I wouldn't confuse selling below "market value" with selling below "what he owes." I'd be worried if he was selling insanely cheap when he owed a lot on the car.

I personally wouldn't worry too much about your scenario. However, I'd worry if you were talkig about an older, higher mileage car. People who get upside-down later in the process often make bad judgements and don't have spare $$... Sometimes leaving a car that doesn't get the preventative maintenance that it needs.

 

just show me the carfax!!!!!
checked to make sure all the body panels have the original vin# sticker on them. check the underbody for scraping damage. could even do a leak down on the engine or a compression test if you are that worried. i feel it should be all good, as long as the car hasn't been in any accidents and the body if free from major damage, dents, scratches, rust etc. also top in good condition. also see if the original owner has any service history, showing that he was regularly keeping up with the maintanence.

 

I owe more then what my 07 S2000 is worth and I take perfect care of my car-

In fact I owe more then what my wife's Expedition is worth on that car too-

Its the beauty of 6 year financing...lol

And in my case its the smart financial thing to do...

why?

If I have 2.8% financing rate on a car, but I can make 5% on my money in other places- then it doesnt make sense to put down a down payment.

I have 0% financing on the Expedition- I had money to put down- but didnt because I could put my money in a savings account at .05% and make money LOL

 

Yeah things are settled. I'm going ahead with the deal. Plane tickets to fly out and pick the car up are already purchased. Jeez...waiting for the 22nd is going to drive me crazy

 

Congrats man! Welcome to the club.

 

Wow in most cases here in Canada you borrow money for a car but really the bank couldn't care less if you sell it, as long as you keep making the payments. at least I have never reported selling a car that I still owed money on. I have usually just added to that loan to get a new car.

 

In the US, you must pay off the lien to transfer title to the new buyer. I'm surprised that it's not the same in Canada. I'd be a $%^&ing idiot to "buy" a car and depend on the "former owner" to keep making payments. Here, the seller clears the lien and keeps what's left from the purchase price or adds cash to pay off the lien.

You also get people 'upside down' on leases who make up front cash payments to someone who assumes their lease.

What's owed on the car and what the car is worth are unrelated. Any difference is the seller's win or loss.