QuestionI have a 2003 Ford Explorer XLT. Recently I went to Carmax to see what they would give me for it. They said they would give me about $7,000 for it. I feel that it's worth more than that. I still owe approximately $18,000--yes, I made a big mistake of purchasing this vehicle while being upside down in the previous vehicle. I have about 95,000 miles on the vehicle right now. I really want to trade it before it gets $100,000. I purchased the vehicle with 59,000 miles already on it. My question is if I try to sell this vehicle on my own; I'm sure I won't get what I owe for it, but I know that I can certainly get more than $7,000 for it. Just say I sold it for around $15,000--and that leaves me a balance on my loan of about $3,000. How could I get the title to give to the buyer, and being that I don't have $3,000 to pay off the loan immediately, what could I do? I've been told that I could let someone just take over the notes--how would I do that? I would certainly want the vehicle out of my name at this point. Please advise! Thanks!
AnswerAccording to Edmunds.com, a 2003 Explorer XLT 4-door with the most popular options (4WD, CD, trailer-tow, third seat, SOHC V6, running boards) with your mileage and in excellent condition is worth about $8000-10,000. As for the rest of your problem, if you want the title, then you have to pay off the loan in full. If you can't get what you owe from the sale proceeds, then you need to come up with the difference in cash. If you don't have the cash, then the bank isn't going to give you the title- plain and simple. Letting someone "take over the note" is very risky; you'd still be on the loan, and completely responsible for the vehicle. The only way to get your name off the note is to pay it off, and- well, we've already covered that territory. Sorry, but I don't know what someone can do when they owe far more than their vehicle is worth.
