I was looking for some input on the best way to sell my truck. I loved it when i first got it but after 10 trips to the dealer, a hand full of reflashes. Getting fed up with the lies, i dont really even want heather anymore... how have you guys gone about selling something that you still have a loan on?

 

Put it on craigslist. Pay the loan off when you sell it. I hope you're not upside down on it.

 

Jump online and go to KBB and to Edmunds to determine two different values for your truck (they will be different). Take a look at private party values vs. trade in values as well. This should give you a ballpark figure for what your truck is worth. Compare that ballpark to what you owe on it, and decide realistically if you're able to sell it...if you definitely owe more than what it's worth, then you may want to deal with the issues for a while longer so that you don't have to pay money out of your pocket to sell it.

Next step: clean it like you've never cleaned it before. Top to bottom, under the hood, the doorjambs, tires and wheels...absolutely everything. Remove every last spec of dirt and dust from every part of the vehicle you can. Polish & wax it to remove any minor scratches, swirl marks, water spots, etc. Don't use anything like tire-shine or armor-all anywhere...you want it to come across as though the vehicle is always spotless, not like you just spent forever detailing it, even though you just did. The reason for the thorough cleaning is simple: you may be able to get a bit more for it in trade if the dealership doesn't have to spend money fixing stuff and having it detailed. Also, if the vehicle is spotless, they may be more likely to keep the vehicle for their used car lot rather than take it to auction. If they take it to auction, you will get a lowball offer, but if they keep it for sale on their lot, they may offer you a bit more for it.

Now that it's spotless, take it out to a local Carmax to see what they offer you for it. Because they don't haggle, they will usually offer a bit more than most dealers will...they work on slimmer profit margins but volume business. They will also buy your vehicle without you having to buy one of theirs. If they offer you something that is acceptable (only you can determine what is acceptable), take it and keep moving, but I'd look around the lot first to be polite and to see if there's something else there you want. They will have you sign powers of attorney that allow them to take the car out of your name, and they will handle paying off your loan. If they don't offer you an acceptable amount, start shopping around to find something at another dealer you like, and see what you can get in trade. Or put it in Craigslist, cars.com, autotrader.com, and ebay.

At least that's what I'd do. I've done this with a couple of vehicles (the thorough cleaning), and I've consistently gotten more in trade than what I thought the vehicle was worth. With two vehicles in particular, I saw them later that same day parked out in the front row of the dealership's used car area, because the dealership did not need to do a thing to prep the vehicle for sale, other than get all the paperwork straight.

Also, take a look at the tax laws in your state. Some states base the sales tax on a new/used vehicle purchase on the purchase price of the vehicle MINUS the trade-in value. If that's the case in your state, then trading it in may be a better option...that may make up the difference in sales taxes you'd pay on the purchase of your next vehicle, and the hassle of selling it yourself to try to get a bit more than trading it in. If not, then it doesn't matter how or where you sell your current vehicle because you'll get hit with sales tax for the entire purchase amount regardless of trade-in value.

If you do sell it yourself, try to do the transaction either at the place with whom you have the loan (if you have it through a local bank) to ensure their check clears. Or do it at the local DMV to ensure that the vehicle is taken out of your name and registered in the purchaser's name.

 

I'm pretty sure you'll be upside down on the loan on such a new vehicle. Maybe you'd rather hire an attorney than just accept the loss and sell.

 

Check to see if it qualifies for the lemon law.

 

Go to craigslist and post it on there. I have sold my last 3 vehicles that way. Just write up a Bill of Sale and have it notarized when you do sell it for the buyers protection. I would think most people use a downpayment when purchasing a new truck. I cant imagine what the payment would be on one of these with no downpayment (at least 10-15k down)

 

If you have indeed given up, look at trading. I did so with my first 2010. I got $2000 less than I paid for it 7 months and 10000 miles earlier. I also had no loan.

 

i missed georgias lemon law by about 10 miles its 2 years or 24k and i was at 2400x... ive looked into carmax and that seems to be the best route. i just dont want to do third party cuz i would be afraid of a scam or something...