From Salesman to Buyer
You've done it. You've sold your car, and now you can turn the page on that chapter of your life. Maybe you were upside-down on it and now have a much smaller debt to repay. Or maybe you came out ahead. Whatever the case, as you turn the page, be sure to turn it as opposed to ripping it out and throwing it away. Hang on to your documentation. If it's not in writing, it didn't happen.
We owned our vehicle and had the title, which made things so much easier. But what if you don't? What if you still owe money on the vehicle? You'll have to bring money to the closing, just like if you owed more on your house that you were selling it for. If the loan is with a small local bank or credit union, then it's likely you can work out a deal to borrow the difference between the offer and the value. If the loan is not with one of those two, then it is about to be. Take documentation of both to them and explain your situation. I'm not advocating going into debt to sell your car, but rather reducing your overall debt while selling it. $3000 in debt is better than $25000 in debt. Local banks or credit unions are much more likely to work with you on this than any national bank.
When we sold ours, we got full book value - over $10000. The vehicles we were looking to replace it with were worth less than that. If we wanted, we certainly could have paired that sale money up with more cash and moved up in car a bit. But we didn't need that, so we pocketed the difference. Great irregular income!
It's time to go on the attack. It's time to be that buyer you were hoping not to get - the one that knew what he/she was doing. While waiting for inquiries on our car, I was spending time looking for the next one. Doing that streamlined the process a lot. Two days after we sold ours, we were ready to buy - with cash!
Next week, we'll begin the flip side of the coin with our "How To Buy a Used Car" series.
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