It is very hard to sell a second hand car without some questions popping into your head at various points during the process. One of those questions is whether or not you have retained all of the maintenance records. Another is whether the vehicle is in good enough condition to get the best deal out of it.
The most important question is whether you technically own the vehicle in question. Do you have the registration papers? Selling a vehicle will be harder if you don’t.
However, one huge question will occur if the vehicle in question still has money owed on it. How does one do this? Here are some great pieces of advice that should make it easier to sell a car that is still under finance.
It is best to put off selling it until you absolutely have to do it. There is one important thing to remember here, and that is the fact that people generally don’t want to buy cars that have money owing on them. So it will be a good idea for you to wait until you feel that it is absolutely time to do so. Perhaps wait until the car enters its junk stage. That is when it needs repairs, but those repairs are going to cost more money than the car is actually worth.
Note: If you are selling a totalled car with still owe money on it then you better contact your local scrap car dealers.
If you have decided to sell the vehicle in question via the private route, you will get good money for it. But you will have to put in some serious efforts. When anyone buys a car, they normally like to have the ownership papers as well. The following are all the concerns that you won’t want to lose sight of when selling privately:
Include the fact that there is money owing on the car in any adverts you post online
Get in touch with the NZ Transport agency. They can tell you what kind of paperwork to get together when having the title transferred successfully.
The payment liability can be transferred. The person buying your car may themselves be getting a loan in order to pay for it. This is when you go to the lienholder. You can get the debt completely paid of that way. The people loaning the money will transfer the title of ownership.
If you want things to be easier for you, you can if the bank you got the loan off is local to you. Get the buyer to pay using a check and things can go a bit smoother.
This is the easiest way to sell a car that still has money owing on it. Used car dealers can give you best market value of your car. They will get in touch with the lienholder and take the remaining loan repayments on their own shoulders. Don’t forget to get the paperwork that shows that this is what you have done.
Well done. You have sold your car successfully that has money owed on it.