Guidance on Selling My Camaro

[l008com]

This post isn't an ad, but still this seemed like the best place for questions about selling a car?

I've only sold one vehicle privately in my life, and it was a shitty $2650 S10 pickup. I'm very likely going to sell my 2010 Camaro soon. Anything I need to know? Technically the bank still owns it and I'm still making payments, I was planing on paying off the loan once I get ready to sell it.

So KBB puts my car's value at around $21,500 and NADA puts it at $23,400+
Is that accurate? It seems kind of high for a 2010. Are these cars going for those kind of prices? Mine is low milage, but that seems kind of high anyway.

Is there anything else I need to know? I've never sold an item for $20K+ before. A transaction that big seems inherently sketchy. With the pickup, I just said cash only. I'm not sure I want to have a buyer of my car, show up with a duffle back full of $24,000 or so. At the same time, I know money orders are extremely risky, more so than even personal checks. (Google: Craigslist Money Order Scam). What payment form should I use?

I'm sure there's plenty of other questions I should be asking, that haven't even occurred to me.

[l008com]

What, an internet forum has a lack of opinions?! How could it be?

[CHMSC]

First off yes that does seem a little high. You should of put your mileage in there. Second most people are going to have to get a loan just like you did. They will pay your bank and your bank will transfer the title to the new bank. If there is something left over then you keep it. If they do have the money get a wire transfer. Most likely one to your bank that has the loan and the remainder to you.

[l008com]

I was just going to pay off the loan myself ahead of time so the buyer would be paying me in full. How do you set up one of these wire transfers?

[camaro-dreamer]

One way of ensuring payment is a cashier's check from a local bank. In this way, the check is coming from the bank rather than the purchaser's account. I just bought my mustang this way a few weeks ago.

[kevin1106]

Just FYI. When I paid my car off, it took 6-8 weeks to get a clear title in hand.

[SS785]

A lot of variables go into play here. Price will vary based on mileage, options, condition, etc. Guessing everything is in good shape and the car has less than 20K miles, I would say around $21-22k +/- private party is likely.

You would have an easier time selling it in a couple months once the weather gets warmer or if you trade your car in and buy a car that has been sitting on a dealer's lot for a while (how I got my SS).

Regarding the $, a known bank's cashier's check is definitely the safest way to do it.

[plus1zero]

If you're trading in, now's not the best time. The Spring will be a little better for you. As for selling, $21-22k is pretty fair. How many miles do you have on yours? Mine valued at the credit union was around $26-27k, but I think for mine KBB has private party listed as 25.5k.

I'd recommend starting it out for more than you know you can get. Nothing wrong with starting at 24k. There's a dealer around here who has had a 2010 white 1LT with 84,000 miles for awhile now because he's asking $21,000. With that many miles, not an RS, and only a 1LT it's worth maybe 16-17k.

[l008com]

I just called my bank, and they said a week to 10 days for the title, after I pay it off. So I should be good.

[dkp2LT]

Here's an example of what I did w/ one of mine:

Out of town bank held title (Capital One). Buyers banker called me & got bank info. Banker called my lien holder & got all the pay off information. Banker sent funds to pay off my loan & cut me a check for the difference. Buyer leaves with car. Title showed up in mail a week or so later - called buyer & they came over and picked it up. This was for a Corvette.

If your bank has a local branch then you can meet at your bank & run through the same process.

[plus1zero]

Are you the one that posted this that you've got it on lease? Don't you have to turn those back in?

[l008com]

No my 2010 is not a lease. My 2013, if I do upgrade, is going to be. So I'll be selling the 2010 outright.

[l008com]

Alright the new car is here, old car is on craigslist. I'm not not totally clear on the best way to handle payment. There is no bank involved, I'm going to have the title myself. Should I call my local bank and see if they have a system for this sort of thing?

[Southern Comfort]

So much depends on your buyer's ability to pay.

Typical buyers for this kind of car will need to take out a loan. The buyer's bank has their own guidelines and if satisfied give them a loan and provide you a cashiers check for the sale.

Cash sales are great. But this comes with some risk like robbery, counterfeit bills or law enforcement confiscating your cash. Everyone loves easy money!

Even if they can pay cash most people should do a cashier check.

Do a bill of sale for you and your buyer if they want one. List the buyer and seller plus contact info. Include make model and VIN and mileage. Write something like Sold as is where is. Seller offers no warranty.

Both should sign the bill of sale.