Automotive

Selling a financed CX5

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  • Jul 12th, 2018 2:00 pm
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Nov 12, 2010
65 posts
13 upvotes

Selling a financed CX5

Hi all. I need some car buying help. I currently own a 2016.5 Mazda CX-5 (47k mileage). I am currently financing it and have about $24k left on the loan. The final payment is due in 2020. I dont mind buying a used vehicle. My requirements are as below:
- Location: Toronto, ON
- SUV
- AWD/FWD (no prefernce)
- Rear vents
- Navigation
- Blind Spot/Cross traffic monitoring

All suggestions are welcome.
Last edited by nexxus007 on Jun 11th, 2021 11:17 am, edited 2 times in total.
44 replies
Member
Jun 1, 2017
226 posts
144 upvotes
nexxus007 wrote: Hi all. I need some car buying help. I currently own a 2016.5 Mazda CX-5 (47k mileage). I am currently financing it and have about $24k left on the loan. The final payment is due in 2020. I am in the market to replace the CX5 with an SUV that does has rear air vents. I dont mind buying a used vehicle. My requirements are as below:
- Location: Toronto, ON
- SUV
- AWD/FWD (no prefernce)
- Rear vents
- Navigation
- Blind Spot/Cross traffic monitoring

All suggestions are welcome.

Nissan rogue SV (I have seen SV trim with factory navigation) trim or higher has all the features. Base model has all features minus navigation and blind spot but unless you buy a 2018 base model ( which has cross traffic and blind spot) you will have to buy an SV or SL and prices are down on rogues because people seem to only love RAV4s or CRVs .

2015-2016 fully loaded rogue is about 22-25k depending on kms. I have seen 2016 rogues fully loaded with 40k go for 22k.

Personally I really like the adjustable rear seats, fuel economy and massive trunk space. Of course it does have rear air vents that do work wonders.
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Oct 5, 2008
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Toronto
crack the rear windows...save yourself thousands.

Seems like a silly reason to move on from a car.
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Nov 12, 2010
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Swerny wrote: crack the rear windows...save yourself thousands.

Seems like a silly reason to move on from a car.
I can decide to move on from a car even if i dont like the shape of a knob. Its my choice and you are no one to judge me or others on their choices. Grow up.
Deal Expert
Jan 15, 2006
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Richmond Hill
Sound's like a terrible idea. You will be upside down on the loan, ignore what the asking prices on trader.ca are as what they sell for and asking are not mutually exclusive.
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Nov 12, 2010
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NoPistons wrote: Nissan rogue SV (I have seen SV trim with factory navigation) trim or higher has all the features. Base model has all features minus navigation and blind spot but unless you buy a 2018 base model ( which has cross traffic and blind spot) you will have to buy an SV or SL and prices are down on rogues because people seem to only love RAV4s or CRVs .

2015-2016 fully loaded rogue is about 22-25k depending on kms. I have seen 2016 rogues fully loaded with 40k go for 22k.

Personally I really like the adjustable rear seats, fuel economy and massive trunk space. Of course it does have rear air vents that do work wonders.
Thanks for that! Question though. How does selling a car on loan work?
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Jan 14, 2007
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The car has a lien on it. If you opt to sell it privately, you will need to purchase a UVIP which will also show that there is a lien. You have two options:

1) Find a buyer, then go with them to the bank and pay off the loan using the proceeds of the sale and provide a loan discharge letter to the buyer. Note that it usually takes a few business days for the MTO's files to be updated and show that the lien is gone.
2) Use a LOC to pay off the loan, wait a few days, then purchase the UVIP where it will show there is no lien. Sell the car, then use the proceeds to pay off the LOC.

If you're looking to trade it in to a dealer, then they can assist with everything.
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Oct 5, 2008
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nexxus007 wrote: I can decide to move on from a car even if i dont like the shape of a knob. Its my choice and you are no one to judge me or others on their choices. Grow up.
No kidding, it's your money after all....doesn't make it any less silly as being upside down on the loan is no joke

Grow up? Seriously?

Good luck in your search
Deal Addict
Nov 8, 2017
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nexxus007 wrote: Thanks for that! Question though. How does selling a car on loan work?
No problem, just empty your bank (since it's a Mazda on financing). :)
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Oct 6, 2010
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I'd give ya $18k for it.
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Jul 30, 2007
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If it is a GS, then probably $20K is the fair value now
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booblehead wrote: If it is a GS, then probably $20K is the fair value now
I'm trying to get a deal. Bugger off with truths and fair values. OP needs to ditch $24k car cause no rear vents. This should be easy if you don't intervene.
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Deal Expert
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Jul 30, 2007
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OP asking and getting is different story ... all comes down to the urgency of selling it. Winking Face
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Jan 15, 2006
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Richmond Hill
$18,001

That's my best offer. There's probably rust already.
Deal Expert
Jan 15, 2006
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booblehead wrote: OP asking and getting is different story ... all comes down to the urgency of selling it. Winking Face
Well there's no rear vents so it's not urgent, it's an emergency!!!
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Aug 20, 2007
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Kitchener
OP... you'll have to pay off the loan and have the vehicle lien free before you can sell it privately. So pay off the $24k loan to the bank, then sell the car to some one for $20k and then go buy yourself another car. Or you can trade it in to a dealer where you purchase your new car and they can handle the pay off but your gonna lose a little more on the value of the trade, although you do save the tax so you may want to do the calculation and see if its worth going the private route vs just trading it in.
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Aug 22, 2011
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peelhic wrote: OP... you'll have to pay off the loan and have the vehicle lien free before you can sell it privately. So pay off the $24k loan to the bank, then sell the car to some one for $20k and then go buy yourself another car. Or you can trade it in to a dealer where you purchase your new car and they can handle the pay off but your gonna lose a little more on the value of the trade, although you do save the tax so you may want to do the calculation and see if its worth going the private route vs just trading it in.
In ON, you can sell a vehicle with a lien on it.
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vkizzle wrote: In ON, you can sell a vehicle with a lien on it.
how does that work. if you sell privately vs trade in? does the person buying/taking in the vehicle inherit the loan/lien?

so if you have say $10K lien and sell the vehicle for $10K, the buyer knows that they really are paying $20K for it?
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rilles wrote: how does that work. if you sell privately vs trade in? does the person buying/taking in the vehicle inherit the loan/lien?

so if you have say $10K lien and sell the vehicle for $10K, the buyer knows that they really are paying $20K for it?
No, you would take the seller to the bank to pay off all of outstanding amount.

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