auto selling procedure

Well, there are several.

Let's start with a few questions...

What is your equity in the car? Positive or negative?

Do you plan to advertise it to the general public, or is there someone who's made you an offer?

i owe more than trade in value

i plan to advertise to the geenral public

These are two of the biggest pitfalls, John.

Let me explain my background, as well as disclaim any personal responsibility for the suggestions I am about to make:

I spent ten years in the car business, most of that time as a financial services manager, the last three at a Lexus dealer. I dealt with financing, lienholders, and title issues on a daily basis.

Laws differ from state to state, though, so the tips I'm giving you have more relevance in the state of Texas, but in any event should not be considered unqualified professional advice.

Now then:

In order to secure the title from the finance co., you'll have to throw in the difference between what you owe and and what you sell it for. Are you prepared to do that? I'm guessing it's perhaps a few thousand bucks, since you wish to 'retail' your car to try to make up some of the shortfall.

This is made more problematic if the buyer is not paying cash for your car. As a matter of fact, should that person secure financing for the purchase themselves, you'll have all kinds of hoops to jump through. Let's not go there, for now...

I have always chafed at the proposition of selling my cars in the manner you wish to. For one thing (mind you, I have no idea what kind of car it is -- nor does it matter; stay with me here), it may not be the creampuff to others you believe it to be. So after a few weeks of paying for ads, making yourself available to potential buyers (a real crimp in your lifestyle, generally) you could still find yourself without a buyer, or even a potential buyer.

Forget having total strangers calling, then showing up at your house (or not) and driving your car around with you either in the car with them or expecting them to return with it, intact (and not having stopped off at the hardware store to have a key made).

So, let's look on the sunny side: you run an ad; someone shows up to see/drive the car; the two of you agree on the selling price; you proceed to your courthouse or DMV to change the ownership once he has paid you, and the entity (previously mentioned) requests the sales tax on the transaction. Who pays...you or the buyer?

Work this out in advance, is what I'm sayin'.

If he writes you a check, both of you ride down to his bank together so that you can get the cash or a cashier's check. It's better if you do it this way; you could lose the sale over this one trifling. Sometimes people get insulted if you demand $$$ or a c.c. up front.

(BTW, knowing the title status, if I were buying your car, I would get something in writing from you which assured me you would transfer the title to me once it is released by the finance company you're currently indebted to. Be prepared to honor that sort of request from a reasonably savvy purchaser.)

What else can I answer?

thank PDiddie
I now am begining to see what is in store for me.i live in florida. Thanks for your help JOHN

CAN I GIVE YOU MY E MAIL ?

Sure, John.

Send me a PM.

Good luck.

Well, PDiddie pretty much gave all the right answers. If you're in a negative equity situation, owing more than the car reasonably is worth, you have quite an obstacle in front of tyou. The best possible case would be that you might find a buyer willing and able to pay cash outright in an amount sufficient to satisfy your lien, but that is not a thing to count on. There are all sorts of "values" for any given car; trade-in value, retail value "BlueBook" - of which there are several versiuons, NADA Guide Loan Value, Insurance Replacement Value ... best guess is about all they amount to, and even then, they're pretty much meaningless. The only "value" that matters is "Actual Cash Value", which is best described as that vehicle's relationship to a sampling of the reported auction sale prices for like kind-and-condition vehicles in the immediate market area ... and that value is likely to be a lot less than you might have hoped it would be. First, get an exact payoff figure from your lender, as of "X" date, and determine what the daily difference would be for each day one side or the other of that date ... they really do figure it that close. To maximize the value you will receive, you should get the car into top-notch mechanical shape, engine, brakes, exhaust, tires, and all accessories, and thoroughly detail the interior, exterior, and engine compartment, so the puppy runs like a top and looks like a dream ... you want it to seem as though it has never been used. Then drag it around to a few different new car dealerships, and ask them to give you a purchase price on it ... just an outright purchase price, no trade, no new-car purchase ... just to buy it outright. Get a half dozen or so quotes, and try to get the quote right from the used car manager. Do the same thing at a few strictly used-car dealerships. Once you've got 10 or a dozen quotes, average them, add about a third to come up with an asking price, and be ready to settle for around 80-85% of that. Then, you've got to come up with cash to obtain the title to give to the bu8yer, which, if the buyer is a private individual, may be tricky; the buyer will probaly require the title, or at least a notarized guarantee of title, to present to his lender and to his insurance company before he can obtain the cash. And, of course, there are the matters of who pays the taxes and registration fees ... usually the buyer, but work that out on a signed piece of paper before doing anything else. Good luck.