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What You Need to Sell A Car

What You Need to Sell A Car

WHAT IF
I Owe More on My Car Than it’s Worth?

What happens if you’re financing a vehicle you need to sell, but you owe more than it’s worth. That’s an unfortunate situation which is commonly known as negative equity, or being upside down in your car loan. The difference between the amount you still owe on your car and the market value for your car is called "negative equity."

While it’s easy to think that you’re stuck with your current vehicle this doesn’t have to be the case. If you choose to buy a vehicle to replace the one that you’re selling, it is sometimes possible to incorporate the negative equity into the amount you’re financing. Whether your goal is to get a different vehicle or to simply get rid of your current one, your best bet is to call Orlando INFINITI.

First, our Buy Your Car program makes you an Instant Cash Offer based upon Kelley Blue Book values. That means you are getting the best offer for your car because it’s based upon the national values established by the most trusted and established used car authority in the country. Since you’re getting the maximum for your car, the negative equity amount will be smaller.

Plus, selling to Orlando INFINITI means you’re selling to a local dealer who will work with you to do everything possible to resolve your situation with the best possible outcome. That’s the difference when you go with a local dealer through our Buy Your Car program. To make disposing of your vehicle easy, you can give Orlando INFINITI the outstanding amount, and they’ll settle with your lien holder. If you need time to get the funds to settle your account, don’t worry. Your Instant Cash Offer is good for three days.

Have questions? Here are some FAQs:

Make the sale of your vehicle go smoothly by being prepared. Just as you will be vetting the buyer, the buyer will be vetting you. No one wants to be taken advantage of of swindled.Having all the proper documentation tells the buyer that you are authenc and that the buyer is getting what he or she is paying for. Having the proper documentation also helps protect you against returns. Even if you are selling to an online buyer, you should vet the company to make sure it is not a scam.

  • While this is not mandatory, if you can get a history report, it will help with the sale. You can get one on Carfax for $39.99. Some people recommend posting the VIN in the ad, but this could lead to identity theft. Keep the VIN out of the ad. If you have receipts from any repairs and maintenance, you should provide those to the buyer. The buyer might want to know if you kept up on maintenance, and if you did any significant repairs, you should be ready to discuss those repairs.

    You don’t need to spend that $39.99 on CarFax if you decide to sell your car to car-buying services like Orlando INFINITI. Participating stores have access to CarFax reports free of charge. They would check your car’s history when they evaluation your car’s value.
  • In most cases, used vehicles do not come with a warranty. However, some manufacturers offer a long warranty that transfers to the new owner. If your vehicle has any manufacturer warranty left, be sure you have the warranty information. This also helps if you are trying to get top dollar for the vehicle as it justifies a higher price than for a vehicle without a warranty.
  • Many people think that they do not need a bill of sale if the title is changing hands. However, you are able to put anything you want in the bill of sale. You should always include that the buyer is purchasing the vehicle in “as is” condition and that you are not providing any vehicle warranty other than the manufacturer’s transferable warranty. You and the buyer should sign the bill of sale as that is the contract that shows the price and that the buyer is responsible for any maintenance and repairs on the vehicle once it changes hands.

    However, you don’t need to prepare a bill of sale if you use Orlando INFINITI’s online buying service. The car-buying service will prepare the document if you decide to sell your car to them.
  • Sign the title over to the buyer after the buyer pays for the vehicle. Some states also include an odometer disclosure on the title. If not, you are required by the federal Truth in Mileage Act to disclose the mileage of the vehicle and that the odometer has not been tampered with if the vehicle is less than 10 years old and weighs less than 12,000 pounds.

    If the title does not have the odometer information, you could include it in the bill of sale or create a separate document with the odometer information. If you create a separate document, you and the buyer should sign the document.

    If the title is still in possession of the bank because you are making payments, you’ll have to contact the bank to find out the payoff. Once you pay off the vehicle loan, the bank will release the title. In some cases, you must bring the release to the department of motor vehicles to get the title. In other cases, the bank may send you the title. Most online buying companies will not buy a vehicle if you still own on it. They prefer vehicles that are free and clear.

Here is a check list for all basic documents you would need.

  ✔  Your car’s title or payoff information. All titleholders should be present.
  ✔  Valid and current registrations.
  ✔  Valid state-issued photo ID for all title holders.
  ✔  All keys and remotes.

You don’t need any of these to get an offer for your car, BUT YOU DO need them if you plan to sell your car when you get the offer.