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Old 06-29-2015, 02:53 PM   #1
CreativeDawn

 
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Trade-In versus Private Buyer

So I'm most likely by "October" going to trade or sell to a private buyer for the new 2016 Camaro SS. Now at the present time with out 24 thousand miles in my 2010 V6 1LT, I still owe about 9 thousand dollars as of now.

I've currently put multiple Modifications into my Camaro (Black-ICE, VTC Throttle Controller, Doug Thorley Shorty Headers, Trifecta Tune (but currently running stock tune for a change), Injen Long Tube Intake and Flowmaster 44 Mufflers, Anvil Notch Carbon Fiber Spoiler, Technostalgia Taillights.

I've heard that I can still technically sell to a private buyer even though I owe 9000 grand at the present time but can work with the bank that approved me to do a "change of ownership" where the new owner would continue making the payments?

If I were to trade it in, the Dealership would ding me for every Modification I have to change it back to stock. Anyone here got experience in this area? Let me know.
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Old 06-29-2015, 03:12 PM   #2
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you will always get more selling out right. however it is super convenient to just trade it in and drive away in a new car. You can sell to whoever you want to however in order for the bank to release your car title you have to pay them the TOTAL amount you owe. so who ever buys your car has to give you the cash or a cashiers check and you hand it over to the bank and they will give the new owner the title. if your bank is local just have the bank have the title ready and meet the buyer at the bank and do the transaction there.
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Old 06-29-2015, 03:33 PM   #3
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Quote:
Originally Posted by Windycity View Post
you will always get more selling out right. however it is super convenient to just trade it in and drive away in a new car. You can sell to whoever you want to however in order for the bank to release your car title you have to pay them the TOTAL amount you owe. so who ever buys your car has to give you the cash or a cashiers check and you hand it over to the bank and they will give the new owner the title. if your bank is local just have the bank have the title ready and meet the buyer at the bank and do the transaction there.

The Dealer told me that they'll ding me on every MOD i've done. Now I don't want to have a local shop take my Shorty Headers off to only put the stock back on. It's going to cost too much money.
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Old 06-30-2015, 11:32 AM   #4
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Then it looks like your only real option is to sell it yourself. Mods typically don't increase value, and can decrease the number of potential buyers.

Get a quote from the dealer as a trade-in. You will then know how much you need to sell it for to break even (ie: trade-in value + local sales tax %). Any value higher than that, is more money in your pocket. Anything less than that, and your losing money.
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Old 06-30-2015, 11:48 AM   #5
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In my state, even if the dealer gave me only 10k for my car, thats 725.00 less sales tax I would have to pay on the new one. Weigh that into the figures if it applies.
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Old 07-01-2015, 06:53 AM   #6
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Quote:
Originally Posted by Windycity View Post
you will always get more selling out right. however it is super convenient to just trade it in and drive away in a new car. You can sell to whoever you want to however in order for the bank to release your car title you have to pay them the TOTAL amount you owe. so who ever buys your car has to give you the cash or a cashiers check and you hand it over to the bank and they will give the new owner the title. if your bank is local just have the bank have the title ready and meet the buyer at the bank and do the transaction there.
.this would be your best option(what I would do). At least you would have a decent down payment for the 6th.
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Old 07-01-2015, 12:28 PM   #7
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options are: 1. trade it in, know what its actually worth though if you are good you can usually get atleast nada trade in for your car. trading in will reduce the amount you owe in taxes in the new car. dealer writes your current bank a check for the payoff and the rest goes to you and your down payment.
2. sell it outright. payoff the loan and use the extra cash for a down payment.

option 2 you dont get the tax break. option 1 you will usually get a little less for your trade.
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Old 07-01-2015, 12:41 PM   #8
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Quote:
Originally Posted by halierpot View Post
Mods typically don't increase value, and can decrease the number of potential buyers.
copy and paste much?
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Old 07-02-2015, 11:19 PM   #9
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Everyone is telling me to sell to a private buyer including my loan officer. But who knows what i'll do when the time comes!

I also have another question. I just ordered Legacy Sequential 1960 Plates for my car. Would I be able to use those on my new ride without a problem?
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Old 07-03-2015, 08:04 AM   #10
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You'll definitely would and should get more cash for your next ride selling it yourself. My opinion is your mods are worth something, you might find the right person that are ok with them. I wouldn't use Craigslist, maybe something like Autotrader but that's me. I'm thinking of selling my 2010 SS that has a few mods with a supercharger being the most expensive and a bit more! I'm going to put it up the way it is and hope to find the right person that appreciates the mods for what they are worth. I think I'm going to try Autotrader to sell. As far as your plate I couldn't see why you just couldn't transfer it to the new car? Good luck in your sale.
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Old 07-03-2015, 03:41 PM   #11
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how much do you think you will get for your car. with the new 6gen coming out and 2015 Camaros that look different then the 2010. I hate to tell you but it going to be real hard to sell it your self. plus you are still paying of a 9 thousand dollar loan on it. just trade it in and move on... unless you sell it dirt cheap I cant see anyone buying it any time soon good luck
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Old 07-03-2015, 05:18 PM   #12
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Banks will only do loans on what the car is worth stock, your mods won't mean anything to them. So to a private party, they will have to come up with the difference in cash, or have good enough credit to take out a unsecured loan.

Assuming that you want to sell the car for more than its blue book value.
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Old 07-08-2015, 12:39 AM   #13
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Well I'm going to remove my Technostalgia Rapid Fire Tail Lights before I either sell or trade my car. I'm not going to let those stick around on my car when I can sell them to a person who really would be greatful for them. Also I have a Splitter by Stillen/Street Scene sitting around in my room and can't find anyone to buy it.....GRRRR

So far no buyers on my car Via/Craigslist. I guess i'll try Autotrader.

PS - Do you think when the 2016 Camaro SS comes out, 500 dollars a month is too high of a payment? Just curious...I think it depends on your downpayment correct?
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Old 07-08-2015, 01:05 PM   #14
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Monthly payment depends on the cost of the car - minus down payment.

Whether it's high or not, depends on your monthly budget.
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