How do I sell the 8 while still owing money??
 

Ok,
So I decided that the RX-8 isn't the car for me. I purchased it in March thinking that i'll be a perfect weekend driver. But I only soon found out that I can't stand the amount of cargo space it had. So long story short, I want to get rid of it, but I still owe money on the car. I still owe 19,100 on the car and I don't know what the process is of selling one without a title in hand. If anybody could, can you walk me thru the process? I want it gone ASAP, and it has nothing to do with the money. I get by fine paying the bills fine.
Another question I want to ask is about the insurance and the excise tax. When I brought the RX-8 I went to the insurance company and paid the bill in full. How do I see about getting my money back after I do sell my car. As for the Excise tax, I remembered paying for it a month before I got the 8. Then when I got the 8 I had to pay another 400 bill for it. I thought that it only occurs once a year, does this mean that when I sell the 8 and get another car I'm going to have to shell out another 500-600 bucks again??
I'm sorry if this is too much questions but this is pretty much the first car I brought and the first car I sold. I would like to trade in the 8 for some kind of sedan with a trunk in the 30K range that's all.

Here's the info on the car:

2004 Mazda 6 speed
Base w/ black cloth interior
Sunlight Silver
Miles: 2,105
Mint, no bumps, scratches, scraps, or anything.

MSRP $26,680

Optional Equipment:

Cargo Net- 40
Rear Spoiler- 355
Spare Tire Kit- 395
Appearence Package- 970
Rotary Accent Package- 139

Delivery Processing Fee- 520

Total MSRP- 29,099
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After checking two online sites, these are the numbers they are given to me

Kelly Blue Book
-Dealer Trade in- $20,525
-Private Party- $23,705

Edmunds TMV
-Dealer Trade in- $21,637
-Private Party- $23,116

Both of which does not let me include the apperance package that I paid for.

Thanks in advance for anybody that could help me with selling my 8.

I am not sure on the selling part, but I know that as for the insurance you just need to call them and they will cancel it and give you a pro rated refund. Usually it is very hassle free.

If you trade the car in at a dealership, they'll handle all the paperwork involved in paying off your 8. However, it's likely that with the amount you owe, you may get little or nothing in the way of trade-in value. The dealership won't give you KBB or Edmunds values unless used 8s are selling better in Boston than they are here in CA.

If you sell the car private party, you should probably contact Mazda credit or whoever your car loan is with and find out whether or not the loan is assumable (some are) and ask them what procedures to follow if you wish to sell the car. You will have to pay off the existing loan in order to obtain title to the car. If your buyer plans to finance the purchase rather than pay cash, perhaps his loan company/bank/credit union can negotiate directly with yours to pay off your loan and then write you a check for the balance of the purchase price.

I can't help you with the excise tax questions. We don't have that here. But if it's like car registration fees, here in CA we pay them annually and the registration stays with that car... so if you sell the car right after paying the annual registration fee, your buyer gets that as a bonus; you get to pay it again when you buy and register a new car.

As for insurance, zuhalter's right. As soon as you sell the car, call your insurance co. and have it removed from your policy. If you prepaid the premium, you'll receive a pro-rated refund for the unused policy term. Also be sure to notify your DMV and fill out the necessary paperwork as soon as you sell the car; if the new owner is involved in an at-fault accident and didn't bother to re-register the car in his name, and you didn't notify DMV of the sale, you're still legally the registered owner and are liable to be sued for damages related to the accident.

You purchased in March and only owe $19,000 ??

Geez...have you been making $3,000 a month car payments?

the best thing to do is talk to your dealer.

usually what they do is that you trade in your rx-8, then take whatever car you want. what they'll do is add that $19,000 to the finance of the new car.

OR you can sell the car privately and pay off your debt to the bank or dealer.

the plus side of trading your car, is that you dont have to pay tax on the trade value - this reason alone would probably get you more money then if you sold the car privately.

hope that helps

Thanks, I'll look into everything you guys said. BTW, I know some of you want to go out and buy some of the RX-8 because there was all these rebates, that's what I did. I didn't realize until I got there that the only way to get a the 3000(?) dollar off my 8 was to finance thru Mazda, which had horrible rates. I did it and soon found out thru a finacial advisor that if I didn't take the rebate it would've been better off for me. I really only got 2000 off the car, not the 5900 or something. Man, these rebates are really misleading. I'm financing thru Mazda for 9.5% whn I could've gotten 2.89% or something.
If everything turns out to be a real hassle, then I might just buy a small SUV to do the groceries and laundary.

hmm i got mine 4000 ( MAC customer cash ) - 899 leather - 500 gerber - 500 dealer. = 5899 off invoice. financed through local credit union for 3.99%

what wrong with the "cargo space"?

I was trying to figure out the same thing, especially if you went grocery shopping alone. :)

I see the problem.

LOSE THE SPARE TIRE KIT!!!

You will have almost twice the cargo space.

My wife can get almost the same amount of grocieries and Target crap in the trunk
of the 8 as she can in our Xterra... :D


At 19K owed
If you do sell it, it doesn't sound like you should be in too upside down...

Geez i purchased my 8 last august and owed nothing on it by sept. WOW

I realize the cargo space isn't too good after a couple of incidents. When I took my girl and two from to an amusment pack last couple of weeks, we couldn't fit all the dolls (that took me 200 bucks to win) in the trunk and we were all carrying it on a lap. Which kinda bother me becuse it was all that much. Another time was when I went grocery shopping with my girl's mom and sister, it didn't all fit either, we were putting the grocery in the foot well of the car. It was a lot of grocery, but it still kinda got to me. The other thing was when I took a trip to florida, I took off the tire kit and everything and the luggage still doesn't fit. I only had two luggage which of the bigger one I tried to put across thte back seat. It really sucked because I had to eventually borrow a friends car on pretty short notice. Me, having to borrow a shitty car, after the fact that I went out and brought a new car. I also took a trip to buy a computer with the 8, brought everything, didn't fit in the car, took to trip back to the store to get everything. I ordered the same thing as a frind did and he fitted everthing into his g35 coupe. That pissed me off like hell. The folded down rear seat is how he got everything nicely pack in his rear. All this and more happened within 1400 miles on the odometer.
Don't get me wrong. I love this car. It's has prefect space to move people. Everyone likes the back of the 8. With all the compartments and stuff, it's freaking perfect for passengers. I just don't think that right now it has the cargo space that I need. I just don't want to sacrifice other things because of this car right now. I don't want to go out and buy smaller luggage. Built a shuttle PC. Buy less food for BBQs. Although the good news is that I might get a pick up or something as a second car to pickup the bigger things that always need to be moved around. So maybe I won't get rid of the 8, maybe.

Just trade in ur car for a sedan straight from the delearship. It doesnt look like you'll be upside down at all and its less hassle. Good luck.

I thought this was a weekend car sounds like a daily car to me.

You should be able to get a much better deal on the 6 then that. I paid 17,800 USD for my 6s MTX.

Some mazda dealerships are offering employee pricing, with current incentives and such...so you would be able to even beat my deal by a thousand or so, especially considering the 06's come out in september (along with the mazdaspeed 6). Should be able to snag a stellar deal on an 05.

Be forewarned though...your going to get raped on the trade in. It would be better to sell the 8 thirdparty then trade it in.

But it is. I take the train all week.