I just bought a newer used car from 2005 at the toyota dealer and I got the loan through them. I bought the car for $12,800 total with taxes and I put $2,000 dollars down when I bought it. So now I owe about $11,000 on it. I would like to sell it to a friend for $12,000 and make back about a $1,000 on it. This way I’ll only end up loosing the $800. He doesn’t have enough money so he would have to take out a loan from somewhere himself, but I think he has good credit.
Anyway, the problem is that I don’t have the title since the car isn’t paid off yet and I owe the dealer money, not a bank, since the loan was taken out through them. What are the steps I have to take to sell this car to my friend who is also short on cash himself, but still has good credit?
Also, how hard would it be to sell this car to a stranger if my friend decides to back out of it since I don’t have the title?
Tags:
Used,
toyota dealer,
Sell,
Without,
2005