Selling a car for less than settlement

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KingMikel

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Hey guys,

As stated above.

I bought a cheaper car last year, because I didn't want to afford my previous Civic.

Now again, I don't want my Corsa. I bought a motorbike, which I've been riding nonstop for 2.5 months. My Corsa is literally sitting there, collecting dust.

Settlement is R148k. If I'm lucky, I can get R125 - 130k from a dealership for the car.

What happens from there on out?

Note - I can comfortably afford the vehicles etc, I'm not a pleb. There's just no need for the Corsa as I've my bike and my GF has the BMW.

Advice please?
 
Unless you have enough cash to cover the difference, you'll have to sell privately, as that should cover your settlement. Seeinyou have the bike, there's no real rush, but selling for settlement only should get it sold quicker.

The bank wont allow change of ownership, etc, until the account is fully settled afaik. So in other words, no dealer will touch...
 
KingMikel said:
Hey guys,

As stated above.

I bought a cheaper car last year, because I didn't want to afford my previous Civic.

Now again, I don't want my Corsa. I bought a motorbike, which I've been riding nonstop for 2.5 months. My Corsa is literally sitting there, collecting dust.

Settlement is R148k. If I'm lucky, I can get R125 - 130k from a dealership for the car.

What happens from there on out?

Note - I can comfortably afford the vehicles etc, I'm not a pleb. There's just no need for the Corsa as I've my bike and my GF has the BMW.

Advice please?
Click to expand...

Go to Trans Union ( https://mytransunion.co.za ) and pay them 10 bucks (since you are not a pleb) and get the possible retail values and market values. Sell it privately for the price you want. Or settle for the car dealership price and be responsible for the shortfall. (SInce your are not a pleb)
 
Mr G said:
Unless you have enough cash to cover the difference, you'll have to sell privately, as that should cover your settlement. Seeinyou have the bike, there's no real rush, but selling for settlement only should get it sold quicker.

The bank wont allow change of ownership, etc, until the account is fully settled afaik. So in other words, no dealer will touch...
Click to expand...

That's a bit kek.

I'm more than willing to sign an acknowledgement of debt and pay the debt off as though I have the car until the debt is paid off.
 
KingMikel said:
That's a bit kek.

I'm more than willing to sign an acknowledgement of debt and pay the debt off as though I have the car until the debt is paid off.
Click to expand...

Yeah, not gonna happen. Until you settle the outstanding balance in full, the car is simply not yours to sell - the bank is the title holder. The car is security for the loan.

If you can't get settlement for it there's nothing keeping you from taking on a personal, unsecured loan to cover the shortfall. You would however only be able to transfer ownership to the buyer once you've received the vehicle's papers from the bank after full settlement.
 
spyketdog said:
Go to Trans Union ( https://mytransunion.co.za ) and pay them 10 bucks (since you are not a pleb) and get the possible retail values and market values. Sell it privately for the price you want. Or settle for the car dealership price and be responsible for the shortfall. (SInce your are not a pleb)
Click to expand...

Thanks, I can see that you too, are not a pleb.

Going thru with this.

Thanks, not a pleb :D
 
HapticSimian said:
If you can't get settlement for it there's nothing keeping you from taking on a personal, unsecured loan to cover the shortfall. You would however only be able to transfer ownership to the buyer once you've received the vehicle's papers from the bank after full settlement.
Click to expand...

This is probably your best option.
 
skeptic_SA said:
All I saw was: Woes Rand and Not a pleb. Checks calendar. Nope. Not Friday.
Click to expand...

Rofl, tsek!! :D

WaxLyrical said:
The grammar in the OP destroyed me.
Click to expand...

Would you like a wall of text? Here:

hie guy like i are stated above i bought a cheaper car last year because i didnt want to afford my previous civic now again i dont want my corsa i bought a motorbike which i are been riding nonstop for 2.5 months my corsa is literally sitting there collecting dust settlement are r148k if I are lucky i can get R125 130k from a dealership for the car what happens from there on out note i can comfortably afford the vehicles etc i are not a pleb theres just no need for the corsa as i have my bike and my gf has the bmw advice please
 
Last edited:
skeptic_SA said:
You have a sense of humor I'll give you that. Are you SURE you from the West Rand? :whistle:
Click to expand...

I recently relocated. I used to live on the East Rand, before that PTA East, before that Montana Park, before that Durnacol (Which is an old mining town) :D So I could be a pleb?
 
Keep the car, give it to your dad/mum/sister/needy/deserving family member. Don't be a pleb, OP. Do the right thing.
 
Necropolis said:
It might be cheaper in the long run to continue with payments until there is no shortfall when selling the car.
Click to expand...

Good point - the interest will be a bit lower, but then the car will be losing value at the same time. Keep paying till he gets a good offer?
 
I'm just confused by the wording "didn't want to afford"... What does that mean? Didn't want to buy?
 
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