When you think of selling your financed car before the contract is completed, the best choice would be to seek the help of car dealers. There are many reasons doing this may become necessary. Whether you are in need of cash or you just don’t see the point in keeping the vehicle anymore, you will want to sell it as quick as possible. You may also offer it as a trade-in to car dealers. Whatever kind of transaction you wish to undergo, you need to keep the process legal and stress-free as possible.
The first thing you need to do is find out how much you still owe the finance company. You need to visit their office or give them a call so you will know how much your loan payoff amount is. The finance company will provide you a ten-day payoff. This means that the price they will give you is valid for the next ten days. After ten day, you will have to pay the finance charge which is charged each day you are not able to pay the loan. When you have done this, you can then visit local car dealers to do an appraisal of your vehicle.
They may need to take your car on a test drive or ask you for the vehicle’s legal documents and history. The car dealers will then be able to provide a quote. Ask the car dealers for written offers so you can assess each of them before deciding which offer is best. Remember that you will be using the cash you will get from the sale to pay for your outstanding loan. If the offer is less than the payoff, you will have to pay for the difference. If the outstanding balance in your loan is less than the offer, the car dealers will have to pay you for the difference between the offer and the payoff.
Completing the deal entails a written account of the transaction. Make sure that the document reflects the correct payoff and appraised value. The Mercedes Gold Coast have a template for this, but remember to examine the contents before signing the paper.
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