Thinking of selling my truck that I still owe money on.

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Contributor
I'm certain will make many cringe, but let me clarify. I currently owe 5400 to the bank for my pickup and have a year remaining on the loan. Given a recent change to my duty station, and hence home, it has become a bit too expensive to commute daily. I'm considering selling it for fair value, somewhere around the 10000 mark and using remainder to buy a smaller more efficient vehicle.
The question then would be how would I go about completing the sale so the purchaser, through loan or "cash", recieves the title and hence be clear of further obligations? On the loan side, I realize the buyer might put it up as collateral, so I figure it could get tricky if I am not careful.

1 REPLY

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Signaleer06;

 

Selling your vehicle can be a daunting task and is filled with lots of possiblity of mistakes.

 

I suggest you visit the following USAA LINKS for additional help.

 

1.  6 Ways to Get More Cash for Your Car

 

2.  4 Tips for Car Sales Safety: Online and Off

 

3.  Refinance Vehicle...Now What?

 

4.  USAA Member Community Search - Sell Car

 

Also here is a quote from BrianaHartzell USAACommunity Manager found here which has some great advice.

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The USAA Car Buying Service can help you determine how much to expect when trading in your vehicle to a dealership or selling it yourself, based on the used-car market in your area.

 

Also, you can use other sites, such as Kelly Blue Book, Edmunds.com and the National Automobile Dealers Association, to help you calculate your car's market value to dealers and individual buyers. When using these sites, be sure to factor in the vehicle's mileage, options, interior condition and any exterior damage. This will help you get a more accurate estimate of its worth.

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I hope this helps you...