Questions about selling a car.

austxgrl

If the transmission on my car is done I will need to get rid of the car instead of fixing it.  I have 6 payments left on the car.  I would ideally like to sell it through Craigslist or the like to get the most for the car but I'm not sure how that works with the title.  I, obviously, am not holding the title since I still owe on the car.  So if someone buys it do they give me the money and I pay off the car then give them the title?  Do they pay the lender directly? I don't have the money to pay off the car before getting payment for it.  Do I just have to trade it in and take the loss?  Has anyone done this?  Thanks!

txmom2011

Take it to CarMax, see what they will give you for it......If they offer more than you owe, then they cut a check to you for the difference and pay the lender the balance.  

abh1977

One of the dealerships (H enna, I think???) is offering $500 more than whatever Car Ma x offers.  Car Ma x quotes are in writing and are good for 5 days, I think, so you're not obligated if you just get the quote.  I've always just traded in because it's easier, and easy was worth it to me since I wouldn't have gotten much more from sellling it on my own, at least for the cars I was getting rid of.