Selling Jeep, should i just sell it to carmax

[okkiedokki]

I'm going to be selling my 2012 Jeep Patriot, I went to Carmax to see what they would offer me and they offered $14k.  I owe $14,500 on it.  Saturday my parents will be transfering the title on their 99 Jeep Grand cherokee to me (it has less then 100k miles on it).

Currently I pay $340 per month for my Patriot and want to sell it fast so i don't have to pay another car payment.  So is should I just sell the jeep to carmax or should i try listing it on craigslist?  How easy is the process on craigslist if someone else has to finance it and pay off my loan?

[apfroggy0408]

What's the value of the car from kbb and the like?

[MandyM]

In my experience, cars at that price point don't sell quickly on CL. I sold my Wrangler a few years ago for $13K.  I had listed in on CL, but there were zero real inquiries. I ended up selling it semi-quickly using autotrader.com.

I say check the value on kbb and if it is worth 2-3 car payments above $14K - so at least $15K, list it yourself and give it at least a month.

[okkiedokki]

Trade in value on kbb is $14,200 and the private sale value was a little over $16k.  I just don't want to make another car payment so my thought is, my car payment is due on the 24th. If I don't get any real offers by the 20th I should go to Carmax and eat the difference between the $500 I would owe minus a car payment.  Should I try to list it for $16k or slightly less to entice more offers?

[boarder42]

dont list at kbb if you want to sell fast... also many people are going to low ball b/c of the hassle since you have a loan... and i'll echo other statements..  at least in the KC area i have found the cutoff to be 10k for moving cars quickly on CL

[MandyM]

List it between $15,000 and $15,500 and give it a few weeks. Do you live in an urban area? or near one? 

[RoseRelish]

Dump it to Carmax. The offer sounds reasonable and simplifies your life. There's value to simplicity and being done with a chapter of your life.

[Another Reader]

The amount needed to close out the loan is the unpaid principal balance plus the interest due as of the date the lender receives payment. Realistically, by the time you sell the car, you are going to owe most of the next payment.

KBB tends to be a little high on private party value in my experience.  Check Edmunds.com as well.

[okkiedokki]

Ok so i listed it on craigslist, for $15,500.  I received one text so far from someone who wanted me to email her back. 

I need some advise because my gut is saying this is fishy.  Basically the person says that they can't talk on the phone because they are currently on the sea and are buying the car for their dad.  They said they have the cash in their paypal right now and need my paypal info.  I want to use Escrow.com; since they handle paying everything off.  They also asked for my address so a moving company can pick the car up.  Does this sound legit?  I've never sold anything on craigslist so I'm skeptical....


edit: i also want to use Escrow.com because i still have a loan on the car and they will handle the payoff.

[thobbs]

That sounds incredibly fishy.  I would not go anywhere near that.

[Beric01]

Ok so i listed it on craigslist, for $15,500.  I received one text so far from someone who wanted me to email her back. 

I need some advise because my gut is saying this is fishy.  Basically the person says that they can't talk on the phone because they are currently on the sea and are buying the car for their dad.  They said they have the cash in their paypal right now and need my paypal info.  I want to use Escrow.com; since they handle paying everything off.  They also asked for my address so a moving company can pick the car up.  Does this sound legit?  I've never sold anything on craigslist so I'm skeptical....


edit: i also want to use Escrow.com because i still have a loan on the car and they will handle the payoff.

100% confident that is a scam.

Edit: Basically, no matter the purchase price of a car, I would only accept cash from a sale off Craiglist, preferably withdrawn from their bank right in front of your eyes (to ensure no counterfeit bills). Just go to a safe place and get the job done. Cashier's checks ARE counterfeited!

[boarder42]

yeah cash in person transaction...nothing else

[gradstudent]

Sell it to Carmax. Yes, you will occasionally find someone on Craigslist who can pay that kind of money in cash, but looking at how many people finance car loans should tell you that they are few and far between. I listed a truck with a KBB of $9,700 for $9k, left it up for two weeks, and had only flakes and scam artists. Carmax offered $7k, which was a fair price, although they then turned around and listed it for $11,500 since they can finance the loan.

Lesson learned-Craigslist is a great place to buy a car, but hard place to sell one that isn't a beater in the less than $5,000 range.

[Yonco]

Ive bought and sold cars on CL for that price range. I always used a Certified bank check, printed out by a reputable bank, to show valid funds. The person who bought my car drove from out of state and didn't feel comfortable driving that far with 18,000 in cash, and brought me a verified bank check.

All my transactions were face to face and cash(or bank check) in hand.  Both deals i have done dealt with cars that were paid for, and had NO LIEN. I wouldnt deal with anyone who still has a lien on a car because that is more title transfer hassle. It could take 30 days for you to get a real title after payoff.  When i give you the bank check, i would want the car and title that moment. It may even violate your loan agreement selling to a private party, opposed to another bank taking over your loan.

Final Answer: Keep the car, pay it off and sell or sell it to carmax.   Thats my 2cents, Thanks, Jon

[Icecreamarsenal]

Nada values are good. I recently sold a car to them for 37k. Hard to get rid off convertible 6 speed. I could have gotten a couple grand more. I did not have the time.
Anything more than 20k moves slowly.

[okkiedokki]

Thanks for the advice everyone I really appreciate it.  My carmax quote is good till 8/7, so I'm going to let the Jeep stay on craigslist for a few days and deal with the scams in stride.  If I don't get an offer before then I'll just sell it to carmax because for the little I'd make it's not work keeping it longer.

[Angie55]

I bought my car on craigslist last year. I had to back out of an offer because the lady wanted me to give her a check to payoff her loan. The logistics were enough to make me uncomfortable.

I take 8000 to send a check to her loan company. Trust that they have the extra 1000 needed to pay it off. Then I have to wait for the title to go in their name then meet again to sign it over to me. Way to much trust in a stranger. And where does the car go during this limbo time? There is no benefit to the buyer at all in these situations unless you are giving them a steal. Which you wouldn't because you don't have the money!

Anyone who is underwater on their loan is not someone I trust with my money. Especially since they had a brand new financed car in their driveway so they could "get better gas mileage".

Please. Please. Please. Be an honest person and let people know before they come to look at the vehicle that you do not have the title and there is a loan on the car. Preferably put it in the ad! My whole situation could have been avoided except the seller replied via email they had the title. Only once we agreed to a price did they backtrack and say they needed to pay off a loan.

[okkiedokki]

Yes I agree, and I put it in the ad that I have a loan as well as when people have sent me text messages as well.