Fuzzo

I spoke to a dealership in my area and they offered my 28K for my 02 240. I have been following a few of the sales and have seen cars being sold at much higher rates... anyone think I can get more than 28K for my car should i decide to sell privately.. i have 11K miles on it and just the C2 pkg...

what is the procedure for selling a car that is financed. I don't have a title for the car, so what do I give the buyer of the car as a security till I get my title in the mail and sign it over to him? would the transaction be through bank to bank. ( my car is financed by mbcc by the way )

TIA

galaxygrrl

I've never had a car loan like this, but check your loan, sometimes there are peneties for paying it off early.

Sorry, you're not having luck with your car. Did you check out the VA lemon law? Do you qualify? If money is really a concern, that is the best financial bet I would think. I came out a head in my lemon law case.

Good luck.

Mike T.

What, you weren't a head before the case?

Fuzzo

I just called MBCC and they said that my payoff was 27K for the car.. they said that I would have to send them themoney and if it's by check, there is a 10 day hold on that and after that, they will mail the title to me. WTF!! who is gonna fork over $27K+ and wait for 2 weeks for the title... i think that's a bit crazy... bad enough they slap me with a crazy interest but now they are making it hard for me to even sell the car....

i don't think i qualify for the lemon law because i have only taken my car in 3 times for pulling to the right... so i'm not sure if that qualifies as a good reason...

any advice will be appreciated

galaxygrrl

Fuzzo,

I'm a big fan of the path of least resistance with car problems. They will drive you crazy. It might just be easier to sell the car and pay it off,

But i checked the VA lemon law 3 is the magic number, not 4. Seems you qualify. You might want to check with a lawyer to see your options. Your should be able to get a consultation for free. Find one on the web and just talk to them, 15 minutes of your time might save you some money.

Here is the link I found. http://www.lemonlaw.bbb.org/va.html

Here is the critical language.

The Virginia lemon law establishes a presumption that a reasonable number of repair attempts has been undertaken to conform a motor vehicle to any warranty if, within the lemon law rights period, any of the following occurs:

The same nonconformity has been subject to repair three or more times by the manufacturer, its agents or authorized dealers, and the same nonconformity continues to exist;

A nonconformity that is a serious safety defect (a life-threatening malfunction that impedes the consumer’s ability to control or operate the motor vehicle for ordinary use or reasonable intended purposes, or creates a risk of fire or explosion) has been subject to repair one or more times by the manufacturer, its agents or authorized dealers, and the same nonconformity continues to exist; or

The motor vehicle is out of service due to repair for a cumulative total of 30 calendar days, unless repairs could not be performed because of conditions beyond the control of the manufacturer, its agents or authorized dealers, including war, invasion, strike, fire, flood or other natural disasters

Good luck! Let us know what you decide. Feel free to email me if you have questions.

Cheers,

Beth

Mercedes101

28K from a dealer cash (versus trade in) sounds like a good price. The MSRP of your car (im assuming its an automatic) is $33,223. Dealers in the SF bay area (Smythe) have an automatic 1500 off MSRP and there may be room to negotiate more. If this car is giving you problems i would grab the 28K and move onto something else that you'll enjoy more.

RedC230K

$28K sounds like a good number!!
How many cars would retain their value that well?

Fuzzo

is 5K the depreciation for a car that is not even a year old... isn't that a bit much?

RedC230K

Honestly, 15% depreciation the first year ain't bad at all!!! Consider these points:

1) If you take the Federal mileage allowance of 34.5 cents and multiply by 11k - there's almost four grand.

2) Plus, dealers are offering big discounts on 02's right now.

3) A dealer can get that same car from Benz Brand New for about $30,800.

Mercedes101

Fuzzo - its difficult to find a buyer for a late model used car in general. I think you will find it very hard to sell for 28K on your own making the dealers offer sound very generous. If i was a new car buyer i could buy your car new for less than 31K (i see that you have a manual transmission). Additionally if im financing i cannot get as good a rate and its more of a hassle buying used as you noticed trying to get your title than simply signing and driving at a dealer and i would be concerned that there may be a problem with this car (and in this case given your reference to Lemon Law) I would be right. Factor in all these issues with the fact that it is used with xxx miles vs. brand spanking shiny new and 28K is a deal - it seems like youve been trying to sell your car for a while - as someone said, take the path of least resistance and sell before the dealership revokes its offer!

MarkL

First, I think I remember reading that Fuzzo is moving out of the area, so that's the reason for selling his car, not that it's a lemon. (Fuzzo, am I right in my recollection?)

Second, I think it's pretty rare that there would be a penalty for the early repayment of a loan, at least in Maryland, it's actually illegal. This is clearly spelled out in the loan documents. I payoff my car loans pretty regularly. I deal with a local bank which holds my title. When I payoff, I simply call the bank to get the payoff value. Then I get a cashier's check, drop by the bank, payoff my loan and pick up my title all in one quick trip!

Fuzzo, if you're dealing with a remote office, it seems that a 2 week turn around on the title isn't so unreasonable. Good luck!

Fuzzo

MarkL

You are right.. i am leaving the country adn that's why i'm selling the car... i just was looking into the lemon law problem because the car was pulling to the right .. i will take it to the dealer again to get that fixed....

I really haven't tried too hard to sell it.. asin advertise anywhere except on my sig... i am going to take it to the dealer this week and then list it in the post and probably autotrader..not really sure what amount to put down...

I'm not in too much of a hurry to sell the car because i am not leaving for a few months... i am just starting early

revstriker

You can always try Ebay with a 28K reserve price.

Fuzzo

Has anyone on here sold their cars on ebay... how much hassle is it?

galaxygrrl

I've sold lots of things on ebay, but not a car. It's a really, really easy! (One person's junk is another person treasure --cleaned out my closet)

You need to remember that they take a cut so that will effect your profit margin.

Beth