Car Loans

[lancec2c30]

I have an 01 cobra right now financed through the local credit union. I put the car on craigslist to see what kind of bites might turn up.

Somebody offered me a trade for a foxbody plus cash on his part, now how would I go about this deal if I did decide to take him up on the offer?

The bank has the title of course, I am just clueless as to what my options are . Anyone have any input?

Thanks.
Lance

 

[blinelaxd27]

it would be really hard to trade if you owe a lot on your car. Basically you would have to cover the loan trough your own money + money you get to pay off the bank to give you the title. And then you can trade with the guy...

 

[JasonSnake]

I've sold a few cars that were financed at my FCU as well. I would all them up and ask them have have the title ready at my branch when the buyer comes to pay cash.

Has always worked out. Trades? Don't see unless you get a new car loan for it and the bank cuts him a check on the spot.

 

[lancec2c30]

Here is all that I can think of.

Asking price on car $14,500

Balance left on loan: $11,000
est. fox value------: $6,500
-----------------------------
--------------------$8,000 left on loan

I highly doubt he will come up with $8k cash, so if he gives me $5,000 cash then I have $6500 foxbody with a loan of $9500....... I just don't like how that sounds. lmao

 

[blinelaxd27]

well yea obviously that would be a terrible deal... also $6500 is pretty high for a fox... better be a nice ass fox... its easier to determine value of a newer car than an older one. if the fox is really nice and he gives u 8k in cash it might be something to think about... but you would still need 3k more to pay off the loan to make the trade happen

 

[mkb116]

Double post. See post below.

 

[mkb116]

You subtracted 5000 from the wrong number.
Your asking price is 14500.
The estimated value for the for the fox is 6500.
Your assuming he would give you 5000 cash in addition to the fox.
11000 is what is remaining on your car loan.

6500 + 5000 = 11500, which is essentially what he would be paying for the car.
11000 - 5000 = 6000, which is what you would have left to pay off, on the loan.

The bank will not release the title to the car until paid in full.

 

[lancec2c30]

Well, maybe we saw it in a different way. I am not in a rush to sell the car, so it is NOT going for $11,500. Lowest would be $14,000. so I would expect almost $14k with the value of the fox + cash. I know it might sound a little unreasonable, I dunno. Depends on where you're selling.

If I ended up doing ^ that way, I would roll the fox over to the cobra loan. I believe my credit union will do this, what I read in a folder I found for the loan. Then I would have whatever is left over on the loan as the cost of the fox.