Should I get rid of my car? - 1
I have a 2008 ford edge. I have a lien on the car, I have 3900 left to pay. The car runs there are no problems with it, yet. The previous owner drove it like a race car, which is why I want to get rid of it before I have to put a lot of money into it. There are 115,000 miles on it currently. It does need to be fix up cosmetically, should i sell it as is or fix it up first? Would it be best to just trade it in or sell it privately? Can i sell it with a lien on it?
You can't sell it yet because you don't own it! When there's a lien on a vehicle, the lien must be paid as well as any outstanding loan ; then you can do what you wish with the vehicle
Even if it's a stripped down 2WD SE model, it's worth close to double what you owe on it, less any required repairs of course. You should be able to sell it for more than what you owe which will enable you to pay off the note. You can't sell it until the note is paid in full.
Your best course of action would be to hang on to it as long as it continues to run. Even if you have to replace the engine or transmission in a couple of years, that will still be less than car payments in the long run, especially for a similar new vehicle. A new 2015 Edge 2WD SE starts at around $27k and quickly rises to nearly $50k for a fully loaded AWD Titanium.
Sell it.
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