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Discussion Starter · #1 · (Edited)
ok just a quick question...say i wanted to sell my tib but still owe money on it, just throwing numbers out there say 15k left on it...i get say 12k for it...can i just take that 12k i recieved for it and either put it as a lump payment on the car or just use it to buy say another car for 9-10k and have the extra 2-3k to myself? Then just keep making payments on the old car as if nothing ever happened? Like how does all that work...Seems a bit confusing to me!
 

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Re: Help me, privat car buying...

They dont get the title till the loan is closed
 

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Discussion Starter · #6 ·
Re: Help me, privat car buying...

oh wow, so what if i took it to say like carmax and just sold it to them for wholesale price which would be gay but they would have to wait as well?
 

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Re: Help me, privat car buying...

i believe what that means is that if you default on your 'old' car payments, the financing company / bank can repossess the car from the new owner. the new owner will want to make sure the car is lien free
 

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Re: Help me, privat car buying...

around here people do that, they get a personal loan to pay off the car and then buy the other car. benefit to that is that its a personal loan as opposed to auto loan so no need for insurance. but i dont encourage that second part.
 

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Discussion Starter · #10 ·
Re: Help me, privat car buying...

Oh ok I see what you guys are saying. Makes sense. Appreciate it guys. So basically using the numbers again if I got 12 for the car I would take out a personal loan of 15k anyways to pay off the car through the other company so that way i COULD have liability only if wanted even though I probably wouldnt do that lol. But then after I get the 12 its basically going back into another car. BUT say I bought one for 5k...i would take the extra 7 and put it towards the new 15k loan if wanted or keep it as cash in the bank?
 

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Re: Help me, privat car buying...

Bottom line...I would pay off the Tib first before you buy the new car. You want to make sure the new owner has the title in hand.
 

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car 15k
sold for 12k
you still owe 3 to the bank before the owner takes the car mst people will not take the car untill they have the title,

so you would have to have 3k cast to throw down on top of the 12k then you car would be offically paid off...

if it is being traded in at a dealer
you owe 15k
dealer takes 12k
your ballance is 3k
new car 10k
add in the 3k

total price 13k for the 10k dollar car...

understand ? i triied.
 
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plus the fact that even if you find someone gullible enough to buy it with no title until you finish paying off the loan, they won't be able to register it until they get the title. So in short, not gunna happen :/
 

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+1... the bank owns the car till you pay it off. you cant just sell it. your best bet would be to get a personal loan to cover the 3k balance... then get a different car loan b/c unless you have something like a lot of home equity to borrow against, a car loan is going to have a better rate.

...or if whoever your car loan is with is willing; you can sometimes "roll" your previous gap on the old car into the new one like Donatio3 was describing.
 

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car 15k
sold for 12k
you still owe 3 to the bank before the owner takes the car mst people will not take the car untill they have the title,

so you would have to have 3k cast to throw down on top of the 12k then you car would be offically paid off...

if it is being traded in at a dealer
you owe 15k
dealer takes 12k
your ballance is 3k
new car 10k
add in the 3k

total price 13k for the 10k dollar car...

understand ? i triied.
Brilliant!!!!!! +REP
 

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Discussion Starter · #17 ·
car 15k
sold for 12k
you still owe 3 to the bank before the owner takes the car mst people will not take the car untill they have the title,

so you would have to have 3k cast to throw down on top of the 12k then you car would be offically paid off...

if it is being traded in at a dealer
you owe 15k
dealer takes 12k
your ballance is 3k
new car 10k
add in the 3k

total price 13k for the 10k dollar car...

understand ? i triied.
yea but what if you are selling the car to the dealer and then buying the "new car" privately...it cant all be done through the dealer. So would you just take out the 3k in a personal loan or would you try to take out say a 15k personal loan so that way when sell the current car, its technically paid off and you can hand over the title. Then when you get say 12k for the car and pay 10k for the new car, you can just put the 2k back into the personal loan, and continue paying the personal loan as if it were a auto loan.
 

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Take out the amount owed on the Tib + the amount of the new car. The Tib will be paid off and then you can continue to pay off your new car.
 

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Discussion Starter · #19 ·
Take out the amount owed on the Tib + the amount of the new car. The Tib will be paid off and then you can continue to pay off your new car.
that cant be right...so your saying take out 15k + 10k which would be 25k...makes no sense unless you are saying use the loan to just buy the new car and then take my time selling my car? confused by what you mean...
 
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