Meet Stacy, Carmigo’s Alabama Dealer Sales Representative

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Meet Stacy, Carmigo’s Alabama Dealer Sales Representative

She has 15 years of experience in the auction and automotive industry

We’re thrilled to welcome Stacy Williams to the Carmigo team in her role as our Alabama Dealer Sales Representative. Not only does she possess a wealth of knowledge in the auction world, but she also holds a well-rounded accounting background rooted in the automotive sector.

 

Stacy began her career in accounting at Wilson Dodge and Gray Daniels Auto Family in the Jackson, MS market. In addition to standard accounting practices, Stacy’s responsibilities included managing wholesale and retail accounts, auditing, cash control, and inventory management

 

Most recently, Stacy worked as a Field Sales Representative for IAA in Birmingham. She was responsible for building out a buyer network for auctions, negotiating sales, and managing relationships with customers and providers.

 

Stacy’s extensive automotive background, combined with her knack for forging connections, makes her a perfect fit for Carmigo’s customer-centric approach. As we expand further into the Alabama market, we are excited to see Stacy’s skills in action, furthering our mission of making managing your inventory easy.

 

Stacy’s primary focus is connecting with dealers in our Alabama market. If you’re in Alabama and want to see how Carmigo can make it easier to manage your lot, give Stacy a shout.

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Meet Toni, Carmigo’s newest Dealer Sales Representative

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Meet Toni, Carmigo’s newest Dealer Sales Representative

With an exceptional track record and a deep understanding of the industry, Toni brings a wealth of experience to Carmigo.

We’re excited to welcome Toni Paige to the Carmigo team as our newest Dealer Sales Representative.

Toni is no stranger to the world of auto auctions. She entered the industry as an Auction Coordinator for IAA. There, she was in charge of setting up new provider contracts, registering new buyers, and a myriad of other responsibilities that helped build their pipeline of inventory in her six-year tenure. Toni then joined Louisiana’s 1st Choice Auction as their Professional Sales Representative, which has historically transacted over 15,000 vehicles annually.

Toni’s keen ability to empathize with dealers’ needs makes her a perfect fit for Carmigo’s customer-centric approach. As we embark on exciting ventures, we are thrilled to harness Toni’s skills to help our mission of making managing inventory easier.

Toni’s first focus is helping dealers in our Jackson, MS market. If you’re in Jackson and want to see how Carmigo can make it easier to manage your lot, give us a shout.

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Can I sell my car with a loan? A comprehensive guide

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Can I sell my car with a loan? A comprehensive guide

Table of Contents

Selling a car with an outstanding loan can be a challenging task, but it’s not an impossible feat. With careful planning, thorough research, and effective communication, you can successfully navigate the process and find a buyer who is willing to take over the loan. In this blog post, we will provide you with a comprehensive guide on how to sell your car with a loan, covering important steps to maximize your chances of a successful sale.

person researching how much to sell car for online

Understand Your Loan Situation

Before you dive into the process of selling your car, it’s crucial to have a clear understanding of your loan details. Gather all the necessary information, such as the outstanding balance, interest rate, and any prepayment penalties. Contact your lender to inquire about their policies regarding car transfers and loan assumptions. By knowing the specifics, you can accurately determine the amount you need to sell the car for to pay off the loan.

Start by determining the exact amount you owe on your car loan. Contact your lender to obtain the most up-to-date information on the outstanding balance. This figure will serve as the basis for calculating the minimum amount you need to sell the car for in order to pay off the loan completely.

Familiarize yourself with the interest rate associated with your loan. This information will give you insights into the cost of borrowing and can influence your decision-making process. If the interest rate is high, potential buyers may be less inclined to assume the loan, so you might need to adjust your selling strategy accordingly.

Inquire about any prepayment penalties that may be associated with your loan. Some lenders impose fees if the loan is paid off before a certain period of time. Understanding these penalties will help you factor them into your financial calculations and determine the final amount you need to receive from the sale to cover all costs.

Each lender has its own policies regarding car transfers and loan assumptions. Reach out to your lender to understand their specific requirements and procedures. Ask about their process for transferring the loan to a new owner and any necessary paperwork or documentation involved. Being well-informed about their policies will ensure that you can comply with their requirements and facilitate a smooth transition for the buyer.

Some lenders offer the option for a buyer to assume the loan entirely. This means that the buyer takes over the loan payments and becomes responsible for the remaining balance. In such cases, make sure to clarify with your lender if the buyer will need to meet specific criteria or go through a credit evaluation process. Understanding the loan assumption option will help you market your car effectively to buyers who are interested in this arrangement.

person counting money

Set the Right Asking Price

Pricing your car appropriately is key to attracting potential buyers. Take into consideration factors such as the vehicle’s age, mileage, condition, and market demand. Research similar cars in your area and check their prices to set a competitive asking price. Keep in mind that buyers will be assuming your loan, so it’s important to price your car competitively to make it an attractive option.

Start by researching the current market value of your car. Look for similar makes, models, years, and conditions in your local area. Online platforms, car valuation websites, and classified ads can provide valuable insights into the prevailing prices. Consider factors such as mileage, overall condition, and any additional features or upgrades your car may have.

Take into account the outstanding balance of your loan when setting the asking price. The aim is to find a price that is competitive in the market while ensuring that it is enough to pay off the loan in full. Calculate the difference between the estimated market value of your car and the outstanding loan balance. This will give you a clear understanding of the minimum price you need to sell the car for to settle the loan.

While you want to maximize the selling price, it’s important to be realistic and flexible. Consider the market demand and the condition of your car. If your car has high mileage or requires significant repairs, it may be necessary to adjust the asking price accordingly. Being flexible and open to negotiation can attract potential buyers and increase the likelihood of a successful sale.

When marketing your car, emphasize the benefits of taking over the loan. Many buyers prefer financing options, and assuming an existing loan can be an attractive proposition. Highlight the lower interest rate or the convenience of avoiding the hassle of applying for a new loan. By showcasing these advantages, you can make your car more appealing to potential buyers.

If you have a tight timeline to sell the car, you may need to adjust the asking price accordingly. Offering a competitive price can help attract more potential buyers and expedite the sale process. However, ensure that you don’t set the price too low, as you still need to cover the loan balance. Strike a balance between a competitive price and your financial requirements

If you’re uncertain about setting the right asking price, consider getting a professional appraisal. An experienced appraiser can evaluate your car’s condition, mileage, and overall market value to provide an accurate estimate. While this may involve an additional cost, it can give you confidence in setting a fair and reasonable asking price.

Remember, pricing is a delicate balance between attracting potential buyers and ensuring that you can pay off your loan. Thorough research, considering the loan balance, being flexible, and highlighting loan benefits are key strategies for setting the right asking price. By striking the right balance, you can increase your chances of finding a qualified buyer who is willing to assume the loan and purchase your car.

nice image of 2021 hyundai santa fe

Market Your Car Effectively

Effectively marketing your car is crucial to attract potential buyers and increase your chances of a successful sale when selling a car with a loan. Utilizing various channels and strategies can help you reach a wider audience and generate interest in your vehicle. Here are some key points to consider when marketing your car:

Utilize online platforms to maximize your reach. Post detailed and engaging advertisements on popular classified websites, car selling websites, and social media platforms. Provide comprehensive information about your car, including its make, model, year, mileage, condition, and any notable features or recent maintenance. Use high-quality photos from different angles to showcase your car’s exterior and interior.

Craft a compelling and accurate description of your car. Highlight its key selling points, such as fuel efficiency, safety features, spacious interior, or any recent upgrades. Be honest about any flaws or repairs needed to manage buyers’ expectations. Use persuasive language to capture potential buyers’ attention and generate interest in your vehicle.

Consider targeting specific audiences or communities that may be interested in your car. Join online forums, social media groups, or local car enthusiast communities and share your listing there. These platforms provide an opportunity to reach individuals with a genuine interest in purchasing a car, increasing your chances of finding a qualified buyer.

Spread the word about your car sale among your personal and professional networks. Inform friends, family, colleagues, and acquaintances that you are selling your car. They might know someone who is actively looking for a vehicle or be interested themselves. Personal recommendations can carry significant weight and help you find potential buyers more quickly.

Highlight the loan assumption option as a selling point for your car. Many buyers prefer the convenience of taking over an existing loan rather than going through the process of applying for a new one. Emphasize the potential savings on interest or the streamlined process associated with assuming the loan. This can make your car more appealing to buyers who are looking for financing options.

Be proactive in responding to inquiries and communicating with potential buyers. Promptly answer their questions, provide additional information if needed, and arrange viewings or test drives promptly. Being responsive and professional will create a positive impression and increase buyers’ confidence in dealing with you.

Gather all relevant documentation, including service records, maintenance receipts, and the vehicle’s history report. This documentation provides transparency and reassurance to potential buyers regarding the car’s condition and maintenance history. Make these documents readily available for interested buyers to review.

Consider implementing a strategic pricing strategy. If you’re finding it challenging to attract buyers, you may need to adjust your asking price accordingly. Monitor the market and adjust the price if necessary to stay competitive and generate more interest.

person filling out car loan paperwork

Be Transparent About the Loan

Transparency is crucial when selling a car with a loan. Provide accurate details about the loan to potential buyers. Clearly communicate the remaining loan balance, monthly payment amount, and any relevant information about the lender’s policies for loan assumptions or transfers. Being upfront will help build trust with potential buyers and prevent misunderstandings later in the process.

Clearly communicate the exact remaining balance on the loan to potential buyers. This information allows them to understand the financial commitment they would be taking on if they assume the loan. Provide documentation or statements from your lender that validate the outstanding balance and show transparency in your communication.

Disclose the current monthly payment amount associated with the loan. This helps potential buyers evaluate their affordability and budget accordingly. Be prepared to share any additional details about the payment structure, such as the number of remaining payments or the interest rate. This information allows buyers to assess the financial impact of assuming the loan.

Inform potential buyers about the lender’s policies regarding loan assumptions or transfers. Some lenders may have specific requirements or procedures that need to be followed for a smooth transition of the loan. Understanding these policies in advance helps buyers determine if they meet the lender’s criteria and can assume the loan without complications.

If there are any prepayment penalties associated with the loan, be transparent about them. Inform potential buyers about the consequences and costs involved if they decide to pay off the loan earlier than its designated term. This transparency ensures that buyers are aware of all financial obligations associated with the loan.

Explain the process of assuming the loan to potential buyers. Provide them with an overview of the steps involved, any paperwork required, and the timeline for completing the transfer. By outlining the process, buyers can assess the feasibility and complexity of assuming the loan and make an informed decision.

Provide copies of relevant loan documents, such as the loan agreement, to potential buyers for their review. This allows them to verify the loan terms and conditions independently and seek legal advice if necessary. Transparency in sharing these documents builds trust and demonstrates your commitment to an open and honest transaction.

By being transparent about the loan, you create an environment of trust and transparency with potential buyers. Clearly communicate the remaining loan balance, monthly payment amount, lender’s policies, prepayment penalties, loan assumption process, and provide necessary documentation. Buyers will appreciate your openness, and it will help ensure a smooth transition of the loan, leading to a successful sale of your car.

woman screening potential customers interested in car with loan

Screen Potential Buyers

Once you start receiving inquiries from potential buyers, it’s essential to screen them thoroughly. Ensure that they understand the loan situation and are financially capable of assuming the responsibility. Request proof of income and references, if necessary. By vetting potential buyers, you can filter out those who may not be serious or qualified to take on the loan.

Ensure that potential buyers fully understand the loan situation. Discuss the loan terms, including the remaining balance, monthly payments, and any relevant details about the lender’s policies. Clarify any questions they may have and gauge their comprehension of the financial commitment involved in assuming the loan.

Verify the financial capability of potential buyers to assume the loan. Request proof of income, such as pay stubs or bank statements, to assess their ability to meet the financial obligations associated with the loan. Ensure that their income is stable and sufficient to cover the loan payments, as this will minimize the risk of default or complications down the line.

Request references from potential buyers, such as previous landlords, employers, or financial institutions. Contact these references to verify their credibility and reliability. References can provide insights into the buyer’s financial responsibility and character, giving you a better understanding of their suitability to assume the loan.

Consider conducting a credit check on potential buyers. This will give you an overview of their credit history and their ability to manage financial obligations. A good credit history indicates responsible financial behavior, reducing the risk of loan default. However, keep in mind that different regions have varying laws and regulations regarding credit checks, so ensure compliance with local legislation.

Gauge the seriousness and intent of potential buyers. Assess their level of interest, promptness in communication, and willingness to provide required documentation. Buyers who demonstrate a genuine interest and actively engage in the process are more likely to follow through with the purchase and assume the loan responsibly.

Trust your instincts when interacting with potential buyers. Pay attention to their behavior, responsiveness, and overall demeanor during the screening process. If something feels off or raises concerns, it’s important to proceed cautiously or explore other potential buyers.

By screening potential buyers, you can identify individuals who are genuinely interested, financially capable, and responsible. This process minimizes the risk of encountering complications during the loan transfer and ensures a smoother transaction. Ultimately, finding a qualified buyer who is capable of assuming the loan responsibility will increase the likelihood of a successful sale and a positive outcome for both parties involved.

Facilitate the Loan Transfer

Once you find a buyer who is willing to assume the loan, involve your lender to facilitate the transfer process. Contact the lender to understand their specific requirements and procedures. Provide all the necessary documents and ensure that the buyer completes the required paperwork promptly. Adhering to the lender’s instructions diligently will ensure a smooth transition of the loan.

Reach out to your lender early in the process to inform them of your intention to sell the car and transfer the loan. Inquire about their specific requirements and procedures for loan transfers. Each lender may have different policies in place, so it’s important to understand their expectations and follow their instructions carefully.

Gather all the necessary documents requested by your lender for the loan transfer. These may include a bill of sale, loan assumption agreement, and any other paperwork specific to your lender’s requirements. Ensure that all documents are completed accurately and in compliance with the lender’s instructions.

Keep the buyer informed about the loan transfer process and any requirements from the lender. Provide them with the necessary documents to review and sign. Encourage open communication between all parties involved to address any questions or concerns promptly.

Offer assistance to the buyer in completing the necessary paperwork for the loan transfer. Provide them with any supporting documentation they may need, such as your loan statements or loan account information. Being proactive in assisting the buyer will help streamline the process and ensure that all required paperwork is completed accurately.

Strictly adhere to the lender’s instructions throughout the loan transfer process. This includes submitting paperwork within specified timelines and providing any additional information or documentation as requested. Failure to comply with the lender’s instructions may result in delays or complications in transferring the loan.

Once all the required documentation has been completed and submitted to the lender, work with them and the buyer to finalize the loan transfer. This may involve arranging a meeting at a neutral location, such as the lender’s office, to sign and notarize the necessary paperwork. Follow any specific guidelines provided by the lender to ensure a legally binding transfer of the loan.

By actively facilitating the loan transfer process, you help ensure a smooth and successful transition for both yourself and the buyer. Clear communication, prompt completion of required documentation, and following the lender’s instructions are key to making the process efficient and minimizing any potential complications. Ultimately, a well-executed loan transfer will enable the buyer to assume the loan responsibility, and you can complete the sale of your car with confidence.

two men shaking hands on a car loan payment deal

Complete the Sale and Loan Payoff

Once the buyer has assumed the loan, complete the sale by transferring ownership of the car. Arrange a meeting at a neutral location, such as a bank or the lender’s office, to finalize the transaction. Ensure that all necessary paperwork is completed accurately, including the bill of sale and transfer of title. With the sale completed, use the funds from the buyer to pay off the remaining loan balance.

If you’re ready to sell your car and you want to forgo some effort on your part without missing out on maximizing profit, Carmigo can help. Carmigo has a huge network of dealerships that want your car. It only takes a few minutes to list. Once you answer a few questions about your car and take some photos, you’re good to go. Within a day, you can receive multiple offers on your vehicle. You set the asking price you want and if none of the offers meet it, you’re not obligated to pay a dime. After your car sells, you just have to wait for pickup and then get paid. It’s the easiest way to sell a car.

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5 Best Cars to Sell in July 2023

best cars to sell in october

5 Best Cars to Sell in July

Carmigo is bringing you the best-selling used cars for July (or at least our prediction). We’ve analyzed trends on our marketplace as well as the general car market and compared those with U.S. economic trends to help you decide if this is the month to sell your car, or if you should consider waiting.

The market has been so weird so long, that weird is normal

When the used car market is unstable, people want a car that will last long and will hold its value no matter what the future holds.

People want Camrys. 

The market has been so unpredictable for a year now that dealerships and the general public alike are more comfortable with a safe bet.

So what’s the safest bed? A Camry.

In fact, used mid-sized cars in general are selling the best in the current kangaroo market.

You know the ones: Malibu, Altima, Accord, Avalon

According to the Conference Board Consumer Confidence Index®, consumer sentiment around vehicle buying conditions hit the lowest level so far this year in May, but remains higher than this time last year. 

And much like with the general car-buying public, car dealers have a similar sentiment. According to the monthly Cox Automotive industry survey, dealerships aren’t really expecting the market to go up or down. That doesn’t necessarily mean everyone expects the market to hold, we’re just not not sure which way it’s going to go and how fast. 

When it comes to the economy-priced reliable mid-size cars in the used car market, we’re seeing a continued trend of higher sales, higher relative prices, lower inventory and, lower depreciation.

Best Cars to Sell in July

green light chat box

You've Got the Green-Light

Toyota Camry best cars to sell in november, Toyota Camry best cars to sell in may, and one of the best cars to sell in june

For the last five months, Camrys have ranked near the top of sales on the Carmigo marketplace. Month over month, we list more and sell more Camrys than nearly any other car. 

The reason is simple: You can’t beat the Camry. They hold value well and are always in fairly high demand because of their year-over-year reliability, fuel economy, and safety standards.

When luxury cars and trucks start to decline in sales. When folks are opting for economy and fuel efficiency, that’s when the mid-size cars reign. The Camry fits into this category, but it’s its own thing. The Malibu led the way for mid-size, but we saw them all do well, including the Nisan Altima, Honda Accord, and Toyota Avalon.

mid sized sedans like this chevy malibu are some of the best cars to sell in june
2023 Honda CR-V

Folks who drive CR-Vs love CR-Vs because they’re tough and reliable. In the rare event someone sells a used CR-V, it gets snatched up quickly because they’re a sure bet for dealerships to turn around and retail them.

The subcompact SUV has done a good job over the years incorporating the things we love about larger utility vehicles into an economic package.

With updated features and a longer track record, drivers are trying subcompact SUVs to combat gas prices soaring and car prices acting crazy.

SUVs like this 2022 hyundai santa fe are some of the best cars to sell in july

The Hyundai Santa Fe always does well, it leads the among SUVs that middle-class families can afford. Alongside sub-compact SUVs, mid-tier, affordable SUVs are doing well. 

Worst Selling Used Cars

red light chat box

You've Got the Red Light

Ford Maverick

Because of market volatility and rising gas prices, we saw the bottom fall out on trucks in June. As long as gas prices stay high, that trend should continue. 

The Ford Maverick is the truck that leads the way among worst trucks to sell on the Carmigo Marketplace, mostly because new Mavericks are so affordable most people would rather buy one new than used.

Broncos have still not recovered from their massively inflated wait-list prices during the pandemic.


This, like the Tesla, had so much demand that manufacturers couldn’t keep up. But unlike the Tesla, this demand had been bubbling for decades — ever since Ford quit making the Bronco.

But once production caught up, everyone who wanted a Bronco had one, and almost all of those buyers overpaid for the cars in an inflated market. Now it’s not worth what the car loans cost to repay.

2023 Ford Bronco

A Maserati, in this economy? I think this is just an overall reflection of how inflated spending became before the used market slowdown. Now, coming out of a pandemic with weird markets, the only kinds of people who can afford used luxury cars can buy them new.

These cars didn’t even sell last month. Not one. Most people are opting for a more affordable mid-sized crossover.


People can’t afford this kind of luxury vehicle right now, and they’re certainly not taking out high interest loans to buy them used. 

Sellers listed multiple CX 9s and CX 5s on the Carmigo Marketplace in June, and only one out of the whole bunch sold.

It looks like the buyers are undervaluing these cars even compared to MMR estimated values. The highest offers are car coming in well below MMR.

The Best Way to Sell Your Green-Light Car

Shameless Plug: A lot of these price trends are based on the Carmigo Marketplace data. Carmigo is a one-of-a-kind platform that lets private car owners sell their used cars to dealerships.

Note: These predictions are simply that: predictions. We cannot tell the future. They are based on trends we’ve seen in the marketplace but are not a guarantee of future market outcomes. 

July Used Car Prices, Dr. Suess, Kangaroos, and Camrys

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July Used Car Prices, Dr. Suess, Kangaroos, and Camrys

When used car prices are unstable, people want a car that will last long and will hold its value no matter what the future holds.

The market has been so weird so long, that weird is normal

Table of Contents

When the used car market is unstable, people want a car that will last long and will hold its value no matter what the future holds.

People want Camrys. 

The market has been so unpredictable for a year now that dealerships and the general public alike are more comfortable with a safe bet.

So what’s the safest bed? A Camry.

In fact, used mid-sized cars in general are selling the best in the current kangaroo market.

You know the ones: Malibu, Altima, Accord, Avalon

According to the Conference Board Consumer Confidence Index®, consumer sentiment around vehicle buying conditions hit the lowest level so far this year in May, but remains higher than this time last year. 

And much like with the general car-buying public, car dealers have a similar sentiment. According to the monthly Cox Automotive industry survey, dealerships aren’t really expecting the market to go up or down. That doesn’t necessarily mean everyone expects the market to hold, we’re just not not sure which way it’s going to go and how fast. 

When it comes to the economy-priced reliable mid-size cars in the used car market, we’re seeing a continued trend of higher sales, higher relative prices, lower inventory and, lower depreciation.

Used Prices Hold Into Summer 2023

Last month we reported the used vehicle listing price at just under $27,000. That’s up to $27,256 heading into last month. We certainly don’t expect to see big price gains for used cars in these summer months, but holding prices is a good sign during a season that usually sees drop-off. 

May 2023 used car sales (the most recent data) on the other hand are down compared with both April of this year and May of 2022. Early returns from June seem to show a slight uptick in retail sales similar to March sales numbers. 

Here’s what Cox Automotive’s senior manager of Economic and Industry Insights Chris Frey has to say about used vehicle sales going into July:

“The retail used-vehicle story is still being influenced by inventory, which is near the lowest point in our data set, which goes back to 2019. The tight inventory is holding prices higher, but our team also believes that high interest rates and elevated retail prices are hurting demand. Wholesale prices have been coming down in recent months, which likely means lower retail prices are on the horizon.”

As it stands, there are still fewer recent used cars — “new” used cars if you will — because of the pandemic production shortages and economic slowdowns. 

Similarly, fleet companies were flipping fewer lightly used cars into the mused car market. So more recent models of used cars are in higher demand, while some folks are settling for slightly older used cars because there is a shortage in more recent year models. 

Wholesale used car prices are slipping, but because of the inventory issues listed above, retail used car sale prices could continue to hold. 

New Cars Becoming More Affordable (but only a little)

New car sales dipped this month as inventory hit a year-year high, about 825,000 available new cars more than this time last year.

And thankfully, we’re seeing the average new car listing price slip a little as manufacturer incentives continue to tick up. 

Manufacturer incentives continued to rise to nearly $2,000 per transaction as brands try to move this extra inventory in the face of decreased demand. 

Here’s what Cox Automotive senior economist Charlie Chesbrough had to say about the weird month:

“The month of May ended on a slightly less positive note than when it started, suggesting some weakening of demand. Sales for new vehicles began to decline near the end of the month, after rising throughout the month as supply continued to increase. That caused days of supply, which is based on active supply and the daily sales rate, to edge higher. Meantime, prices for new vehicles slipped, another indication of slightly weaker demand.”

Even with sales decreasing, new car sales are still 23% higher than this time last year, which is why the used car market feels so loose right now. 

Income Growth Beats Inflation to Help Vehicle Affordability 

The vehicle affordability index improved slightly going into June (lower is better, like golf), but only because income went up, not because prices improved. 

In fact, the average new auto loan rate  increased to nearly 9% and the average monthly used car payment continued to climb past $750 per month. 

Monthly New Car Payment Hits $768

The US median income increased by nearly half of a percent (.3%) and manufacturer incentive pricing on new cars continued to ease up. Both of those factors helped the vehicle affordability index in the face of increased interest rates and rising monthly payments. 

Cox Automotive Chief Economist Jonathan Smoke said we’re experiencing some ripples from Fed rate hikes. 

“The Fed pausing rate hikes after 15 months doesn’t undo the numerous increases that have limited new-vehicle retail sales growth over the past year. However, the good news for consumers is that the rates they see on auto loans likely peaked earlier this year and may not move up despite the threat of another rate increase in July.” 

While used car loan rates are much higher than for new cars, used car sales could benefit from falling interest rates as new car rates stay near all-time highs. 

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How Much Can I Sell My Car For? A Guide To Getting The Right Price

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How Much Can I Sell My Car For? A Guide To Getting The Right Price

Table of Contents

Many car owners often wonder, “How much can I sell my car for?” Getting the pricing right is crucial to attract potential buyers and maximize your profit. If your price is too low, you might be missing out on potential profit. If your price is too high, you might not get any offers at all. There are several factors to consider when pricing your car, and also several tips to help you maximize your profit. In this blog post, we will guide you through the process of pricing your used car correctly, ensuring that you can sell it for its optimal value.

person researching how much to sell car for online

Setting A Realistic Price

The right price is crucial when it comes time to sell your car. Think about the used car market, the market pertaining to your specific vehicle, your car’s condition, mileage, and depreciation to start. You can also seek out the help of an expert to further bolster your minimum price. 

Research the Market

Before setting a price for your used car, it is essential to conduct thorough market research. Look for similar models, makes, and years in your area to gauge the average selling price. Online platforms, classified ads, and dealership listings can provide valuable insights. Consider the mileage, condition, features, and any modifications when comparing prices.

Assess Your Car’s Condition

A crucial factor in pricing your used car is its condition. Take an objective look at your vehicle and evaluate any wear and tear, cosmetic flaws, or mechanical issues. Be honest with yourself and consider getting a professional inspection if necessary. A well-maintained car will have a higher value, while one in poor condition will require a lower price.

Consider Mileage and Service History

The mileage on a used car can significantly impact its value. Potential buyers often prefer lower mileage vehicles, as they are generally associated with less wear and tear. Additionally, maintaining a detailed service history can provide reassurance to buyers and increase the perceived value of your car.

Factor in Depreciation

All cars experience depreciation over time, so it’s crucial to understand how it affects the price. Newer vehicles typically depreciate at a higher rate in their first few years. Various online tools and resources can help you estimate your car’s depreciation based on its make, model, year, and mileage. Use this information as a baseline for pricing.

Determine a Competitive Price

Based on your research, condition assessment, and depreciation analysis, you can now determine a competitive price for your used car. You can choose to set a fixed price or leave room for negotiation by listing it slightly higher. Consider any unique features, recent repairs, or upgrades that could add value. Be sure to stay realistic and avoid overpricing, as this may deter potential buyers.

Get Professional Appraisals

If you’re unsure about pricing your car accurately, consider getting professional appraisals. Experienced car dealerships, appraisers, or even online valuation tools can provide you with an estimated value. While these appraisals may come at a cost, they can offer peace of mind and help ensure that you’re not leaving money on the table.

person maximizing profit holding cash after selling car

Maximize Your Profit

You can get a lot more for your car just by doing a couple small things. Even a quick wash and detail makes your vehicle look more attractive to potential buyers. Furthermore, creating an enticing ad and organizing all your documents is free and goes a long way.

First impressions matter, and the same goes for selling your car. Invest some time and effort into enhancing your car’s curb appeal. Thoroughly clean both the exterior and interior, address any cosmetic issues, and consider professional detailing if necessary. A well-presented vehicle is more likely to attract potential buyers and command a higher price.

Having all the necessary documentation in order can significantly impact the perceived value of your car. Gather and organize documents such as the vehicle title, maintenance records, service history, and any warranties or extended coverage. These documents help build confidence in potential buyers and justify a higher selling price.

Identify and emphasize the unique selling points of your used car. These can include special features, recent upgrades, low mileage, fuel efficiency, safety enhancements, or any additional accessories you include in the sale. Highlighting these aspects can make your vehicle stand out from the competition and justify a higher asking price.

Properly advertising your used car is crucial for attracting potential buyers and maximizing profit. Leverage online platforms, social media, local classifieds, and even traditional print media to reach a broader audience. Use high-quality photos that showcase your car’s best features, write a compelling description, and include all relevant details such as mileage, maintenance history, and any unique selling points.

Pricing your used car competitively is key to attracting buyers while still maximizing your profit. Use the research conducted earlier to determine a reasonable price range based on your car’s make, model, year, condition, and market demand. Consider setting the initial asking price slightly higher than your target price to leave room for negotiation. Be open to reasonable offers while staying firm on your bottom line.

Negotiation is a common part of the car-selling process, and being prepared can help you maximize your profit. Set a realistic lowest acceptable price and be willing to compromise within a reasonable range. Remain confident and knowledgeable about your car’s value, emphasizing its positive attributes and justifying your asking price. Consider any potential trade-offs or concessions that could help seal the deal while protecting your profit margin.

Decide on the most suitable selling method for your specific circumstances. You can choose to sell privately, trade-in at a dealership, or utilize online platforms and consignment services. Each method has its pros and cons, and it’s important to consider factors such as convenience, time constraints, and potential fees or commissions. Evaluate which option aligns best with your goals of maximizing profit.

carmigo

An Easy Way To Maximize Profit & Efficiency

If you want to forgo some effort on your part without missing out on maximizing profit, Carmigo can help. Carmigo has a huge network of dealerships that want your car. It only takes a few minutes to list. Once you answer a few questions about your car and take some photos, you’re good to go. Within a day, you can receive multiple offers on your vehicle. You set the asking price you want and if none of the offers meet it, you’re not obligated to pay a dime. After your car sells, you just have to wait for pickup and then get paid. It’s the easiest way to sell a car.

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Can You Sell a Car with Expired Registration? Exploring the Ins and Outs

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Can You Sell a Car with Expired Registration? Exploring the Ins and Outs

Selling a car can be stressful, especially when it comes to navigating legal requirements and paperwork. One of the common questions that arises during this process is whether you can sell a car with expired registration. In this blog post, we’ll delve into the intricacies of selling a vehicle with expired registration, the potential challenges involved, and the steps to undertake for a smooth and lawful transaction.

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Understanding Expired Registration

Before we dive into the details, let’s clarify what expired registration means. When you own a car, it is essential to keep its registration up-to-date with the local Department of Motor Vehicles (DMV) or relevant governing body. Vehicle registration is typically valid for a specific period, after which it needs to be renewed to stay compliant with the law. When a vehicle’s registration has not been renewed by the designated expiration date, it is considered to have expired registration.

Can You Sell a Car with Expired Registration

Can You Legally Sell a Car with Expired Registration?

The answer to this question depends on the laws and regulations of the specific jurisdiction where you intend to sell the car. In most regions, selling a car with expired registration is possible, but certain requirements must be met to ensure a legal transaction.

Full transparency is vital when selling a car with expired registration. It is your responsibility to inform potential buyers about the vehicle’s registration status. Failing to disclose this information could lead to legal repercussions and potential liability issues in case of accidents or other incidents.

 In some regions, a sale agreement for a vehicle with expired registration might be considered void until the registration is renewed. However, this can vary, and some areas may allow the sale to proceed, with the buyer assuming the responsibility for renewing the registration.

In certain cases, a temporary operating permit may be available from the DMV or relevant authority. This permit allows the buyer to legally drive the car with expired registration for a limited period, typically 30 days. During this time, the new owner must complete the necessary registration renewal.

The rules for selling a car with expired registration may differ between private sales and dealership transactions. Dealerships often have a more thorough understanding of the local laws and may be equipped to handle such situations. Nevertheless, private sellers must remain vigilant to ensure a legal transfer of ownership.

Selling a Car with Expired Registration

Steps to Selling a Car with Expired Registration

1. Verify Registration Expiry Date:

Before listing your car for sale, confirm the exact date when the registration expired. This information will help you understand the urgency of the situation and plan your selling strategy accordingly.

2. Renew the Registration (if possible):

Ideally, you should aim to renew the car’s registration before putting it up for sale. Contact your local DMV or relevant authority to understand the renewal process and any late fees involved. Renewing the registration will increase the car’s value and attract more potential buyers.

3. Assess the Car’s Value:

Take the expired registration status into account when determining the car’s selling price. Understand that buyers may negotiate a lower price due to the additional burden of renewing the registration. Research similar cars in your area to set a competitive and fair price.

4. Disclosure and Transparency:

Honesty is crucial when selling a car with expired registration. Clearly disclose this fact in all advertisements and conversations with potential buyers. Concealing this information could lead to mistrust and legal issues later on.

5. Obtain a Vehicle History Report:

A vehicle history report can provide potential buyers with essential information about the car, including its ownership history, accident records, and registration status. This report can build trust and confidence in buyers and help justify the asking price.

6. Get the Car Inspected:

Consider getting a pre-sale inspection done by a trusted mechanic. An inspection report will highlight any underlying issues and give buyers assurance about the car’s condition despite the expired registration.

7. Temporary Operating Permits (if available):

Check if your local DMV offers temporary operating permits for vehicles with expired registration. If available, inform potential buyers about this option, which allows them to drive the car legally for a limited time while they complete the registration renewal process.

8. Negotiate with Buyers:

Be prepared for negotiations with potential buyers. Some may be willing to handle the registration renewal themselves, while others might request a discount to cover the costs involved. Be flexible but stick to your bottom line.

9. Bill of Sale and Transfer of Ownership:

When you reach an agreement with a buyer, ensure you properly document the sale with a bill of sale. This document should include the vehicle’s details, the sale price, both parties’ information, and a statement acknowledging the expired registration.

10. Release of Liability:

Once the sale is finalized, contact your local DMV to fill out a Release of Liability form. This form notifies the authorities that you are no longer responsible for the vehicle, protecting you from potential liabilities after the sale.

11. Assist with the Registration Process:

Provide the buyer with all necessary documents, such as the car’s title, emissions test certificates (if applicable), and any other required paperwork, to help facilitate the registration renewal.

12. Follow Up:

After the sale, follow up with the buyer to ensure the registration renewal is completed within the designated timeframe (if the buyer has assumed responsibility for it).

carmigo marketplace on mobile phone

Sell Your Car The Easy Way

At Carmigo, the process to sell a car with expired registration is much easier. As long as the registration is in your name, we can help you sell easily and quickly. All you have to do is give us your vehicle’s basic information and snap a few photos. Then, just sit back, relax, and watch as the offers come in for your vehicle. After your car sells, we handle all the paperwork, transfers, and transportation. We do all the work, so you don’t have to.

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Should I Sell My Car or Trade It In? A Comprehensive Comparison

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Should I Sell My Car or Trade It In? A Comprehensive Comparison

When it comes time to part ways with your beloved vehicle, the decision to sell it privately or trade it in at a dealership can be a challenging one. Both options have their pros and cons, and understanding them can help you make an informed choice. In this blog post, we will explore the factors you should consider when deciding, “Should I sell my car or trade it in?” So, let’s dive in and weigh the benefits and drawbacks of each option.

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person holding keys to used car ready to sell or trade in
should I sell my car or trade it in?

Benefits of Selling Your Car

Selling your car privately allows you to set the price based on its market value and condition, potentially resulting in a higher selling price compared to a trade-in offer.

If you’re asking “should I sell my car privately?”, think of the opportunity to negotiate with potential buyers, giving you more control over the final selling price.

By selling your car privately, you can aim to maximize your return on investment, especially if you have taken good care of your vehicle and it has unique features or modifications that may attract a niche market willing to pay a premium.

Selling your car privately doesn’t limit your options when it comes to purchasing your next vehicle. You can explore various dealerships, private sellers, or even consider alternative options like auctions or online platforms.

how to sell my car privately person holding car keys

Drawbacks of Selling Your Car

Selling a car privately requires time and effort to advertise, communicate with potential buyers, schedule appointments for viewings and test drives, and handle paperwork. It can be a time-consuming process, especially if you’re in a hurry to sell.

Meeting with strangers and allowing test drives involves some level of risk and personal safety concerns. It’s essential to take precautions, meet in a safe location, and verify the authenticity of potential buyers.

Selling your car privately can be inconvenient, as it involves coordinating schedules, responding to inquiries, and managing negotiations. Additionally, there’s no guarantee of a quick sale, and it may take longer to find the right buyer.

If you’re not experienced in selling cars or negotiating, you may find it challenging to navigate the process effectively. Lack of knowledge about market prices, advertising strategies, and proper documentation could potentially impact the final selling price and overall transaction.

If you still have an outstanding auto loan on your car, selling it privately requires paying off the loan before transferring ownership to the buyer. This extra step adds complexity and might involve coordination with the lender.

interior of used car ready to sell or trade in

Should I sell my car?

Start by determining its value using online resources, such as vehicle valuation websites or consulting with a professional appraiser. Next, prepare your car for sale by giving it a thorough cleaning, addressing any mechanical issues, and gathering all the necessary documents, including the title, maintenance records, and service history. Take high-quality photos of your car from various angles and create a compelling advertisement highlighting its features, condition, and any unique selling points. Post your advertisement on popular online platforms, such as classified websites or social media groups, and be responsive to inquiries from potential buyers.

When arranging test drives, ensure your safety by meeting in a public place and requesting proof of a valid driver’s license. Once you’ve found a serious buyer, negotiate the price, agree on the terms of the sale, and complete the necessary paperwork to transfer ownership. Finally, ensure secure payment by accepting a cashier’s check or completing the transaction at a bank. Remember to cancel your insurance and notify the appropriate authorities of the change in ownership.

carmigo marketplace on mobile phone

Sell your car the easy way

Carmigo offers a marketplace of dealers that want your car. This means you receive multiple offers instead of a singular one, maximizing your chances of getting the best deal. The process is incredibly convenient too – simply spend a few minutes providing the necessary information, and let the Carmigo team handle the rest. Within just one business day, your car could be sold for your asking price or more, and Carmigo even takes care of the pick-up. If your vehicle doesn’t receive an offer equal to or greater than your asking price, you have no obligation to sell or pay any service fees. With Carmigo, you have the flexibility to avoid direct interaction with buyers if you prefer, but rest assured that the Carmigo team is always available to assist you whenever you need them.

Experience a hassle-free and rewarding car selling experience with Carmigo.

keys to used car being handed over after loan purchase

Benefits of Trading It In

Trading in your car at a dealership is a hassle-free process. You can handle the entire transaction, including selling your old car and purchasing a new one, in one location. This saves you time and effort compared to selling your car privately.

When you trade in your car, the dealership takes care of the necessary paperwork, such as transferring ownership and handling the loan payoff. This simplifies the overall transaction and ensures a smoother transition to your new vehicle.

The trade-in value of your old car can be applied as a down payment towards the purchase of a new car. This reduces the amount you need to finance or pay upfront, making it easier to afford a newer vehicle.

In some regions, when you trade in your car at a dealership, the trade-in value is deducted from the purchase price of the new car. This can result in lower sales tax, saving you money during the purchase.

lineup of land rover cars ready for sell or trade in

Drawbacks of Trading in Your Car

Dealerships typically offer lower prices for trade-ins compared to what you might receive in a private sale. They factor in the costs associated with reconditioning, marketing, and reselling the vehicle, which reduces the trade-in value.

While you can negotiate the price of the new vehicle when trading in, the trade-in value itself is usually less negotiable. Dealerships have specific trade-in formulas or guidelines that determine the offer, leaving less room for negotiation.

Trading in your car confines your choices to the inventory available at the dealership. If you have a specific model or brand preference that the dealership doesn’t carry, you might miss out on exploring other options that might better suit your needs.

Dealerships might apply sales pressure to persuade you to accept their trade-in offer and purchase a new vehicle from them. It’s important to stay firm on the value of your trade-in and make sure the overall deal aligns with your requirements.

lineup of used cars at a dealership ready for trade in

Should I Sell My Car or Trade It In?

Trading in your car at a dealership is a straightforward process. First, research the value of your car to have an idea of its worth. Then, visit a reputable dealership and express your interest in trading in your vehicle. The dealership will inspect your car, considering its condition, mileage, and market demand. Based on their evaluation, they will make you an offer. If you accept the offer, the dealership will handle the necessary paperwork, including transferring ownership and paying off any existing loans. The trade-in value can then be used as a down payment towards the purchase of a new vehicle. It’s important to remember that trade-in values are typically lower than what you might get in a private sale, but the convenience and simplicity of the process can make trading in a car a favorable option for many.

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Will Carmax Buy My Car: Yes, But Is It The Best Way To Sell?

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Will Carmax Buy My Car: Yes, But Is It The Best Way To Sell?

Will Carmax buy your car? The answer is yes, but there are several pros and cons to consider, plus an alternative option that’s way easier. In this blog post, we’ll go over what Carmax is all about, how its process works, and its pros and cons.

carmax buy my car

Understanding CarMax

CarMax is a renowned automotive retailer specializing in the sale of used cars. It was founded in 1993 by Austin Ligon, Richard Sharp, and several other executives from Circuit City, a consumer electronics retailer. The idea for CarMax originated within Circuit City as a way to diversify the company’s business ventures. CarMax established itself with a unique approach to car sales, offering a transparent and customer-centric approach. Their motto, “The way car buying should be,” exemplifies their commitment to revolutionizing the traditional car-selling experience.

CarMax’s approach to car sales was revolutionary for its time. Traditional used car dealerships were often associated with high-pressure sales tactics, negotiation games, and uncertainty about the quality of vehicles. CarMax sought to change this perception and built its foundation on three core principles:

  1. No-Haggle Pricing: CarMax adopted a one-price, no-haggle policy, which meant that the price listed on the vehicle was non-negotiable. This eliminated the need for customers to engage in lengthy negotiations and allowed them to focus on choosing the right car without any pressure.
  2. Quality Assurance: CarMax took significant steps to ensure the quality of its used cars. Each vehicle undergoes a thorough inspection and reconditioning process, which includes addressing any mechanical issues and cosmetic imperfections. This commitment to quality set CarMax apart from many other used car dealerships.
  3. Customer Experience: CarMax aimed to provide an exceptional customer experience. From the moment customers walked into the dealership, they were met with friendly and knowledgeable staff who were dedicated to helping them find the right car for their needs.

Today, CarMax remains true to its founding principles, offering a wide selection of used cars from various manufacturers, makes, and models. Customers can visit CarMax’s physical locations to browse their extensive inventory or take advantage of their user-friendly website to search for cars online.

CarMax continues to offer a convenient and transparent process to buy your car. Car owners can have their vehicles appraised at a CarMax location, and if they accept the offer, they can receive immediate payment without any obligation to buy a car from CarMax.

In addition to buying and selling used cars, CarMax also offers vehicle financing, extended service plans, and a 30-day limited warranty to provide further peace of mind to its customers.

How Carmax Buys A Car

carmax buy my car

Selling your car to CarMax is remarkably simple and convenient. With just a few steps, you can have your vehicle appraised and walk away with a competitive offer, all within a short span of time. Here’s how it works:

Step 1: Appraisal Process – To begin the process, visit your nearest CarMax location or take advantage of their online appraisal tool. With the latter option, you can receive an initial offer online without even leaving the comfort of your home.

Step 2: In-Person Appraisal – If you opt for an in-person appraisal, a certified CarMax appraiser will inspect your vehicle thoroughly. They consider factors like the car’s condition, model year, mileage, and current market trends to offer a fair and competitive price.

Step 3: The Offer – Once the appraisal is complete, you’ll be presented with a no-obligation offer for your vehicle. You have the flexibility to accept the offer immediately or take your time to think about it.

Step 4: No Strings Attached – CarMax’s appraisal offer is valid for seven days, giving you time to decide without any pressure. If you change your mind, you can walk away without any strings attached.

carmax buy my car

Pros & Cons of Selling on CarMax

Pros of Selling on CarMax

Selling your car to CarMax is a convenient and efficient process. You can get an initial appraisal online or visit a CarMax location for an in-person appraisal. The process is streamlined, and you can receive an offer in a relatively short amount of time.

CarMax follows a no-haggle pricing policy, which means the offer you receive is the final price for your car. There’s no need to negotiate, saving you time and potential stress.

CarMax appraisers use up-to-date market data to provide competitive offers for your vehicle. They take into account factors like the car’s condition, make, model, mileage, and current market trends to offer a fair price.

If you accept CarMax’s offer, you can receive immediate payment for your car. This can be especially beneficial if you need to sell your car quickly or are looking for a hassle-free transaction.

 Selling your car to CarMax doesn’t require you to purchase a car from them. You can simply sell your vehicle and walk away without any strings attached.

Cons of Selling on CarMax

While CarMax offers competitive prices, they may not always be the highest offers you can receive for your car. Private buyers or other dealerships might be willing to pay more, especially if your car is in high demand or rare.

CarMax buys most types of cars, but they might not purchase vehicles that are too old, have extensive damage, or certain niche models. If your car doesn’t meet their criteria, you’ll need to explore other selling options.

CarMax’s physical locations might not be accessible to everyone, depending on where you live. If there isn’t a CarMax near you, it might be less convenient to sell your car to them.

CarMax’s appraisal offer is typically valid for seven days. If you need more time to decide or explore other selling options, you might feel rushed to make a decision.

If you have a rare or high-value car, you might benefit from selling it through specialty dealers or auctions, where potential buyers with a specific interest in such vehicles are more likely to be found.

carmigo

Sell on Carmigo Instead

While CarMax provides a single offer for your vehicle, Carmigo offers a dynamic platform that connects you with multiple retailers, resulting in multiple offers. Consider this: would you prefer just one offer for your car or the opportunity to receive multiple offers? With Carmigo, you gain access to a network of dealerships spanning across different states, actively competing for cars similar to yours.

At Carmigo, the process is even easier than at Carmax. All you have to do is give us your vehicle’s basic information and snap a few guided photos to build your vehicle listing. 

Then, just sit back, relax, and watch in real-time as the offers come in for your vehicle. After your car sells, we handle all the paperwork, transfers, and transportation. We do all the work, so you don’t have to.

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Selling A Car With A Loan in 5 Easy Steps

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Selling A Car With A Loan in 5 Easy Steps

Table of Contents

Selling a car can be a daunting task, especially when you still have an outstanding loan on it. Many car owners find themselves in a situation where they need to sell their vehicle before fully paying off the loan. In this article, we will guide you through the process of selling your car with a loan, ensuring a smooth transaction and a successful sale.

Steps to Sell Car With a Loan

two men shaking hands on a car loan payment deal

1. Determine the Loan Payoff Amount

The first step in selling your car with a loan is to determine the exact amount you owe the lender. Contact your auto loan provider to obtain the payoff amount, which includes the remaining principal balance, any outstanding interest, and any applicable fees. This information is crucial as it will help you calculate the minimum selling price you need to cover the loan balance.

Here are the steps to follow:

  • Gather Loan Information: Collect all the relevant documents related to your car loan, including the loan agreement, payment history, and any correspondence with the lender. Having these documents at hand will help you communicate effectively with the loan provider.
  • Contact Your Lender: Reach out to your auto loan provider by phone, email, or through their online customer portal. Identify the appropriate department or representative who handles loan inquiries.
  • Request the Payoff Amount: Clearly state your intention to sell your car and ask for the current loan payoff amount. The payoff amount is the total sum required to completely satisfy the outstanding balance on the loan. It includes the principal balance, any accrued interest up to the date of the request, and any applicable fees or penalties.
  • Provide Required Information: The lender may ask for specific information to identify your loan account accurately. Be prepared to provide details such as your loan account number, the VIN (Vehicle Identification Number) of the car, and personal information to verify your identity.
  • Confirm Calculation Details: Once you receive the loan payoff amount from your lender, take a moment to review the calculations. Ensure that all relevant factors, such as any outstanding interest or fees, are included. If you have any questions or concerns, seek clarification from the lender’s representative.
  • Consider a Payoff Quote Expiration Date: Some lenders provide a “payoff quote” that is valid for a specific period, usually a few days. If you plan to sell your car within that time frame, make a note of the expiration date. If the quote expires before the sale, contact the lender to obtain an updated payoff amount.
  • Verify Payment Instructions: Inquire about the preferred method of payment for the loan payoff. The lender will typically provide instructions on how to make the payment, such as via check, electronic transfer, or through an online portal. Be sure to clarify any specific requirements or deadlines to ensure a smooth transaction.
person reviewing numbers and stats for a car loan

2. Assess the Market Value of Your Car

Next, research the current market value of your car. Consider factors such as the make, model, year, mileage, condition, and any additional features. Several online platforms provide estimated values for used cars, such as Kelley Blue Book or Edmunds. Compare these figures with local listings to get a realistic idea of your car’s worth.

where can i sell my car for the most money? hand full of money

3. Calculate the Equity or Negative Equity

To determine whether you have equity or negative equity, subtract the loan payoff amount from the market value of your car. If the market value exceeds the loan balance, you have equity. Conversely, if the loan balance is higher, you have negative equity. In the latter case, you will need to consider additional steps to handle the difference.

Equity Formula: Car Value – What You Owe = Equity

tools under hood of used vehicle
luxury cars at a dealership

4. Decide on the Selling Method

Once you have a clear understanding of your car’s value and loan payoff amount, you can choose the selling method that suits you best. Some common options include:

a. Private Sale: Selling your car directly to another individual allows you to negotiate the selling price and potentially maximize your earnings. However, keep in mind that handling paperwork and advertising the sale will be your responsibility.

b. Trade-In: If you plan to purchase a new vehicle from a dealership, consider trading in your car. The dealership will assess its value and deduct the outstanding loan amount from the trade-in value. This option may be more convenient, but you may not receive the highest possible price.

c. Sell to a Dealership: Dealerships may be willing to buy your car even if you have an outstanding loan. They will pay off the loan directly and offer you the remaining equity, if any. Remember that the price offered by dealerships might be lower than what you could get through a private sale.

D. Carmigo: The best way to sell your car if you’re looking for ease and speed without missing out on a great deal. Carmigo handles loan payoff for you, so you don’t have to worry about anything.

keys to used car being handed over after loan purchase

5. Complete the Sale

Regardless of the selling method you choose, there are a few essential steps to complete the sale:

a. Gather Documentation: Collect all relevant paperwork, including the vehicle title, loan documents, maintenance records, and any warranties. Ensure that you have a lien release from your lender once the loan is paid off.

b. Negotiate and Close the Deal: In a private sale, be prepared to negotiate the selling price with potential buyers. Once an agreement is reached, create a bill of sale and transfer the ownership properly. If selling to a dealership, review their offer and negotiate if necessary before signing the necessary documents.

c. Pay Off the Loan: Use the funds from the sale to pay off your car loan. If the selling price is lower than the loan balance, you’ll need to cover the difference personally. Ensure that the lender updates the vehicle’s title status to reflect the loan’s closure.

car driving in snow
carmigo marketplace on mobile phone

Skip All These Steps When You Use Carmigo

Carmigo provides an easy and speedy method to sell your car with a loan. After listing your car, Carmigo handles all the paperwork including loan payoff. With a huge network of dealerships, your vehicle receives multiple offers so you get the best price for your car. You set the reserve, and if none of the offers meets it, you don’t pay a dime. Once your car sells, you only have to wait for pickup and then get paid. It’s the ideal way to sell a car with a loan.

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