I need information on selling my 2004 Ford Mustang still under loan?

  • Thread starter Thread starter Erick K
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Erick K

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I have a 2004 Ford Mustang which i purchased in November and i'm still paying off the loan. Also with the car i have a $2000 warranty. If i were to sell the car, could i also sell the warranty with it? and what is the deal with selling a car while the loan hasn't been payed off?
actually i think there is positive equity on the car since i got it for a steal when the economy was at its worst.

i bought it for six grand plus warranty and Kelly blue book says trade in value is 7 grand and privately selling is 9 grand
 
You need to find out two things:

1. Payoff amount. Call the bank and ask.
2. Market value. Go to http://www.autotrader.com and search for similar cars and what they are going for.

You need to find out these two things so you know how much negative equity there is (doubt there's any positive equity).

If you owe $15,000 and it's only worth $10,000 then there's a $5000 negative equity. So if you were to sell it to Carmax, you would have to write them a check for $5000 to pay it off. Then you would be free and clear of the debt.

As for the warranty, you need to read the contract or contact them to find out if it's transferrable. Some are not.
 
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