How do I sell a car (in Canada)?
 

Hi

I have never sold a car before so I really need some guidance.

I have a 2011 Hyundai Sonata and will need to sell it in the next 6 weeks. It is on 7 year finance and I've only been paying it off since May 2011, so I am fully aware I'm going to end up owing money on it.

However, I literally have no idea how this works.

How do I figure out how much to sell it for?

How do I advertise it (as in description)?

How does it work with the bank and the finance loan?

I am super clueless in this department.

Any tips would be greatly appreciated.

Thanks

Re: How do I sell a car (in Canada)?
 

Hi


Look into Lease Busters http://leasebusters.com/en/index.html

Re: How do I sell a car (in Canada)?
 

Thanks! I didn't even know there was such a thing! I'll look into it.

Re: How do I sell a car (in Canada)?
 

My car was only 11 months old when we put it on leasebusters. It sold in the first day, which was too soon for us, but the woman who bought it was nice enough to put off the exchange until the week before we moved. :)

Re: How do I sell a car (in Canada)?
 

Thanks! Can I ask if you ended up owing money on the car? And did it cost money to use leasebusters?

Re: How do I sell a car (in Canada)?
 

The lady I sold mine to took over the financing. IIRC there was a fee for using Leasebusters, but it was 6 years ago now, so don't remember. From the FAQs page it looks like it's $295. http://www.leasebusters.com/en/faq.asp

Re: How do I sell a car (in Canada)?
 

Cool, thanks! I just don't understand why someone would take over a lease that has more owing on it than what the car is worth given how much new cars depreciate as son as you leave the lot? What is in it for them?

Re: How do I sell a car (in Canada)?
 

Ok I am really going to show my thickness here when it comes to cars but is a "lease" the same thing as the finance that is on my car? Like I didn't lease the car, I bought it using a 0 interest 7 year finance deal. Will this Leasebusters concept apply to me?

Re: How do I sell a car (in Canada)?
 

Hi

Sorry no, I read your original post and thought you were leasing rather than financing the car. When you advertise and sell the car, you will find that the financing company has placed a lien on the car which you have to pay out before the buyer can register the car.

I really think you should discuss it with the finance company to find out what the payout is going to be. It won't be cheap. Check VMR to get an idea what the car is worth. http://www.vmrcanada.com/value_menus.../11hysota.html Also check Kiiji and Craigslist to see what the asking price is before you list the car.

Re: How do I sell a car (in Canada)?
 

Ok, thanks, that was what I was thinking. I guess I am going to need to talk to the lender. I won't have the cash lump sum to cover the difference, so I don't know what I am going to do. Every penny I have (and every bit of credit too) is going to finance this move home.

I was looking up voluntary repossessions, I wonder if it will just have to come to this and then I will have to work out a deal to pay off the difference to the bank?

Will they let me sign the car and remaining payements over to my sister?

Out of everything about moving, this is what I am finding the most anxiety provoking.

Re: How do I sell a car (in Canada)?
 

I think that leasebusters have a sister company, finance busters? You would have to check that your loan/payments are transferrable though. Good Luck!

Re: How do I sell a car (in Canada)?
 

Thanks, I shall look that up. I feel so foolish when it comes to this!

Re: How do I sell a car (in Canada)?
 

Don't feel foolish. You're doing the best you can, so nothing to feel foolish about. :)