Selling a vehicle you owe money on

I have never done this before, so if someone could school me on the process it would be much appreciated.

I'd like to sell my '12 Tacoma and buy a '14 4Runner. The vehicle is financed through Toyota. I have enough to pay off the truck, but ideally I would like to sell the truck relatively quickly and buy my 4Runner. I see the title can take up to a month to receive.

Any suggestions?

 

go talk to the car dealership about it, it's dumb because then you're basically paying extra money for the 4runner, but when I traded the taco for a tundra, they gave me over blue book since I was buying from them and wouldn't owe still.

 

not too bad if you can pay it off. in a rush for the 4runner?

 

Not in a huge rush - but I have a few road trips coming up and I'd like to have the 4Runner by then.

I'm fine with the idea of trading it in and getting a little less than I would from a private party for the convenience - I just don't want to get worked by a dealer because I've never done the trade-in thing before.

 

I would talk to the dealer first, might be easier then you think..

 

It's not as hard as it seems. I did it with my previous vehicle. Buyer either sets up a loan with who he chooses and they figure out the actual payoff and any difference in sell price. Then they will cut a check to your loan owner and one to you (if sold for more than payoff). Then you just call loan owner/give check/ask for lien release. Title gets sent you sign, hand over to new owner.

 

Its easy to do, just requires a little extra work from the buyer.
Do you really think you will be able to privately sell a expensive vehicle faster then just making a deal at the dealer though?

 

you might get a little less trading, but will make up the difference in sales tax you save. title wont be a problem for the dealer either.

 

Some quick chatting and the stealership will give me 26k in trade for my '12 TRD OR 4x4 DCSB....seems close enough to what I could get privately to make the convenience worth it...

 

28k

 

The dealership isn't going to lose any money just be careful.

 

Payoff the 12. Finance the 4runner. Sell the 12 privately and get more for it than the dealer will give you. Then pay the 4runner way down, possibly pay it off. Quick sells usually means somebody is losing money.
Good luck.