Please Help - Advise required


Thread Starter #1
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within a month i am planning to get a new car most probable the all new honda city recommended by most members in my earlier thread.

coming to my problem is that i have to sell my maruti wagonr which is in its 4th year and i took 5 year loan for it.

now if i sell car what will happen to my EMI i.e will i have to prepay the loan?


and which will be more beneficial- selling the car to maruti true value or honda autoterrace?

acc to maruti true value website, my wagonr's value is 240000 and has run 30 k and is in mint condition - glossy paint and no scratches etc.
 
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I would suggest to sell it to true value, for peace of mind.

Maruti true value will take care of your EMI settlement and will deduct this settlement money from total they are ready to pay you.
 
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If you are in the fifth year your remaining due will be very less so it wont be a problem for you to close the loan and proceed with the selling may be if you can get some more bucks for your ride or else proceed with truevalue as RSM advised.
 
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Suggestions

As you are on the 4th year of your 5 year loan term, whether you sell the vehilce to maruti true value or honda autoterrace, there are some steps you need to follow:

  1. Check out with your bank or loan lending authority that how much total EMI amount is left over for the next one year.
  2. Checkout with both Honda and Maruti how much they are willing to pay for your car at present.
  3. Go for the one paying high.(as you will get more returns)
  4. Now go to the bank/loan lending authority with Maruti true value/Honda Autoterrace personnel(as preferred by you) ,who will bring with them the estimated amount of the money for the resale value of your car. The total amount of the left out EMIs for next year will be paid to the bank /loan lending authority, and the ballance will be paid to you.
  5. Your vehicle ownership papers will be transfered to the buyers name and then you can handover the keys. Thats all.
Now comes your query for the choice of the buyer for your car--- Maruti True Value OR Honda Autoterrace. You have to keep following things in mind:

  • You have to compare between the resale values which they are willing to pay you.Which ever pays more go for it.
  • As you said you are going to buy Honda City, so Maruti will have single business settlement with you, i.e. selling of your old car(if you are selling it to True Value) but if you sell it to Honda, Honda will have double business settlement with you i.e. buying of your old car and selling of a brand new car to you. So in my opinion, Honda will get both the deals settled easily than Maruti as they have higher percentage of benefit.
I have mentioned all possible options, but final decision is yours, go for the best option.

ALL THE BEST[thumbsup]
 
Thread Starter #6
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As you are on the 4th year of your 5 year loan term, whether you sell the vehilce to maruti true value or honda autoterrace, there are some steps you need to follow:

  1. Check out with your bank or loan lending authority that how much total EMI amount is left over for the next one year.
  2. Checkout with both Honda and Maruti how much they are willing to pay for your car at present.
  3. Go for the one paying high.(as you will get more returns)
  4. Now go to the bank/loan lending authority with Maruti true value/Honda Autoterrace personnel(as preferred by you) ,who will bring with them the estimated amount of the money for the resale value of your car. The total amount of the left out EMIs for next year will be paid to the bank /loan lending authority, and the ballance will be paid to you.
  5. Your vehicle ownership papers will be transfered to the buyers name and then you can handover the keys. Thats all.
Now comes your query for the choice of the buyer for your car--- Maruti True Value OR Honda Autoterrace. You have to keep following things in mind:

  • You have to compare between the resale values which they are willing to pay you.Which ever pays more go for it.
  • As you said you are going to buy Honda City, so Maruti will have single business settlement with you, i.e. selling of your old car(if you are selling it to True Value) but if you sell it to Honda, Honda will have double business settlement with you i.e. buying of your old car and selling of a brand new car to you. So in my opinion, Honda will get both the deals settled easily than Maruti as they have higher percentage of benefit.
I have mentioned all possible options, but final decision is yours, go for the best option.

ALL THE BEST[thumbsup]

thanks buddy, points noted.
 
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Hope Das gave you a good reply.

Another option , just give a ad in some free ad sites , you can get to sell directly at good rate . - you need time and also be with the to show to them etc and negotiate with the buyer. If you have this free time you can try them , else a exchange is better ideas
 
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+1 to AHI'S suggestions.

But Ilango's suggestion will also provide more returns since the dealer commission is eliminated. But you need to spend more time for this option by doing all works personally.

In the end compare all three and choose the one which gives the best returns.
 
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thank you Cooldhaya and Ilango.

@Ilango
yes bro, your idea complements mine one. Nice one

@Anmol
You can go by Ilango's suggestion if you have time in hand, but if you want to sell your car off rightaway then check out mine.
 
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