boatonsea

I am selling my 03 SE due to multiple instance of HID theft. I still have outstanding car loan with Nissan Motor Acceptance thus they own the car title before I can pay it off.

1. Shall I pay off the outstanding loan then receive the car title before I go buy another car ?

2. Shall I just go buy another new car, then they can take over the loan ? I heard people can save sales tax when you do this...

any suggestion ? thanks

boba001

#1 is calling private selling...

#2 is called a trade-in. The only way you save on tax is trading the car into a dealer and buying one from them. I don't think you can let anyone "take over the loan", but who knows... it happens with leases.

boatonsea

With #2, a new car dealer might pay off the loan, let's say $15,000 and take in this Maxima for $20,000 trade-in value. Then $5,000 is applied to the purchase of a new car.

I see #1 is "cleaner" and won't get ripped off by complicated paperworks and financial numbers...

but can anyone tell me which way is better finantially speaking ?
and how easy it's to sell a brand new Maxima by myself ?

thanks again

tzmanles

iTrader: (12)

I'm in the same boat your in..I have a loan still on my 97, but need to get rid of the car. any opinions greatly appreciated