Has anyone sold their GT to Carmax or similar?

[slowrey]

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[Mustangpursuit]

My dealer would not beat carmax (I already got my appraisal that is good for a week) when I did my trade-in so they sent me on my way to carmax to dump my car and nicely gave me a paid uber back to the dealer to pick up my new car. I did get a pretty good deal at KBB on my car with an accident reported (rear ended)

 

[RIBS]

Alot of dealers will beat carmax offers, so its usually a good place to start especially if you're trading in to get another car

My dealer met the Carmax offer, it was good to have it in my pocket because the dealer lowballed me. I told them I would be glad to buy their car after I sold to Carmax and came back to town next week....Carmax was about 2-3k under private party value

 

[PJR202]

I appreciate these replies. My biggest issue with selling on my own is transferring ownership. It's financed through a credit union (via the dealership) a couple hours from where I live. Unless someone knows another way to do it, I can only think I would need to have someone give me (or the credit union) a cashier's check for payoff and another for the remainder of the sales price. And I presume this would have to happen at the credit union since no one would just give me the check. Then I'll want to transfer ownership at the county clerk's office.

I'm not at home to check and cant remember if I hold the title in KY when it's financed. If I do then I could sign over the title after I get their money.

 

[DmanDmythDlegend]

I appreciate these replies. My biggest issue with selling on my own is transferring ownership. It's financed through a credit union (via the dealership) a couple hours from where I live. Unless someone knows another way to do it, I can only think I would need to have someone give me (or the credit union) a cashier's check for payoff and another for the remainder of the sales price. And I presume this would have to happen at the credit union since no one would just give me the check. Then I'll want to transfer ownership at the county clerk's office.

I'm not at home to check and cant remember if I hold the title in KY when it's financed. If I do then I could sign over the title after I get their money.

A properly worded bill of sale should be sufficient for most buyers. If you call your lender they will tell you the most efficient way to complete the transfer. For insurance, we collect signed Power of attorney documents. This allows lender to mail us.the title and the signed PoA serves as the owner's signature on the title. I don't see why this wouldn't work in a private party transaction as well but i dont typically work in ky either.

 

[Deleted member 35786]

I appreciate these replies. My biggest issue with selling on my own is transferring ownership. It's financed through a credit union (via the dealership) a couple hours from where I live. Unless someone knows another way to do it, I can only think I would need to have someone give me (or the credit union) a cashier's check for payoff and another for the remainder of the sales price. And I presume this would have to happen at the credit union since no one would just give me the check. Then I'll want to transfer ownership at the county clerk's office.

I'm not at home to check and cant remember if I hold the title in KY when it's financed. If I do then I could sign over the title after I get their money.

Yea that is a pain. Personally I would never by a car from private party unless they hold the title. Just too many variables to get screwed.
Pay that thing off and then sell it!

 

[PJR202]

A properly worded bill of sale should be sufficient for most buyers. If you call your lender they will tell you the most efficient way to complete the transfer. For insurance, we collect signed Power of attorney documents. This allows lender to mail us.the title and the signed PoA serves as the owner's signature on the title. I don't see why this wouldn't work in a private party transaction as well but i dont typically work in ky either.

Thanks! I'm planning on calling the bank tomorrow and getting some details.

 

[PJR202]

Yea that is a pain. Personally I would never by a car from private party unless they hold the title. Just too many variables to get screwed.
Pay that thing off and then sell it!

For several reasons I want to sell it and my truck (I own it) and get a full size truck. I just dont want to get a shit trade offer and lose out on a couple thousand dollars. That could be the difference between getting a truck and getting the truck I really want.

 

[J_Herb]

I appreciate these replies. My biggest issue with selling on my own is transferring ownership. It's financed through a credit union (via the dealership) a couple hours from where I live. Unless someone knows another way to do it, I can only think I would need to have someone give me (or the credit union) a cashier's check for payoff and another for the remainder of the sales price. And I presume this would have to happen at the credit union since no one would just give me the check. Then I'll want to transfer ownership at the county clerk's office.

I'm not at home to check and cant remember if I hold the title in KY when it's financed. If I do then I could sign over the title after I get their money.

I just purchase mine from a Private Party a couple of days ago and they had a lien on the car. As the purchaser my Credit Union is handling the payoff of the sellers loan and obtaining title. Once that is completed they will let me know so I can complete the registration. With regards to the bill of sale check to see what your state has on their DMV website, I know is SC they provide you with a printable bill of sale to make the registration process easy.

If you do down the route of selling to CarMax or the like, also check out Carvana for an offer, it's mostly done online. Their Mustangs inventor has been changing at a pretty good pace the last couple of months. Also want to make sure you get a couple of options on the table.

 

[PJR202]

I just purchase mine from a Private Party a couple of days ago and they had a lien on the car. As the purchaser my Credit Union is handling the payoff of the sellers loan and obtaining title. Once that is completed they will let me know so I can complete the registration. With regards to the bill of sale check to see what your state has on their DMV website, I know is SC they provide you with a printable bill of sale to make the registration process easy.

If you do down the route of selling to CarMax or the like, also check out Carvana for an offer, it's mostly done online. Their Mustangs inventor has been changing at a pretty good pace the last couple of months. Also want to make sure you get a couple of options on the table.

So did you take possession of the car in the meantime?

That's basically how my credit union says they'll handle it. They can take the payment electronically as I understand it. I did actually run it through Carvana and they gave me an offer of $21,500. I'll owe $16,600 after my payment in a couple days. I'm not sure if that offer is all that good or not. I wouldn't necessarily think much of it but it's got a deep dent in one of the raised parts of the hood about the diameter of a quarter that will require body work, and a depression in the fender that I had estimated at $125 by the paintless repair guy. Our basketball goal blew over on it in a storm a few months back.

 

[NoVaGT]

....it looks like a private sale in my state would be kind of a hassle. Among other things. I'm 2 hours from the credit union I financed from.....

There's an ap for that. I'm certain you can get a lot more money selling it privately.

 

[J_Herb]

So did you take possession of the car in the meantime?

Yes, I have been driving the car since Friday, I have proof of insurance, paperwork from my credit union and bill of sale in the car should I have to prove ownership.

 

[PJR202]

Yes, I have been driving the car since Friday, I have proof of insurance, paperwork from my credit union and bill of sale in the car should I have to prove ownership.

Do you have some sort of temporary license plate? And did you just have your credit union contact the seller's bank to handle the payoff, or did the seller go with you to the credit union to establish and notarize the BOS, provide the loan info to them, etc?

I appreciate the answers. I think I'm gonna try to sell it myself but I'd like to know roughly what I'll need to do right off the bat. I think I can figure it out with a couple phone calls based on if the seller is using financing or not, etc, at the time of sale, but the more info the better.

 

[J_Herb]

Do you have some sort of temporary license plate? And did you just have your credit union contact the seller's bank to handle the payoff, or did the seller go with you to the credit union to establish and notarize the BOS, provide the loan info to them, etc?

I appreciate the answers. I think I'm gonna try to sell it myself but I'd like to know roughly what I'll need to do right off the bat. I think I can figure it out with a couple phone calls based on if the seller is using financing or not, etc, at the time of sale, but the more info the better.

I'm transferring my plate from my previous car, so I am using that plate. The credit union contacted the sellers bank and had him sign a power of attorney letter to complete the payoff and title transfer. My seller was nice enough to come to my credit union and complete the paperwork, but I could have done it through the mail and electronically if needed.

Before my purchased I sat down with a rep at the bank and went through everything with them about buy a car private party. I did the same when I sold as well, got luck with that one as the buy banked with the same bank and made the process real easy.

 

[PJR202]

I'm transferring my plate from my previous car, so I am using that plate. The credit union contacted the sellers bank and had him sign a power of attorney letter to complete the payoff and title transfer. My seller was nice enough to come to my credit union and complete the paperwork, but I could have done it through the mail and electronically if needed.

Before my purchased I sat down with a rep at the bank and went through everything with them about buy a car private party. I did the same when I sold as well, got luck with that one as the buy banked with the same bank and made the process real easy.

Awesome. Thanks again for the info. And have fun in that car!

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