Hi everyone,

I've been lurking for a while since I bought my Mini in 2010 but due to my upcoming wedding and new home purchase, I regretfully have to sell it and would love to get your opinions.

Please let me know if this is the wrong forum to post this - and if it is, I apologize in advance.

So here's the story. I have a black 2010 S convertible in manual, beige leather, sports pkg, winter pkg, tire & wheel pkg, iPod connection, backup sensor, with about 3,500 miles - yes I do not drive this thing AT ALL (maybe about 2x a month) - that's the other problem.

I live in NYC and the car has always been garaged so it's in perfect shape.

Now the problem is that I haven't paid off the car yet so I don't know how it works when I want to sell it to as a private party. I know it would probably be easier if I was to sell it back to the dealer, but I'm assuming I wouldn't get its full value.

Has anyone tried selling a car that's still under finance? Also, under my circumstance, what would be the most reasonable route to go in order to maximize my return?

Thanks in advance for your input.

 

Cheers...

The best advice I've read recently on pricing can be found here.

Good luck...

 

I have sold maybe 25 cars that i had loans on. Really easy and safe. You and buyer agree on selling price. If the buyer is paying cash you and him/ her go togather to your bank or credit union that holds the note. They will handle it giving the buyer the title.
You get the differance from payoff and selling price.
If buyer is financing then go to their bank/CU and they will payoff your loan and give you the balance.
Hope that helps. Any question PM me.

 

This is more often than not true but I just recently sold a car I had financed by Wells Fargo which is a separate company than the Wells Fargo branches you might find. New owner was paying cash and without a new financial institution to complete the transaction I would've had to get the money from the buyer, send it to Wells Fargo and wait for the title, then transfer to new owner. That was the only way to do it here in PA. Obviously some of this has to do with what your state process is. Luckily the dealer I was buying my MINI from agreed to do a courtesy deal with the buyer of my Mazda and handled everything in one shot...

 

Thanks, guys, for your comments. Since there's no "bank" that I can just walk into that holds my loan - it's through BMW financing, I think it makes things a little complicated. I'll have to call BMW financing and see what they recommend that I do. Of course, I guess I can just pay it off fully up front myself and have a clean title issued to me, but I'm thinking why even bother doing that. Am I wrong?

 

If you can get around not having the title at the time of sale, then go for it. Otherwise, you'll likely have to pay off the full loan upfront in order to have th title released to you so that you can sell the car, as you mentioned.

 

PM me