Car with negative equity

**snafu** · 09-21-2012, 12:23 PM

I doubt you'll be happy with the sum the dealership will offer since they have overhead and commission expenses. Is there any opportunity to sell the car privately? Can you put an ad in Auto Trader and on-line to see what offers you get? you will need to put financing in place to cover the difference between what's owed and negotiated selling price.

**zsteckler** · 09-21-2012, 01:40 PM

I actually got the car appraised at a dealership a while back. The $2500 was based on my estimates of what they will offer when I sell it vs. how much I will owe. I really don't want to sell it privately because I know it can get complicated. But then again, it may be worth it if I could get a fair offer.

**DiscounThem** · 10-05-2012, 04:28 PM

I have sold my car on craigslist before and I got so much better offer than dealer offers.

**jbings4** · 10-06-2012, 05:19 PM

Easy answer

Sell the car privately on Craigslist or list it in your local paper. A dealership will not give your near what you could get if you sell it privately.

**bjl584** · 10-12-2012, 03:04 AM

Originally posted by zsteckler View Post

I currently drive a 2011 Toyota with about 16k miles on it. Its a good car, but I will not be needing it soon.

I currently work full-time and have been making payments on the car for over a year. Starting next fall, I will be starting graduate school and working part time. I still need my car until then (I live in an isolated area), but will be able to do without it once I go back to school. So, I am considering selling it to a dealership.

The only issue is it will still have about $2500 in negative equity when I sell it. However, I should have the money by then to cover that in cash. Would a dealership accept it, even if I don't plan on getting another car? Is it a good idea to sell the car?

Thanks!!!

Sell it yourself. Try Auto Trader or Craigslist. If need be, get a loan to make up the difference.

**SaveSpendSmart** · 10-13-2012, 08:04 AM

Carmax will give you a written offer, and they will buy the car from you even if you don't buy from them. If you try to sell it yourself (autotrader,craigslist <- this works well), you can probably sell it for $2500 more and be worry-free.

**chrisburke21** · 10-13-2012, 08:41 AM

Car Sale

I would definitely sell the car privately. There are some decent resources Dr. Google can help you find, but I would check with your state DMV regarding the exact paperwork you need. Here was an article that might help. https://www.lendingtree.com/auto-loa...vately-article.

You will get a lot more money with a private sale, who knows you might wind up with a few bucks in your pocket.

**siggy_freud** · 10-17-2012, 06:59 PM

On the vehicle I imagine the dealer trade in value (which is what they're offering to buy it for) is probably at least 3-4k under privatemarket value. You may not be in negative equity on the car, just "lazy" negativy eequity should you opt to sell to a dealer. Remember, the dealer is looking to resell and make a profit. A private buyer just wants a car.

**Nsmith508** · 11-12-2012, 10:42 AM

Getting a new car is such a waste. Buy a used car with cash.

Car with negative equity