Yup, exactly ... ANOTHER dealer scam. They try to imply that they can buy you out of your loan and that's all the trade is worth. Usually, if you put a decent down payment and haggled even just a decent price when you bought it, the the trade's worth far more than the pay-off.
Some of my cars had loans on them. You contact the lien holder and find the pay-off balance and your account number as the ad begins running. THe pay-off is good for 10 days. The person who buys the car from you (or their lien holder) will give you two checks ... one payable to the lien holder with your account number on it and another to you for the difference. The lien holder either sends you a letter of release (if you hold title) or signs the title over directly to the new purchaser (if the lien holder holds title).
Car dealers use the oldest, lamest excuses to try and take your money from you, and a lot of people are too sincere (and distracted by the new car they are buying) to question the dealers shady motives.
oldnavy wrote:
bigcanoe wrote:
How do you go about selling a car that you have a loan on? Would you expect someone to pay you the asking price, without title in hand?
Actually it is easier and safer for both if you go through the lein holders. They handle the titles, and the seller & buyer do the trade.
He can buy ours for $18,000 with only 18,000 miles on her.
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'05 CRD, Midnight Blue. Every option. Nice ride, idles like a garbage truck
