Help or thoughts on selling a financed car

[jwright32]

Well, it looks like I might have to go to something more friendly on gas soon. I hate the idea of having to just trade in my car and loose the value of some of my mods(some removable, but not all), but at the same time I have heard and from what i have read, that it can be a pain in the ass to try and sell a car with a loan still on it, in the private market. I was wondering if anyone here had some experience with this or any other thoughts on the topic.

Thanks

[Mazda Lover]

I sold a financed car to a private party one time. It wasn't a big deal. I was up front and honest with the buyer. We went to the bank together and transferred the money to pay off the loan and I kept the rest. I didn't even have a title at the time because it was held "paperless" by the lien holder (Lender). I just used a DMV sale contract and release of liability. We both filled out the forms and signed them. Then when I got the title in the mail I sent it to him. It might vary state to state on the DMV title stuff. This was in California to a buyer from Nevada. Good luck.

[Monotonous ONE]

I did it 2 days ago.

Sold for what i owe.

They pay off your loan
You both enter into a bill of sale contract which is notorized.
The financial institution will issue the title in 3-4 weeks
Two parties will meet once again for the title to be signed over.
Done

[jwright32]

Did you create the bill of sale contract or was that something done by someone else?

Originally Posted by Monotonous ONE I did it 2 days ago. Sold for what i owe. They pay off your loan You both enter into a bill of sale contract which is notorized. The financial institution will issue the title in 3-4 weeks Two parties will meet once again for the title to be signed over. Done

[Monotonous ONE]

I found one online. It is not 'official'. It is a contract between the buyer and seller ONLY. This provides the buyer with protection.

Ill try to find the one i used when i get home.

[dizzydtrain]

I will take your fogs if you want to part out.

[Renn]

Originally Posted by jwright32 Well, it looks like I might have to go to something more friendly on gas soon.

Do the math first. If you're going to lose several grand only to save $50/month, so both cost about the same over 5 years, why not be driving a car you enjoy?

[jwright32]

Ya, I am trying to take that all into account as well as the mods I have put into the car.
I know trading in my car would make it no gainer at best. Another factor right now, is that i feel like I am coming up to a point of "no return" on my car. If I havn't moved the car on soon, i will be doing hpfp internals. Then a tih and AP of course will soon follow, cause why have a hpfp without it. Tires will also be coming up in next 6-9 months. I think that i am worried that a year from now i will face this again with $5+ gas and a more modified car to deal with. Of course you got to pay to play, so maybe i should go take a drive on a nice road today and remember why i like this car so much.

p.s. - already looked into it, if i move on to the car i was hoping to, the fogs work on it too...love those 3000k...

Originally Posted by Renn Do the math first. If you're going to lose several grand only to save $50/month, so both cost about the same over 5 years, why not be driving a car you enjoy?

[Vansquish]

Originally Posted by jwright32 Well, it looks like I might have to go to something more friendly on gas soon. I hate the idea of having to just trade in my car and loose the value of some of my mods(some removable, but not all), but at the same time I have heard and from what i have read, that it can be a pain in the ass to try and sell a car with a loan still on it, in the private market. I was wondering if anyone here had some experience with this or any other thoughts on the topic. Thanks

Define "more friendly on gas". If you're gentle with the MS3, you should be able to break 30mpg pretty easily, and if you believe some of the tuners on here, it's within the realm of reason to hit nearly 40mpg on the highway with some AFR modifications.

Even without said mods, if you're willing to drive conservatively it's possible to break 35mpg (I hit 37.5mpg in my MS6...but it was tedious as hell).

[jwright32]

Wow, i consider myself a fairly tame driver. I have lots of open road on my commute, and i only average 24 mpg (we do have some small rolling hills though). I have seen on trips maybe 27.

[Vansquish]

That's because you don't have an AP and a tune for your mods yet (unless your sig. is missing that.)

The AP took me from averaging ~27mpg highway to 33mpg and paid for itself in gas money in about 6 months.

[jwright32]

No, sig is correct, no ap yet. I didn't realize that it could make that kind of difference.

[jkmags]

Originally Posted by Vansquish That's because you don't have an AP and a tune for your mods yet (unless your sig. is missing that.) The AP took me from averaging ~27mpg highway to 33mpg and paid for itself in gas money in about 6 months.

I guess I wasnt looking at the AP for this but if its true I may be getting one sooner than later (now i wish i would have bought the one in the for sale section). Better Gas mileage and a way to monitor internals is a win win, plus being able to program the car.

[doctavus]

Originally Posted by Vansquish That's because you don't have an AP and a tune for your mods yet (unless your sig. is missing that.) The AP took me from averaging ~27mpg highway to 33mpg and paid for itself in gas money in about 6 months.

A lot of people compare combined mileage, not just highway, a c5 with 6 speed will get high 20's on the highway.

Combined gas mileage on these car's are horrible for a 4 banger, even staying in vacuum, they still suck. Granted I'm only at 1100 miles on my 2012, so hopefully it will increase a tad.

Car is fun so fuck it.

[Vansquish]

Originally Posted by doctavus A lot of people compare combined mileage, not just highway, a c5 with 6 speed will get high 20's on the highway. Combined gas mileage on these car's are horrible for a 4 banger, even staying in vacuum, they still suck. Granted I'm only at 1100 miles on my 2012, so hopefully it will increase a tad. Car is fun so fuck it.

Combined gas mileage on these cars is terrible on a stock tune. If you're careful about staying in vacuum and use an OTS map from COBB or tweak your own, you can reliably get mid 20s in the city and low-mid 30s on the highway. (This is on my portly MS6 too. The MS3 has less drivetrain losses and is significantly lighter.)

That being said, I've also seen as low as 12mpg for an entire tank when I was really having fun.

[doctavus]

Originally Posted by Vansquish Combined gas mileage on these cars is terrible on a stock tune. If you're careful about staying in vacuum and use an OTS map from COBB or tweak your own, you can reliably get mid 20s in the city and low-mid 30s on the highway. (This is on my portly MS6 too. The MS3 has less drivetrain losses and is significantly lighter.) That being said, I've also seen as low as 12mpg for an entire tank when I was really having fun.

Hmm, that's good news.

I heard there are economy tunes you can get, I wouldn't mind getting a custom tune and having someone tune it for economy when I want to just drive sane.

I wonder how many people on this site have gone a whole tank without hitting boost

[Pu Manchu]

Originally Posted by doctavus I wonder how many people on this site have gone a whole tank without hitting boost

good question... we should hunt them down and ban them.

[HKSpeed3]

Originally Posted by doctavus Hmm, that's good news. I heard there are economy tunes you can get, I wouldn't mind getting a custom tune and having someone tune it for economy when I want to just drive sane. I wonder how many people on this site have gone a whole tank without hitting boost

You would get about 380 mile a tank. And believe me its pain in the ass holding ur right foot and forcing urself not to step on it.

Sent from my GT-I9100 using Tapatalk

[MammaFreed3]

i'm curious......

what car gets better gas mileage than an MS3 and also costs less to buy? not saying they don't exist, just wondering where the sense of urgency to sell is coming from.

an MS3 if you drive conservatively should yield no less than 26-27 mpg and if you cruise at 70mph on the highway, you can easily break 30 mpg. what car is it that you're considering that is cheaper to buy and gets better than 30 mpg? I would have to think it's WAY cheaper than the MS3 and gets WAY better mpg's if you're willing to take a hit on the sale/trade in, no?

hell, even the absolute base model Prius starts at over $26,000.

[Uberfly]

Originally Posted by MammaFreed3 i'm curious...... what car gets better gas mileage than an MS3 and also costs less to buy? not saying they don't exist, just wondering where the sense of urgency to sell is coming from. an MS3 if you drive conservatively should yield no less than 26-27 mpg and if you cruise at 70mph on the highway, you can easily break 30 mpg. what car is it that you're considering that is cheaper to buy and gets better than 30 mpg? I would have to think it's WAY cheaper than the MS3 and gets WAY better mpg's if you're willing to take a hit on the sale/trade in, no? hell, even the absolute base model Prius starts at over $26,000.

seriously? i can think of a couple off the top of my head. Hyundai elantra gets 40 MPG, New subaru impreza claims 36, and a honda civic probably gets around 40 too. the elantra is like 20K out the door. If you got a used model they still got mid 30s.

[cabrone]

I've sold several cars that I owe money on and, depending on the state it can be a real bitch. Even for the buyer. Selling the car in Michigan, depending on the bank, the title may be with you (the seller) or the bank (the lien holder).

Depending on the size of the bank they may store this in house or some giant facility. This all adds time to the days it takes to receive the release of lien. For a buyer, buying a car and relying on the seller to be an honest human being is a lot of faith to put into someone; they pay off your loan, and, depending on the bank, release it right to the one who just paid off the loan, not the new owner.

Now, I know some banks will release the title right away (if it is in house, or like MI where they let you hold onto it) if a wire transfer is done or cash is paid, no checks, or you can wait 3-4 days. It isn't super complex, it just adds some steps that can be annoying for the potential buyers.

Another route some do to ease the trouble of a buyer is take out an unsecured loan and pay off the car in full for yourself. This then releases the title of lien and makes it easier for potential buyers to get enticed, but puts you at a disadvantage with the higher rate of an unsecured loan.

I tried to buy a car from Florida and it was literally impossible. He needed money to pay the lien, didn't want to do another loan to pay off the lien, but the process was over 2 weeks to get the title, all of which he was fine with (he got to drive his car around on my dollar) while I wait on some dude I've never meet to be an honest person. I gave up. And here I am, with a god damn mazda.

[Uberfly]

back on topic.

when i bought my speed, the previous owner had a loan on it. I paid him, he payed off the loan and got the title, mailed it to me, my bank did some paperwork on their end, i got plates transfered to new car, and then took ownership of car.

all that BS took about 1.5 weeks. It was the longest week and half of my life

Originally Posted by cabrone Depending on the size of the bank they may store this in house or some giant facility. This all adds time to the days it takes to receive the release of lien. For a buyer, buying a car and relying on the seller to be an honest human being is a lot of faith to put into someone; they pay off your loan, and, depending on the bank, release it right to the one who just paid off the loan, not the new owner.

Good point. depending on the bank (probably smaller local banks that store off-site), you may be able to call them up and let them know you're about to sell. Some places will get the title transfered in-house so the title is there for when you show up with the money.

[Mazda Lover]

I don't think a buyer is a taking huge leap of faith to payoff the loan and wait for the title in the mail if they have a sale contract, the car, and you have released liability...which you'd want to do in case they get any tickets etc. If you didn't send them the title they could sue and it'd be pretty obvious that they bought the car and you are full of shit.

[RODSCALIMS3]

Keep the MS3, I have Avg. 35 mpg on the highway, Stage 1. Combined Im just under 31 mpg. I was also considering downgrading, but it's not worth it.

[jwright32]

This is actual calculated mileage?

Originally Posted by RODSCALIMS3 Keep the MS3, I have Avg. 37 mpg on the highway, Stage 1. Combined Im just under 31 mpg. I was also considering downgrading, but it's not worth it.

[cabrone]

Originally Posted by prighello I don't think a buyer is a taking huge leap of faith to payoff the loan and wait for the title in the mail if they have a sale contract, the car, and you have released liability...which you'd want to do in case they get any tickets etc. If you didn't send them the title they could sue and it'd be pretty obvious that they bought the car and you are full of shit.

No, you are right. If you have your ducks in a row this is totally a win case. I am just trying to say one needs to think like a buyer, who will, like a potential employer, find any reason to find something / someone else to invest in (like a blemish on a resume, this is a blemish on the potential buy).

Originally Posted by RODSCALIMS3 Keep the MS3, I have Avg. 37 mpg on the highway, Stage 1. Combined Im just under 31 mpg. I was also considering downgrading, but it's not worth it.

how is this possible?

[RODSCALIMS3]

Originally Posted by jwright32 This is actual calculated mileage?

OOooops sorry, calculated has actually been 35 mpg. 37 mpg on the Cobb AP and Mazda MID......but yeah 35 mpg isnt bad.... I will tell you though if you get on it, you wont see those numbers. Tire pressure and wheel weight have a lot to do with it IMO. Im currently running Rays RE30 18x7.5.

[jwright32]

That is impressive mpg. I would be more than happy seeing 30 on highway. My wheels did drop some weight from stock i know, think it was around 5lbs per corner. I figured this and the intake were what was helping me stay in the 24-25 range.

[MS_Driver]

You also need to take into consideration what you owe vs. what you can get for it. I'm probably going to trade my minivan in and there is no way we could get what we owe from private party - so we're probably going to trade in and work a deal with the dealership to either drop the price on the car we're buying to pay the van off or give us more credit for the van to pay it off. We were already offered that kind of deal for the car my wife wants (Nissan Leaf - NO gas) but we balked b/c we're buying a house right now.

We'll get the deal after the house goes through.

[MammaFreed3]

Originally Posted by Uberfly seriously? i can think of a couple off the top of my head. Hyundai elantra gets 40 MPG, New subaru impreza claims 36, and a honda civic probably gets around 40 too. the elantra is like 20K out the door. If you got a used model they still got mid 30s.

ok. so the impreza gets 36. the absolute base model is $17,500. the first upgrade at least gives you blue tooth which is $18,800. you'd get around 5-6 more mpg's with the Subaru. factor in how much you're going to lose on the sale/trade in of your car, the mod money you're losing, paying sales tax again on another purchase, etc.

with the elantra, again, you're going to pay sales tax again, and it's still only 3K less than a 2012 base model MS3 (there are plenty of guys on here claiming to have bought a base model '12 for under $23,000). factor in what you're gonna lose on the sale/trade in and the two cars are going to be mighty close in price.

and lastly, you're extending the amount of time you're going to be paying a car loan.

if we were talking 7-8K in savings, I'd say you might have something to think about but i just don't see this being worth it to you unless you're that hard pressed for cash that the extra $20-$30 a month savings in gas is going to make or break you (I guess you'd save some cash on insurance too with the subie or hyndai) and/or it will justify going from a fun car to a lamo car.

gotta do what you gotta do bro, i'd just hate to see you give up some fun in your life if you don't need to.

[Zbrit00x]

Or if money's a worry.. Keep the car, sell the mods and don't get any more till you feel your stable? That would be the first thing I'd consider. No point selling/ trading out to something your gona be down about driving. I mean even the ms3 stock is way more fun to drive than the alternative econo cars.

On a side note.. I was looking to sell the car too and upgrade, but I realized I was too poor lol

Or if money's a worry.. Keep the car, sell the mods and don't get any more till you feel your stable? That would be the first thing I'd consider. No point selling/ trading out to something your gona be down about driving. I mean even the ms3 stock is way more fun to drive than the alternative econo cars.

On a side note.. I was looking to sell the car too and upgrade, but I realized I was too poor lol

[jimmy]

Fyi you can flash an economy mode to the ecu if you get an AP.
The only way I see you saving money in this is if you rushed into buying this car that you can just barely afford. You sell it to break even, and you pick up a way cheaper car with much better mpg.

It's like those idiots that buy hybrids thinking they'll save money. You pay a premium for a car to only make that money back over 5+ years vs if you just bought a comparable economy car.

TLDR: keep the fucking car, cut back on coke and hooker parties

[juanms3]

Originally Posted by MammaFreed3 ok. so the impreza gets 36. the absolute base model is $17,500. the first upgrade at least gives you blue tooth which is $18,800. you'd get around 5-6 more mpg's with the Subaru. factor in how much you're going to lose on the sale/trade in of your car, the mod money you're losing, paying sales tax again on another purchase, etc. with the elantra, again, you're going to pay sales tax again, and it's still only 3K less than a 2012 base model MS3 (there are plenty of guys on here claiming to have bought a base model '12 for under $23,000). factor in what you're gonna lose on the sale/trade in and the two cars are going to be mighty close in price. and lastly, you're extending the amount of time you're going to be paying a car loan. if we were talking 7-8K in savings, I'd say you might have something to think about but i just don't see this being worth it to you unless you're that hard pressed for cash that the extra $20-$30 a month savings in gas is going to make or break you (I guess you'd save some cash on insurance too with the subie or hyndai) and/or it will justify going from a fun car to a lamo car. gotta do what you gotta do bro, i'd just hate to see you give up some fun in your life if you don't need to.

I just got my 2012 base model for $20,000

[Zbrit00x]

Bullshit. I want to see Proof of that!

[Voltron]

^^^^^+1
If it happened...that's the steal of the century.

[MammaFreed3]

Originally Posted by Zbrit00x Bullshit. I want to see Proof of that!

my guess, it's not OTD. taxes, fees, financing charges, yada a' yada a' yada.

or, he bought the car and paid in full.....or close to it.

[juanms3]

OTD $21,595 sorry about that!

[MammaFreed3]

Originally Posted by juanms3 OTD $21,595 sorry about that!

still wondering how much he put down and if he has any finance charges.

[abiezerf]

Originally Posted by juanms3 OTD $21,595 sorry about that!

Where is that dealer? I'm heading there now...

[juanms3]

Its gunther mazda in Fort Lauderdale