Getting rid of a car quickly?

[Thrifty Snail]

We are looking to dump a car that we owe some money on. It wil be replaced by something much cheaper. Any ideas how to do this quickly? I am going to post it on Craig's list. Any other suggestions?

[Khaetra]

If you owe money on it it's not going to be dumped 'quickly'.  You will have to find someone who not only wants it, but can qualify for the loan as well and then you will have to talk to the bank and make sure they are okay with it (most are, though some may not be).

[ketchup]

Whatever you do, don't say in the ad "NEED CAR GONE NOW" unless you want a ton of lowballers.  I had a friend try to sell a ~$1000 car that way and kept getting $500 offers for weeks before caving.  She could have just listed it at $900 and had it gone in less than a week.

You could try something like CarMax if you're willing to take a haircut.  I know they're quick and no-BS, but you won't get what you could private party.

[Thrifty Snail]

Ketchup, that my have to happen. That is the sort of thing we may have to do.

[RobFIRE]

I assume OP is in the US. In the UK at least there are companies that will purchase cars from individuals. The companies either sell them on to dealers, or make repairs as needed and sell themselves. It's a very quick way to sell a car (can book an appointment for next day etc.) and the companies generally guarantee to give you a price, and unless you outright lie to them they know that they can't come complaining to you afterwards if more issues are found (unlike a private buyer might want/try to). Downside is that you might be able to sell the car for more privately and/or these companies tend to lower offers significantly for any damage/repairs needed. So if your car really has to go quickly and there are similar services in the US, that could be a way to go. I'm not clear about the loan you have, is it just a generic loan that you have used the money to buy the car (so you can sell the car and continue to pay the loan), or is the loan specifically against the car (loan provider owns the car until you pay off loan, so you will have to pay it off before selling the car?).

I used one such company to sell my car earlier this year, process was very smooth, took 3 days end to end, and price was reasonable. As that was the first time I have ever sold a car, will be years before I do so again (currently don't have a car, so that's if I do so again), the effort to sell a car privately and potentially get a bit more didn't seem worth it.

[Khaetra]

I'm not clear about the loan you have, is it just a generic loan that you have used the money to buy the car (so you can sell the car and continue to pay the loan), or is the loan specifically against the car (loan provider owns the car until you pay off loan, so you will have to pay it off before selling the car?).

We need to know which type of loan he/she has before we can really give advice.  If it's financed though a bank or car company then they need to pay it off before they can sell it or they need to find someone willing to take over the loan with the lender's approval.

[Spork]

I assume OP is in the US. In the UK at least there are companies that will purchase cars from individuals. The companies either sell them on to dealers, or make repairs as needed and sell themselves. It's a very quick way to sell a car (can book an appointment for next day etc.) and the companies generally guarantee to give you a price, and unless you outright lie to them they know that they can't come complaining to you afterwards if more issues are found (unlike a private buyer might want/try to). Downside is that you might be able to sell the car for more privately and/or these companies tend to lower offers significantly for any damage/repairs needed. So if your car really has to go quickly and there are similar services in the US, that could be a way to go. I'm not clear about the loan you have, is it just a generic loan that you have used the money to buy the car (so you can sell the car and continue to pay the loan), or is the loan specifically against the car (loan provider owns the car until you pay off loan, so you will have to pay it off before selling the car?).

If you don't have a carmax nearby, cars.com will set you up with 3-4 buyers as well.  It will be wholesale prices... so not nearly what you'd get from private party. 

I haven't tried cars.com... so I don't have any practical experience there...

[Monkey Uncle]

First, check with your lender and get a payoff quote for the loan.  You will, of course, want to make sure you at least price the car high enough to cover the outstanding balance.

Actually, it will be cleaner if you can go ahead and pay off the loan before you try to sell the car.  You currently don't have a clear title, so you can't just hand over the title to a buyer.  You'll need to apply to your state DMV for a clear title after you pay off the loan.  Then the sale will be a quick and easy transaction.  If you don't pay it off before hand, the buyer will have to trust you enough to pay you for the car up front so you can pay off the loan, then wait around for you to deal with the DMV to get the title cleared so you can sign it over to him/her.

As to the question of how to sell it, I had good luck advertising a car on Autotrader.com about a year ago.  The ad was not very expensive (low double digits, I forget exactly how much) and the car sold in two days.  The key to selling quickly is to price it right.  Edmunds.com and KBB.com are a big help in that regard.  You can also surf craigslist and Autotrader to see listing prices for similar cars.

[Metric Mouse]

Posting to follow.

[Dicey]

Wait one damn minute here! You're in a rush to lose money on a car so you can buy something cheaper? What would happen if you cleaned and spit shined the hell out of it, took great pictures, wrote a detailed description and took your time selling it? It won't save you if you're underwater, but it will minimize your loss. Where's the fire?

[HipGnosis]

First, check with your lender and get a payoff quote for the loan.  You will, of course, want to make sure you at least price the car high enough to cover the outstanding balance.

Actually, it will be cleaner if you can go ahead and pay off the loan before you try to sell the car.  You currently don't have a clear title, so you can't just hand over the title to a buyer.  You'll need to apply to your state DMV for a clear title after you pay off the loan.  Then the sale will be a quick and easy transaction.  If you don't pay it off before hand, the buyer will have to trust you enough to pay you for the car up front so you can pay off the loan, then wait around for you to deal with the DMV to get the title cleared so you can sign it over to him/her.

As to the question of how to sell it, I had good luck advertising a car on Autotrader.com about a year ago.  The ad was not very expensive (low double digits, I forget exactly how much) and the car sold in two days.  The key to selling quickly is to price it right.  Edmunds.com and KBB.com are a big help in that regard.  You can also surf craigslist and Autotrader to see listing prices for similar cars.

Apparently selling a vehicle you owe on is different in different states.
I've bought and sold multiple vehicles. If there is a loan (ie a lien on the title) we (buyer and seller) meet at a branch of the bank that holds the loan, with an appointment for a loan officer.  Buyer writes a check (or brings cashiers check) to the seller for the amount of the sale.  Seller signs over the check to the bank.  Loan officer pays off the loan and puts any proceeds in sellers account (or withdraws from sellers account as needed).  The loan officer does the paper work to remove the lien from the title and notarizes the title for the sale.
The OP needs to find out what the process is in their location.

For pricing;  always 'pad' the price so you can negotiate down to your 'real' price.
I'm told it works much better than a 'firm price'.

[GetItRight]

Put it on CL at slightly below market value, lower price every few days or week until it's gone.

[czr]

Try Carvana or Beepi. Their offers are better than Carmax and can pay off your loan and much less hassle than Craigslist.