New member here need advice on selling recently purchased 370Z

[nextelbuddy]

Hi everyone i just purchased a 2009 silver 370z this past sunday. i traded in my 2006 525 no negative equity and financed the 370z no money down with nissans 7.99%.

i did this because i thought everything was fine with our family and now just found out yesterday that my parents are struggling really badly (they still havent said anything to me i, i found a letter from their loan company syaing they are several months behind)

had i know this i woudl have never got my Z and just helped them out

my Z has 270 miles on it its a Base Coupe with the sports package and with the wheel and tire warranty and the gap insurance the amount financed was 37,000 dollars out the door


what can i do to make this car enticing enough to someone to buy it from me and not a dealer?

any advice would be great thank you so much in advance.

[semtex]

Well, you can't really sell it, I don't think. Because you don't own it. There's a bank lien on the thing, so it's not yours to sell. Now if you were trading it in, that'd be different because the dealership would send the payoff amount to the NMAC, and you sign papers stating that once they do that, they own the car and the title gets sent to them. But I think you'll have a hard time doing something like that with private sale.

[SoCal 370Z]

I would look to get someone to take over your loan—provided the lender approves them—and walk away after that.

[nextelbuddy]

Originally Posted by semtex

Well, you can't really sell it, I don't think. Because you don't own it. There's a bank lien on the thing, so it's not yours to sell. Now if you were trading it in, that'd be different because the dealership would send the payoff amount to the NMAC, and you sign papers stating that once they do that, they own the car and the title gets sent to them. But I think you'll have a hard time doing something like that with private sale.

Originally Posted by SoCal 370Z

I would look to get someone to take over your loan—provided the lender approves them—and walk away after that.

im pretty sure i can sell the car, the new person woudl go to a bank or financial institution and get approved for a loan and then their institution would give them the check to pay off the car to nissan and nissan woudl send the title to the new financial institution to hold until its paid itt to them.



what i was looking for more or less was price wise what could i drop it down to to entice a new buyer? i have some savings and would be wiling to cover the difference to bring the price down.

[semtex]

Check your contract documents really closely. I can't remember for sure, but in GA new car sales may have a 'buyer's remorse' clause (also sometimes called a 'right of recisison'). It allows you to reverse a sale within a fixed period of time.

[SoCal 370Z]

Originally Posted by nextelbuddy

what i was looking for more or less was price wise what could i drop it down to to entice a new buyer? i have some savings and would be wiling to cover the difference to bring the price down.

I would try to walk away without having to come out of pocket more than you already have. Tell the perspective buyer your situation; people are aware that times are hard, and there good people out there that might be interested in what you have through simply taking over to help you out.

Originally Posted by semtex

Check your contract documents really closely. I can't remember for sure, but in GA new car sales may have a 'buyer's remorse' clause (also sometimes called a 'right of recisison'). It allows you to reverse a sale within a fixed period of time.

Great point Semtex!

[streetrod]

Not a fun situation to be in and the answer to your question is not a happy one. A base M/t + sport invoices around $31K with destination. Many are buying new for around invoice and more and more seem to be finding under invoice by about $500. If yours is an m/t and you have to dump it, my guess is you'll be looking at at least $1.5-2.5K less than invoice. That's going to put the sale price range from $28.5K - $29.5K. Many will still opt for a brand new ride to be the original owner even at that price.

[MightyBobo]

Ouch, you're going to have a hard time getting someone to take that loan over - the rate sucks :-/

[nextelbuddy]

Originally Posted by MightyBobo

Ouch, you're going to have a hard time getting someone to take that loan over - the rate sucks :-/

i wouldnt ask anyone to take this loan over, the new person would obviously go to a credit union of their choice and most likely get a 3.9 or 4.9% rate if their beacon was above 700 with good history etc.

[SoCal 370Z]

Originally Posted by MightyBobo

Ouch, you're going to have a hard time getting someone to take that loan over - the rate sucks :-/

Everything is negotiable depending on credit, and lenders would much rather see someone else take it over than to have a default; especially on a vehicle.

[MightyBobo]

Originally Posted by SoCal 370Z

Everything is negotiable depending on credit, and lenders would much rather see someone else take it over than to have a default; especially on a vehicle.

I dont disagree. I hope it works out for him - it wont be easy, though...

[Operator]

so how much would you be willing to part with it for? prv msg me

[blacknbean]

i hope you got a good deal on your car, b/c technically its used. so id try to sell it for invoice or below. people trying to buy a new Z would then be interested since they can save money and not have to hassle the dealer on price.

[alan93rsa]

After you figure out what you can sell the car for versus what you paid for the car you'll know the cost of the sale. At that point you can decide if you can afford the hit. If you can the next question will be if it is better to give your parents that money and keep the car in hopes that it will be enough. If not will your car payment minus the hit be enough?

The math is simple the decision is not. Good luck.

[Anatoray]

^+1

So true. When selling something new at a loss, a lot of people often forget about this alternative calculation. Since you financed your car at 37,000, it is possible that the loss will be quite large, possibly making this a viable option, if you have the difference in cash to help your parents out with.