Downgrading to SR Acess Cab??

I guess a personal loan or something like that? Right?

 

Ex: your title is with Wells Fargo

New buyer gives check/cash to Wells Fargo, you sign it over, wells satisfies its lien and mails new buyer title

Or

New buyer doesn't have money. Gets loan from BofA. Bofa mails check to your Wells Fargo. Wells Fargo then mails title to his Bofa



Or if you have the money pay off loan
Title comes in mail
Then sell it to private party sign title over to his bank or him

 

OK so whoever buys it could right a check to my finance company and whatever is left comes to me and they get the truck and the title. Correct?

 

I wonder if you need to pay taxes on the transaction?

 

Correct

 

Not sure what state you are in
Check your laws

In my state taxes are due when you buy (if you register it here)

When you sell, taxes are responsibility of the new sucker, I mean buyer

 

Because when you trade, you get the taxes deducted from the new car. So it's like getting almost an extra 1000 off the OTD price due to lower taxes on it.

Ex. 20000 new car
-10000 trade

=10000 * tax rate.

Not 20000 * tax rate.

 

Different state is diff

CHeck your laws

We don't have it here

Good luck

 

Yes it is -- just know all the facts --how much you owe, can you get out of the loan without any extra fees , and above all know how much your vehicle is worth both retail and wholesale.You will get "low-ballers" and All kinds of "snakes who will try to get you to let them sell it for you for a fee --A BIG FEE
Clean it up till you can eat off of any part of the vehicle and give it a try -- I have good luck on Craigslist. here in Missouri it's free for private sellers to buy and sell their cars and trucks. Just tonight I sold my 02 F150 4WD. The dealer offered me 5K trade in -- I sold it for 7.5K. It can't hurt to try

 

That is true on the taxes -- some states do not penalize private deals -some do -- also I have heard some don't but make it extra difficult on private sellers/buyers. but the end result is the same. A phone call to your state revenue dept. should yield the answers!

 

This is the way Mo. is --you get to deduct the amount you sold the old car from the cost of the new as long as it is done within 90 days (before or after) of the "new" sale