I have a 2006 Honda Odyessy that I am financing and I want to use my home equity to pay it off and then sell it once I get the title. However, I don’t want to get stuck with it if I can’t sell it because I want to repay my equtiy line with the proceeds of the car. Do you think I will have a hard time selling this car? Do people buy cars privately for that much money????
The van is basically in showroom condition..
The Honda is worth 26K according to Kelly Blue Book under private pay. It’s an EX all leather power, etc…
Kiffin
March 22, 2010 at 10:49 am
Anything is possible. That being said, I wouldn’t touch the equity in the home to repay an auto loan. That’s counter-productive and not a recommended practice. I’d sell the vehicle and repay the auto loan, without touching the equity.
greenhaze2003
March 22, 2010 at 11:10 am
Very hard, but try posting it on websites and ebay and craigslist
Shaq iz Phat
March 22, 2010 at 11:24 am
Why would anyone give you $26k for a used one when they can buy a brand new 2007 for the same price?????
vette84
March 22, 2010 at 11:53 am
The higher the price of the vehicle the harder it is to sell.
When they (the buyer) can go to a dealer and even get a warranty, are you willing to give that ?.
As a USED vehicle, You had better get it appraised, or look on blue books web site to get an idea of the value first.
Chad
March 22, 2010 at 12:38 pm
If you are trying to sell it for $26,000.00, you will have a very hard time selling it. The market report is 2006 Honda Odyessy LX with average of 10,700 miles is selling for $20,400.00
Lisa P
March 22, 2010 at 1:23 pm
Near to impossible since most people would have to take out their own loan to purchase it. Most people would rather buy new, get financed and have a warranty for what pretty much is the same price of an ‘07.
Diffee F
March 22, 2010 at 1:56 pm
With something like that, I would recommend trying to find a consignment dealer. Several, including http://www.diffee.com , do consignment for people. You tell them what you want to sell it for, then they mark it up $X (usually $200-$500) and sell it for you. The bad part is, you have to leave the car there for them to show it.
Online, there is http://www.autotrader.com , http://www.cars.com , and http://www.usedcarsonly.com that help people sell cars online for a price.
Hope it helps.