Looking to sell my car. I’ve gotten a few quotes - from used car dealerships to OEM dealerships to Carmax/Carvana. I’ve never done this before, so I’m really nervous about the whole process. Hoping for some advice.
Once I decide on who to sell it to, this is what I plan on doing:
-Get all necessary docs - i.e. payoff quote, title, registration docs.
-Agree upon price after their final appraisal.
-Sign a buy order indicating that I’m selling the car (w/ no implied warranty and car is being sold “as is”).
-Get money.
-Sign over title. Remove plate/remove reg sticker.
Cash check ASAP.
Did I miss anything? What about the pay off? How should I track that the buyer will pay it off? How can I protect myself?
In terms of getting paid for my positive equity: what’s the safest way to get paid? Bank check? Business check? Don’t feel comfortable getting cash for a 40k transaction.
For small sums (usually under $5k), it’s possible to get a check the same day. For large sums, it’ll take a few days before you can collect your check. For larger corporate dealership chains, I’ve heard up to 2 weeks. Some can do wire/ACH transfers, some will take a few days. You’ll need to clarify the payment process with whoever you’re selling your car too; it really does vary.
No, it’s how business is conducted. The larger the company, the more controls and checks/balances there are in place. Not just to protect you, but to protect the org from fraud, AML, and other internal malfeasance
And yes, as noted above, dealers are actually releasing vehicles before they receive full payment. You paid your share, but the lessor or lender will take time before they submit full funding. All the dealer has received is a promise to pay.
TBH, there’s usually nothing to worry about especially with the larger orgs (e.g. Sonic, Penske, Autonation, carmax, etc.). Always possible Carvana goes under before they pay you but that’s the case with any business.
Your choice at the end of the day.
If you want to take caution even further, fraudulent, forged, fake checks or other paper instruments can take as long as 14 days before they are discovered to be fake
Don’t leave the place without something signed from the dealership that indicates the car you sold and how much you sold it for
Verify the check matches the amount owed to you after payoff
Follow up with the dealership every couple days to see status of the payoff check. Be a pest about it, especially if your next payment is coming up. I sell to my local BHPH’s, and they always send me the tracking for the check because I’m annoying about it
My last car I sold I got the tracking, and he told me when the bank cashed the check. After a few days the bank still hadn’t closed my account. So I called the bank and had them close it
I sold my 2023 Tacoma to Carvana for $41k for a truck I purchased in Dec 2022 for $38k.
The process was easy. I submitted the VIN online and made an appointment to drop off the vehicle. They inspected it for about 15 minutes, then cut me a check for $18k. I still owed $23k. I called my bank ahead of time and let them know I was selling it. About 5 days later, I received an email saying my note was paid off. I went online to MVD and let them know it was sold and they refunded me $250 for my tags.
Easiest vehicle transaction I ever had.
I have sold a few to Carvana last one they picked up on Friday equity hit my bank account on Monday im pretty sure they didnt get title over weekend. It was a loan on vehicle.
but that’s the case with any business.