Thinking of Selling the S2k...
07-24-2010, 02:13 AM
#21
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Originally Posted by lilazngrl4o8,Jul 23 2010, 11:26 AM
I think you guys are misunderstanding how this works.
Let's say you have a car that's worth $15k, but you owe $20k on the loan still. You find a buyer that's willing to buy the car at $15k. You somehow have to come up with the difference of $5k to pay off your loan before your banking institution will release your title.
The bank doesn't care about your situation regarding $, being upside down on the loan etc. If you agreed to sell the car for less than what you owe on the loan, you as the seller have to pay the difference at the time you sign the documents.
The documents the bank fills out is called a "transfer of title with paperless title". That means, the bank fills out the form saying you paid off your loan and they're releasing the title since the bank is no longer a lien holder and will sign it over to the new owner. If the new owner is financing through a bank, then the title gets signed over to the new owner and the new owner's bank is listed as a lien holder.
The transfer of Title with paperless title just cuts out the waste of printing papers and to mail it to the DMV, then wait for DMV to process and mail a physical title to the bank. It's all done by electronic now in hopes of shortening the delayed time of mailing things back and forth. The bank never really holds a physical title.
The Transfer of Title with Paperless Title doesn't get you out of being upside down on your loan. You have to figure out how to come up with that money. Whether you pay it in cash, take out a personal loan through your bank, cash advance on your cc, borrow from friends family relatives etc.
Let's say you have a car that's worth $15k, but you owe $20k on the loan still. You find a buyer that's willing to buy the car at $15k. You somehow have to come up with the difference of $5k to pay off your loan before your banking institution will release your title.
The bank doesn't care about your situation regarding $, being upside down on the loan etc. If you agreed to sell the car for less than what you owe on the loan, you as the seller have to pay the difference at the time you sign the documents.
The documents the bank fills out is called a "transfer of title with paperless title". That means, the bank fills out the form saying you paid off your loan and they're releasing the title since the bank is no longer a lien holder and will sign it over to the new owner. If the new owner is financing through a bank, then the title gets signed over to the new owner and the new owner's bank is listed as a lien holder.
The transfer of Title with paperless title just cuts out the waste of printing papers and to mail it to the DMV, then wait for DMV to process and mail a physical title to the bank. It's all done by electronic now in hopes of shortening the delayed time of mailing things back and forth. The bank never really holds a physical title.
The Transfer of Title with Paperless Title doesn't get you out of being upside down on your loan. You have to figure out how to come up with that money. Whether you pay it in cash, take out a personal loan through your bank, cash advance on your cc, borrow from friends family relatives etc.
Correct!!!
07-24-2010, 03:53 AM
#23
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Originally Posted by lilazngrl4o8,Jul 23 2010, 11:26 AM
I think you guys are misunderstanding how this works.
Let's say you have a car that's worth $15k, but you owe $20k on the loan still. You find a buyer that's willing to buy the car at $15k. You somehow have to come up with the difference of $5k to pay off your loan before your banking institution will release your title.
The bank doesn't care about your situation regarding $, being upside down on the loan etc. If you agreed to sell the car for less than what you owe on the loan, you as the seller have to pay the difference at the time you sign the documents.
The documents the bank fills out is called a "transfer of title with paperless title". That means, the bank fills out the form saying you paid off your loan and they're releasing the title since the bank is no longer a lien holder and will sign it over to the new owner. If the new owner is financing through a bank, then the title gets signed over to the new owner and the new owner's bank is listed as a lien holder.
The transfer of Title with paperless title just cuts out the waste of printing papers and to mail it to the DMV, then wait for DMV to process and mail a physical title to the bank. It's all done by electronic now in hopes of shortening the delayed time of mailing things back and forth. The bank never really holds a physical title.
The Transfer of Title with Paperless Title doesn't get you out of being upside down on your loan. You have to figure out how to come up with that money. Whether you pay it in cash, take out a personal loan through your bank, cash advance on your cc, borrow from friends family relatives etc.
Let's say you have a car that's worth $15k, but you owe $20k on the loan still. You find a buyer that's willing to buy the car at $15k. You somehow have to come up with the difference of $5k to pay off your loan before your banking institution will release your title.
The bank doesn't care about your situation regarding $, being upside down on the loan etc. If you agreed to sell the car for less than what you owe on the loan, you as the seller have to pay the difference at the time you sign the documents.
The documents the bank fills out is called a "transfer of title with paperless title". That means, the bank fills out the form saying you paid off your loan and they're releasing the title since the bank is no longer a lien holder and will sign it over to the new owner. If the new owner is financing through a bank, then the title gets signed over to the new owner and the new owner's bank is listed as a lien holder.
The transfer of Title with paperless title just cuts out the waste of printing papers and to mail it to the DMV, then wait for DMV to process and mail a physical title to the bank. It's all done by electronic now in hopes of shortening the delayed time of mailing things back and forth. The bank never really holds a physical title.
The Transfer of Title with Paperless Title doesn't get you out of being upside down on your loan. You have to figure out how to come up with that money. Whether you pay it in cash, take out a personal loan through your bank, cash advance on your cc, borrow from friends family relatives etc.
if worst why not trade for something of a lesser value.
07-24-2010, 01:01 PM
#27
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if you need a cheaper car.. let me know, i can take it as a trade in and find you a car to give you cheaper payments. Id hate to lose another s on the boards.. but if you trade it in with me.. Itll give me a chance to make another s2ki member out of it.
I have sold 5 s2ki members a new car since i started back here at rock honda just after memorial day. the dealership is owned by and s2ki members family. I make sure for s2ki and family that you get the best deal guranteed. When I get my budget back from the dealership Ill probably even become a sponsor on here lol. Im all about helping out the members on the boards. I only take the minimum commission given to me by the dealership when it comes to s2ki members. just send me friends or family : ). referals really help me.
Justin
I have sold 5 s2ki members a new car since i started back here at rock honda just after memorial day. the dealership is owned by and s2ki members family. I make sure for s2ki and family that you get the best deal guranteed. When I get my budget back from the dealership Ill probably even become a sponsor on here lol. Im all about helping out the members on the boards. I only take the minimum commission given to me by the dealership when it comes to s2ki members. just send me friends or family : ). referals really help me.
Justin
07-24-2010, 02:13 PM
#29
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Originally Posted by Bert05GPW,Jul 24 2010, 06:25 AM
You could run it off a cliff. Oops. Don't know how that happened -- accelerator got stuck mabbe.
j/k
j/k
(after Gap insurance is mentioned)
07-25-2010, 06:42 AM
#30
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Originally Posted by chairmnofthboard,Jul 24 2010, 09:55 AM
You can try refinancing your car. You won't save any money, it will actually cost you more, but it could bring your payments down if you extend it over 6 years.