Chevy Malibu sale update #3: The home stretch
It’s been 2 days since the last update. Only a few things have happened, but they’re important things:
- The buyer got his insurance prepaid, so the insurance agent faxed the proof to his credit union. This means the buyer got the certified check!
- We scheduled to complete the sale tomorrow at the buyer’s home at 9am. Why at his home? He lives 40 miles away from us, but we didn’t want him driving away the car with our license plates still attached. We need those plates to return to the DMV before we can cancel our insurance on the car. So, we’ll drop off the car, complete the transaction, take off our plates and go home with our big, fat check.
- Speaking of insurance, I called my agent to ask how much our insurance will be when we drop the Malibu. Our insurance will go from about $1109 per 6 months to $853. That’s a savings of about $43 per month. By the way, our insurance is high because Maryland has higher rates than most parts of the country and also because there’s still an accident surcharge on our account. That will fall off next April though (assuming we don’t cause any more accidents before then).
- We were able to find a notary at the local Suntrust bank near the buyer’s home who will be available tomorrow morning to notarize the Bill of Sale. We need a bill of sale for the DMV as well as for proof of mileage…
- Speaking of mileage proof, the buyer also wants to buy the extended warranty, but doesn’t have the money yet. We can cash out for about $818 after fees, but we’re charging an even $1000 plus the transfer fee of $50 to sell the warranty. I learned we have 30 days to notify the warranty manager of our intentions (transfer or cancel), and they will accept a notarized bill of sale with the mileage shown as proof of the mileage.
- Our notary actually verified the mileage, but that was on Monday. When I took the car the Chevy to get the tie rod fixed, I saw they put on another 20 miles while the car was in their possession. I was in a hurry, so I didn’t push the matter much (see, I’m not always angry). Also, we’ll tack on another 40 miles tomorrow, so overall, the car will have another 70-80 miles since the buyer first drove it and we agreed on the sale. I did learn that the Suntrust notary will not be confirming the mileage, only the buyer’s signature.
What’s the final selling price you ask? Well, we’re taking a hit on it, but there’s so many other Chevy Malibus on the market. The final price is $10,500. Tack on another $818-1000 for the extended warranty, and another $200 if he wants the paint and fabric protection warranty (which I’ll never get again since they’re not worth the cost). We could walk away with $11,700.
We do have a few plans for that money, but I’ll get into that in another later post.
I would like to see that credit card bar on the right just go *poof* I’m sure you’ve got something a bit more “clever” in mind though 😀
Why would you get more money if the buyer wants extended warranty or fabric protection? Or are you offering these and somehow able to get commission on the sale of those services?
MoneyNing, we paid for the extended warranty, so we won’t be giving it away for free. We paid $1400, which he would be lucky to negotiate it for if he tried with the dealer.
Granted, there are cheaper extended warranties, but not with the deductibles and added services ours offers.
don’t forget to send DMV the top portion of the title that says that you no longer own the car, so you aren’t liable for any accidents.
Tim, in Maryland, we just sign over the title and security interest filing (if the vehicle had a lien on it) to the buyer and he takes it to the DMV.
My family used to own a Malibu and we put SO much work into that car, it wasn’t even worth it. That’s probably one of the main reason there are so many on the market.