a loan. If it's on a lease, the OP needs to read the terms of the lease.
 
in the op, he does say he bought a car. it's unusual for somebody who's leasing to say they bought a car.

still, op, it's hard to answer your questions without more information on what you're into here.

alasdair
 
alasdairm said:
in the op, he does say he bought a car. it's unusual for somebody who's leasing to say they bought a car.
Click to expand...

No it's not really, people often say what sounds good to them, and if he did buy the car it's not clear what the question is.

Also the question might be about legal documents and what forms you're meant to fill in etc. I have no idea what it's like in the US, I'm in the UK and here it's quite straightforward, there's a vehicle registration document that the owner keeps in a drawer in their study and part of it is a transfer of ownership slip that the seller fills in and puts in the post, job done. Maybe different states in the US have different rules? so it might help to know what state the OP is in. (The study drawer thing is optional but favoured).
 
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Sell your car if you are able, and then buy a cheap/decent/used car, or a moped, in full, and try to get cheaper insurance, but don't get sketchy insurance. Just try to get something better than what you currently have.
And yes I hate having to pay for things I know I don't need, like stupid Pre-req courses...grrr
 
I put my car on craigslist and it was sold within 24 hours. Doesnt always work that way, but its worth a shot. You transfer the title to them and use their payment to pay off the rest of your lien. Just talk to your bank/wherever you have your car loan to figure out teh details.
 
Hey guys.

Info:

1. I'm a female.
2. Stepfather co-signed the loan, so his credit allowed me to take a loan through the dealer's credit or whatever it's called. Edit: in other words, I'm paying the company / dealer the interest for taking the loan for me.
3. I live in New York State, for what it's worth.
 
What is the outstanding debt on the car?
What is the car worth?

You should probably just sell it and save yourself some money. Selling it to a dealership will result in you not getting the best value (especially since your not trading it in). Your best value will be to find a buyer and sell the vehicle privately, consult local laws on how to do this.

Talk to your stepfather and ask for his advice or get him to help you find a buyer and sell the car. The local paper, or online classifieds is a good place to start determining the value of your car and finding a buyer.
 
^ The debt is about $8,000.

The car is probably worth $6,000 - $7,000. How can I sell it when I'm still paying the dealership for it? That's what I want to know. Do I just have whoever "buys" it just pay off what's left of the debt to the dealership? Or do i have them pay me and I pay back the dealership?
 
^ the answers to these questions are in the contract you signed when you bought the vehicle. what does it say about early termination/sale of the vehicle?

alasdair
 
Do you think you might need it in the not-so-distant future? Just remember to avoid taking a myopic view.
 
^ I'm checking to make sure I won't be "needing" it. If I change jobs to something steady, I'd be able to afford to move out, I think. So I could go where my job took me. I guess it's still on the fringes. However, it's obnoxious when you're done using it for an indefinite amount of time and are still paying hefty money for it.
 
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