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Is private selling a vehicle with lien holder easy?

Discussion in 'General Tundra Discussion' started by Henry2019, Sep 6, 2020.

  1. Sep 6, 2020 at 10:44 PM
    #1
    Henry2019

    Henry2019 [OP] N/A

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    I thought about selling my current Tundra through private sale because i get would get more than what these stealerships are wanting to offer me. But what sucks the most is that i still have a loan on it and am unsure how easy it would be to list and sell it?Any feedback or experiences would be appreciated.
     
  2. Sep 6, 2020 at 10:50 PM
    #2
    AZBoatHauler

    AZBoatHauler SSEM#140/ASCM#3/2ndGenNaysayer/BAF140

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    It will be easier if you owe less than the sale price. Are you replacing the vehicle or just selling this off?
     
  3. Sep 6, 2020 at 10:56 PM
    #3
    fisherman951

    fisherman951 MT dreams

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    Easiest thing is to meet them at the finance/bank that you have the vehicle financed with. The new buyers finance/bank will usually issue them a check.
     
  4. Sep 6, 2020 at 11:08 PM
    #4
    Henry2019

    Henry2019 [OP] N/A

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    So the crappy thing is, my lien holder is not a traditional bank. They don’t have brick and mortar branches near me.
     
  5. Sep 6, 2020 at 11:09 PM
    #5
    Henry2019

    Henry2019 [OP] N/A

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    Replacing it, would like another vehicle. Unfortunately i am oweing more than what the vehicle is worth right now. Aka i’m upside down on the loan.
     
  6. Sep 6, 2020 at 11:42 PM
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    AZBoatHauler

    AZBoatHauler SSEM#140/ASCM#3/2ndGenNaysayer/BAF140

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    Most states only tax you on the net sale (sale - trade) so factor that in if it applies. With some tax rates near double digits it can be thousands saved.
    I think lots of buyers are scared of relying on additional funds from the seller to get title of a vehicle.
     
  7. Sep 7, 2020 at 12:24 AM
    #7
    Henry2019

    Henry2019 [OP] N/A

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    Yeah in my state if you trade in a vehicle, it applies towards the sales tax. Problem is, if the dealership offers too little for your vehicle then you’ll end up still paying a decent amount of sales tax for the new vehicle.
     
  8. Sep 7, 2020 at 1:37 AM
    #8
    SprinterAE86

    SprinterAE86 New Member

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    I just sold one to Carvana with 10K negative equity vs Stealership with 15k negative equity. I had the money to payoff the difference. The other was private sale, I was $1500 negative after sale when I was hoping to break even when I paid it off the day before. You sill still be owing the bank/lender and that needs to be rolled in or paid off within days after the sale. Try Carvana and see how much they will offer.

    They offered me 35,500 for my 2020 SR5 4x4 with 18,500 mile on it when others 30-31K. Or trade it in with a newer or better or completely different vehicle from their inventory.
     
  9. Sep 11, 2020 at 1:34 PM
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    Wintersun

    Wintersun New Member

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    If the person is financing the purchase of your used truck then the financing company will note the amount due the lienholder and deduct that amount from what you receive for the sale of the truck.

    With a trade-in the dealer is making a tidy profit from the sale of the new truck so they may be willing to make less of a profit on the resale of your used truck. Dealers are probably anxious to get 2020 trucks off their lots before the 2021 trucks start to arrive and sales this year can up their quota of scarce models from Toyota for next year.

    I don't like debt or paying interest for something that is decreasing in value over time, like a car or truck. I have always paid off the vehicle within 3-4 years and then held onto it for another 6 or more years. That meant 4 years with a truck/car payment and 6 years without a truck/car payment. It is why I favored Toyota vehicles as they would hold up for 10 years and they would be functioning perfectly when I did sell them to a new owner.
     
    Buckeye1977 likes this.
  10. Sep 11, 2020 at 2:38 PM
    #10
    blackoutt

    blackoutt YEAH BUDDY!

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    I've heard of Carvana offering some pretty crazy numbers now vs. dealer trade ins so try that first. The problem with selling outright is that the buyer must trust that you will be paying off your loan with their money (often not an issue, their money will go straight to your bank, not you) AND that you're adding your money to cover the negative equity (you could just stiff them but then again why wouldn't you just stiff the entire amount and keep the truck til it's repossessed), wait for that transaction to process, receive the title and/or lien release, and only then can they register it in the their name. That's how I bought my truck and it took 6+ weeks for me to see the title which is a little nerve wracking for throwing down so much money to have a parked paper weight for so long when the title was mailed to the previous owner. It all worked out but I also like to think I got a deal for being willing to go through the hassle.
     
  11. Sep 11, 2020 at 4:20 PM
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    rrp0968

    rrp0968 New Member

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    See if your dealer will do a courtesy trade. Just did this last week on my 2020 Limited. Sell the vehicle yourself, take your buyer to the dealership where you want to purchase your new vehicle and let them handle the paperwork. You get more than trade value and the tax break. Easy peasy.
     
  12. Sep 11, 2020 at 4:45 PM
    #12
    19TurdPro

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    Chances are, unless they're paying cash, they'll have a loan as well. It's a piece of cake. I, as the originating loan officer, type up all the DMV paperwork, have the buyer and seller sign, then cut the check directly to the lienholder to guarantee the loan gets paid off, and I get the title. If the seller has equity and wants those funds ASAP then I'll issue one cashier's check to the lienholding bank, the rest to the seller.
     
  13. Sep 11, 2020 at 6:13 PM
    #13
    Hbjeff

    Hbjeff New Member

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    Ive bought a vehicle from someone who owed on it (what a pain in the ass)

    ive sold a truck to a guy who was applying for a loan, met him at the bank, very easy
     
  14. Sep 11, 2020 at 6:33 PM
    #14
    SouthWestGA

    SouthWestGA New Member

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    I have both sold and purchased vehicles with liens on them.

    I met at a local branch of whatever bank held the title and loan. The bank loan managers did all the legal paperwork and notarizing on the spot.

    Buyer and seller didn’t get BS’d or anything since the bank was handling everything and could answer any and all questions.

    Not an issue for me,not once.

    The longest it has taken was about 15 minutes.

    It is easy when you deal directly with the bank itself,they do it all the time
     
  15. Sep 11, 2020 at 6:36 PM
    #15
    mdavis

    mdavis I need a beer.

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    That is crazy. I just sold my 2015 SR5, 4x4 with 38k miles to Carvana for $34k. Wonder what the difference is??

    OP, I would also suggest getting a Carvana quote.
     
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  16. Sep 11, 2020 at 11:22 PM
    #16
    fisherman951

    fisherman951 MT dreams

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    I’ve tried to get a quote 2 times from caravana and never heard from them. Kinda disappointed
     
  17. Sep 13, 2020 at 4:51 AM
    #17
    Buckeye1977

    Buckeye1977 New Member

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    It depends on your state also.

    I walked away from 2 different trucks.
    1) truck was in Indiana and the guy still owed money and said “I’ll mail you the title” nope sorry no way.
    2) guy was asking less than what he owed then said “oh you write a check to my bank and you get the title”. So what the cockroach didn’t tell me it was an online bank, I asked for his bank name, called them and they were like “were online only”. He said “we can go to the bank together and do it, he knew it was online only.

    The truck I did buy we met at his bank, (Indiana) but this guy convinced the bank to have the title pulled (only local banks would do this) it took a few days then we met at bank I paid off his loan (bank wanted cash only), signed it over, notarized, and done.

    If you are selling call your bank and ask them.

    I second check carvana seems like they have an endless supply of money.
     
  18. Sep 13, 2020 at 5:07 AM
    #18
    SprinterAE86

    SprinterAE86 New Member

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    I did not get any email/online confirmation the first time I attempted the trade back in July. Vroom offered me 31K at that time. August I tried Carvana again to my surprise, it was a more generous offer. They might had a glitch or at that time, maybe due to the pandemic/economic uncertainty that they paused purchasing vehicles. I do know my friend have a 2020 model 3 and he was offered only 30 for a 60K car and at that time, they are not actively buying cars.
     

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