How to go about selling a car where financing is still running?

caribmike

Gold
Jul 9, 2009
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Hi, I am thinking to sell my car earlier to get me something new.

I still have to pay financing.

How would I possibly go about selling it (paying off the rest of the money owned to the bank and using the difference for the new car)?
 

william webster

Platinum
Jan 16, 2009
30,247
4,328
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Isn't that a question for your lender ??

The sale will pay off the loan....balance goes to you..... you buy another and borrow again
That's my guess

A rollover might not be in the cards
 

caribmike

Gold
Jul 9, 2009
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That's why I ask. I do not know. It is financed by BR.

Would I have to go with the buyer to BanReservas? They would have to change the matricula etc.? Never did that before.

I might not finance again or if, maybe not with the same institution again.
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
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South Coast
Pardon my ignorance, we’ve never bought a car in DR.  Is it not possible to trade in a vehicle in DR as it’s done in the US?  
 

william webster

Platinum
Jan 16, 2009
30,247
4,328
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No - not trade-in's as we know them...

I just had the problem --- minus the loan factor

Bought the car , left the old one with the dealer to sell. Wound up selling it myself off their lot.
They did the matricula transfer etc
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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Larger dealers take trade-ins all the time.

Others put your car on their lot for consignment.

It's easier if you own the car outright.

Otherwise, you may end up with two payments until the car sells.

You may want to reach out to platacaribe2 as he is in the nucleus of the car bidniz in the DR.
 

caribmike

Gold
Jul 9, 2009
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Pardon my ignorance, we’ve never bought a car in DR.  Is it not possible to trade in a vehicle in DR as it’s done in the US?  

Yes, I also was offered this by a dealer already, where I tentatively tried to figure out how much they would give me. I do not know though if they would trade in a car what is not paid off yet...
 

the gorgon

Platinum
Sep 16, 2010
33,997
83
0
Yes, I also was offered this by a dealer already, where I tentatively tried to figure out how much they would give me. I do not know though if they would trade in a car what is not paid off yet...

i hardly think they are going to take a car in trade which has a lien on the matricula. if they buy your car, what is to stop you from keeping all the money, and leave them holding a title which needs 350,000 pesos to clear?
 
Jan 9, 2004
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Yes, I also was offered this by a dealer already, where I tentatively tried to figure out how much they would give me. I do not know though if they would trade in a car what is not paid off yet...

I posed this very question to the F&I people at one of The Island's largest dealers during dinner in December at Meson de la Cava.

And the response was that larger dealers will of course trade the car, pay off the loan, and put it into inventory if it is a desireable car....and yours is if I recall....desireable.

Smaller dealers will take it in trade and then offer to sell it on their lot.....but the monthly payment is still yours.

For the option you seek, staying with the larger dealers, Magna, Delta, Viamar will be your best bet.

Happens all the time.

Best of Luck.


Respectfully,
Playacaribe2
 

caribmike

Gold
Jul 9, 2009
6,808
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63
I want a 2014 or 2015 Grand Cherokee Limited, preferably Overland for max 38000 USD (DR price), preferably gray, silver or red in this order. Not the Diesel engine. Brown (?) or creme interior if not, black.

So, if one of your clients might have one and trades in my Tucson (Cleanerstudio, 27 de Febrero, SD said they would trade in for 800,000) I am all in :). I am looking for the switch in August this year.
 
Jan 9, 2004
10,890
2,215
113
I want a 2014 or 2015 Grand Cherokee Limited, preferably Overland for max 38000 USD (DR price), preferably gray, silver or red in this order. Not the Diesel engine. Brown (?) or creme interior if not, black.

So, if one of your clients might have one and trades in my Tucson (Cleanerstudio, 27 de Febrero, SD said they would trade in for 800,000) I am all in :). I am looking for the switch in August this year.

PM me when you are ready.

I will then put your request out to see if they have something that fits your requirements.


Respectfully,
Playacaribe2
 

LTSteve

Gold
Jul 9, 2010
5,449
23
38
Hi, I am thinking to sell my car earlier to get me something new.

I still have to pay financing.

How would I possibly go about selling it (paying off the rest of the money owned to the bank and using the difference for the new car)?

Do you have the title to the car or does the bank have it? If the bank has it, because you don't technically own the car, than you can not sell it before first paying off your loan in full and getting a clear title in your name. You need to come up with the cash to pay off the bank before trying to sell. I could be way off here but you need a clear title to be able to transfer the vehicle to the next buyer.
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
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936
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Do you have the title to the car or does the bank have it? If the bank has it, because you don't technically own the car, than you can not sell it before first paying off your loan in full and getting a clear title in your name. You need to come up with the cash to pay off the bank before trying to sell. I could be way off here but you need a clear title to be able to transfer the vehicle to the next buyer.
"Trading it in" is technically selling it to the dealer with all the required paperwork.

Small dealers may not be able to make that transaction for financial reasons. Large dealers most likely have "floor plan" financing with a bank and can do it.