Private Party Sales

A portion of the used automobiles we finance at Jax Federal are purchased through private individuals. To help you make this very common way to buy a car a satisfying transaction, here are some tips.

Selecting The Car
People in the market for a good used car usually watch the want ads or keep an eye out for "for sale" signs in cars they see on the street or parked on lawns.

Negotiating The Deal
In any car purchase negotiation, having “cash-in-hand” will strengthen your bargaining position. (Visit a JAXFCU branch for pre-approval and walk away with a check for the seller!) However, setting the price is always a challenge in a private sale. A useful rule of thumb is to use the midpoint between the "trade in" and the "retail" values as listed for the car in the NADA "Blue Book" of used car prices. These books are available at your nearest JAXFCU branch.

Financing The Car
Once you have found the car and settled on a selling price, be sure to ascertain whether there is an outstanding loan on the car. If there are no outstanding loans, the seller will have a copy of the car's title. The title can be signed over to you at the time of loan closing.

If there’s a current loan, have the owner provide you with the name of the lender and the loan number. Your lender - hopefully JAXFCU - will need this information so that part of your loan proceeds can be paid directly to the owner's lender to satisfy the current loan and therefore ensure that a clear title passes to you.

We understand how important a car purchase transaction is to you. We're here to help with buying tips, facts and figures to boost your negotiating position, and financing to make your car affordable. If you have any questions, call us today at (904) 475-8000.