Well, my wife lost her job ( big bucks ) and we are forced
to sell the Mini. The car is only 3 months old and am
wondering how you go about selling a car that I have
no title to yet. I've done it going thru a dealer, but
how is it done with a private sale? Thanks for any advice.

Jim

 

Sorry for the news Orion....
No practical advise, just best wishes on the sale! :smile:

 

1st piece of advise is take that "drive it like you stole it" decal off

 

>> Well, my wife lost her job ( big bucks ) and we are forced
>>to sell the Mini. The car is only 3 months old and am
>>wondering how you go about selling a car that I have
>>no title to yet. I've done it going thru a dealer, but
>>how is it done with a private sale? Thanks for any advice.
>>
>> Jim


Why don't you have the title yet? Is it because you have a loan or a lease on the vehicle? If so, the easiest way is to send a check to the bank to pay off the loan/lease and then the bank will send you the title. This could take a week or two. If you don't have enough savings to pay off the loan or lease to get the title, you will have to have the new buyer send a check to pay off the bank (hopefully what you sell the car is more than you owe the bank) Some buyers may be turned off by this because they will give a large sum of money and then have to wait for the title.

If you trade in your car or trade it to one of those Car Cash places, they will pay off the bank for you (then they get the title directly from the bank) and would give you the difference (if any)

I've sold a lot of cars privately (like to change my cars every two years or so) so feel free to ask me if you have any more questions.

RaceCarDriver

 

If the new owner will be taking out a loan for the car, they just need to let their bank know the info regarding your bank (loan/title holder) and the two will work out the logistics. This way the buyer and seller don't actually have to exchange large amounts of money and the new lean holder gets the title directly.

 

Thanks guys.
This won't be an easy thing to do but
I don't think I have another choice. She
worked for the company for 27 years and
this is the thanks she gets. And yes ORBHOT.
the decal will come off!!

Jim

 

Orion, sorry to hear about your wife's job loss. I was in a similar situation earlier this year as I got laid off from my previous job of 6 years. Whether you have worked 5 or 30 years, at the time a company is ready to pass the pink slips, they don't make distinctions, trust me. I was very fortunate to have found a much better job opportunity only 1 month after I lost my previous one, so in the end I took severance pay and a nice and well deserved "forced" month vacation.


If you really need to sell the car, first of all, call your bank and find out how much you currently owe in the vehicle and also find out your exact payoff amount (Often they waive the remainder of the interest) if you were to payoff the car to them today to release the title. Once you get the up-to-date payoff amount, then proceed to find out how much the car is worth in the market. Since the MINI enjoys very high resale value it is possible that you might even make some money after you sell it. Since obviously you don't have the title (The bank has a lien on it) the rest of the sale money would go to the bank to satisfy the loan and release the title to the new owner, or if the new owner is financing the car using their own bank, then the title will be released from your bank to theirs.

So this is not an overly complicated procedure, but you need to do your homework done as soon as possible. get your payoff for your current loan, then find out how much your car is worth in the used car market and then put an ad and sell it.

Worst case scenario, you might break even and sell the car with no money left over.

Perhaps we can help you figure out your situation better if you tell us how much down you put for the car, whether you finance or lease it, for how long and at what interest rate. Then find out the payoff amount and the car's market value. Then we'll take it from there.


Good luck.

 

:smile: :smile:

Second, it's a total bummer you have to sell your MINI. I hope you find a buyer quickly as I know you are probably feeling very stressed at the moment...I can't offer any other advise different from what others have already said. I just wanted to say things will get better for you and your wife.......

Chow!

Donna
donna@dcmetrominis.org

 

Thanks Donna. This will definitely be a new adventure!
Things are looking a little better since I got that phone
call from my wife. It's amazing how much money is
spent on "non- essentials". There may be a chance we
can put a chunk of money down on the car and re-finance
to lower the monthly payment. It's just too early to tell
right now and I'm trying to sort things out. We have time
to let things settle down before we make major cuts.
Thanks for listening.

Jim

 

Remember, when one door closes, another opens !!!!!!! Good luck You do realized you are spoiled on the Mini driving experience?

 

Jim, hope you can work out a way to keep your MINI! Speltzer is right...you are now spoiled and will find it difficult to drive a car other than your MINI! Very best wishes to you and your wife!!

Cheers!
Clover

 

orion, i hate to hear this kind of story. I hope that you will be able to figure out a workable solution.

It is amazing how much money we can spend on non-essential things, and surprisingly easy to learn to do without a lot of things. I left a great career as a pharmaceutical research chemist in order to go back to school to become a schoolteacher. I have found that I am able to live very well while spending about 1/3 the monthy expenses that I had grown accustomed to.

I hope your wife soon finds an equally good job and that everything works out for you two for the best. Even if you have to sell the MINI, they will make you a new one when you are ready for another in the future!