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Planning to sell my Model S soon...but still on a loan. How does this work?

Discussion in 'Tesla for Sale' started by mmoon24, Jun 28, 2018.

  1. mmoon24

    mmoon24 Member

    Joined:
    May 4, 2017
    Messages:
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    Location:
    Dallas, TX
    I'm guessing my best option is to sell it back to Tesla or to something like CarMax. However, if I were to go private, what would be the best way to tackle this?

    Current Loan Balance: 38000
    Credit Union: Tech CU (California)
    My Location: Houston, TX

    I understand no one would want to buy a car from me if I can't guarantee the title then and there, but I'm open to hearing suggestions.

    Right now, the only thing I can think of is that I would fly to Cali, meet potential buyer at the Credit Union Bank, do the transaction there, and sign the title to them...and then figure out how to get the car back to them. But that does sound like too much work for both of us.
     
  2. morrisdl

    morrisdl Member

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    • Like x 1
  3. Fobble

    Fobble Member

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    Location:
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    This is smart and fair assessment. I hate it when a seller says "give me the check so that I can pay off my loan. I will mail you the title after I receive it". Maybe I am too paranoid (and not dumb), but for me I won't hand $50k-$60k to a stranger and hope everything will be ok.
     
    • Like x 1
  4. glide

    glide Member

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    Both you and the buyer go to the local credit union. Show them a bill of sale, buyer pays the balance of the loan, and the CU releases the tile.

    If they do not have the title on premesis that may complicate things so check with the Credit Union first.
     
  5. morrisdl

    morrisdl Member

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    The bill-of-sale and possession of the car are the buyers protections. You dont need the title to get insurance or license plates. My VA DMV took almost two weeks after the sale of my Cayenne to issue a clean title. My buyer didnt mind, but some maybe uncomfortable.
     
    • Like x 1
  6. Uncle Paul

    Uncle Paul Active Member

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    If the deal is complicated, the buyer might need a lower price to induce him to take the additional risk and hassle. Same if the car is unique or in short supply the risk might be more worth while.

    There are also independent auto brokers that will work as an Escrow source by taking the money from the buyer and handling the paperwork for the seller.

    Lots of cummunication between the buyer and seller can go a long way in making the transaction as comfortable as possible.
     
    • Like x 2
  7. rfmurphy81

    rfmurphy81 Member

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    Location:
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    I ended up selling my car to Shift.com on Monday and they paid the most competitive price (and were VERY easy to deal with) but they are only based in SF, LA and SD areas in California so it won't work for you. However, the next closest offer I got was from Peddle.com, which was only a few hundred dollars less than Shift.com. When I put 77001 into their ZIP code field, it seems to work so I assume they have a presence in your area.

    All other places I visited in person like CarMax and various luxury dealerships and such offered about 10% less than the price I was offered from Shift.com and Peddle.com.
     
  8. Cheburashka

    Cheburashka Member

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    Los Gatos, CA
    Details on car? How much do you want for it?
     
  9. mmoon24

    mmoon24 Member

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    I will certainly look up Shift.com during when I'm ready to sell. Thanks!

    I'm not selling it yet. As it stands now, it probably won't be for another 3-4 months. Just wanted to ask the question about my situation ahead of time.
     
  10. rfmurphy81

    rfmurphy81 Member

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    Shift.com seems to only be in the Bay Area, LA/OC and San Diego right now. Pebble.com seems very similar in concept and whatnot, and appears to be available in Texas so hopefully they're in your area. In any case, I had a good experience with Shift.com though it was weird giving them my car then getting money in my checking account two days later for the "Instant offer". Good luck to you!
     
  11. Qbenjamin

    Qbenjamin Frugal But Classy!

    Joined:
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    Location:
    Tampa
    Take out a personal loan to pay off the car, but only if/when you plan to sell it (interest rate will be high). It makes selling the car a much easier process since you'll have the title to the car. Just another option for you.
     
  12. Venomized

    Venomized Member

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    Oct 15, 2016
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    Location:
    San Jose, CA
    Refinance your loan to a local credit union. So when you’re ready to sell you can do it locally.
     

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