Even the best cars eventually reach the end of the road. If your vehicle has seen better days and you’re facing a long list of repairs, you may be considering getting rid of your old car. Depending on what type of work needs to be done on your car, especially if it doesn’t run, may prove to be very difficult. In which case, a better option might be to junk your car. Fortunately, the process of junking your car isn’t too complicated and can end with you putting some extra cash in your pocket.
Many people take out a loan to finance their cars. If you have a loan on your vehicle, that loan won’t go away simply because you junk your car. In many cases, you won’t be able to junk your car until your debts are paid off. The reason for this is that until the loan is paid off, your lender will hold the title to the car. This simply means that the bank owns that car, not you. Most people are fully aware of any loans that may be out on the vehicle. However, if the car was a gift or someone else gave you the car without providing you with the title of the car, it is worth asking them to make sure they aren’t currently paying off a loan for the vehicle. Another option, if you’re not sure about the status of your vehicle, is that you can check with your local department of motor vehicles. They typically have who holds the title to the car. Then, you can call the lender to find out the payoff amount so that you can pay off the loan and get the title to the car.
Seek Out a Junkyard
Once your title is clear, you’ll need to seek out a junkyard. Junkyards typically have some sort of listing online but if you have the time, it may be worth reaching out to your favorite mechanic for a recommendation. Mechanics are typically aware of what junkyards will take your car, if they charge or if they pay for cars, as well as any towing services that may be available. If you are able to drive your vehicle, you can drive the vehicle right to the junkyard so that they can weigh it and give you cash for the value of the metal contained in the vehicle. However, if your car is still drivable according to the local laws, then you may actually want to try to sell it privately instead of junking it. When doing this process yourself, make sure to find a reputable junkyard that will give you the most money for your car. Some junkyards actually charge to take your car or they require a certain amount of time before paying out the cash for the car. In most cases, they are very upfront with the process and will provide you with whatever information you need.
Make a Call
For a simple way to get rid of your junk vehicle, all you really need to do is make a call. You can contact an unwanted car buyer, and the buyer will handle the entire process for you. They will come to your place of residence to pick up your car and haul it to the junkyard so that you don’t have to lift a finger. Most junk car buyers will also take care of any paperwork to make sure that the vehicle is taken out of your name. This can be really nice if you have a busy schedule and need to get rid of your car quickly. Typically, all you have to do is provide them with the paper title. Once they confirm the car and the title match, they provide you with a short, one-page contract, for you to sign. After getting your signature, they hand over the cash or check, depending on what you agreed on, and for the amount that you agreed to. It is important that you read the one-page contract. But rest assured that this contract typically just states that you do in fact own the car, meaning you didn’t steal it and that anything in the car such as the radio or computer system, is part of the purchase agreement. After you sign the contract and you get your money, they will pull in a tow truck and take your car away. Leaving you with an empty parking space and a pocket full of cash.
Check Your Insurance
After your vehicle is gone, there’s one step you’ll need to take to complete the process. Make sure to call your insurance company and remove the junked vehicle from your policy. This will prevent you from continuing to pay premiums on a vehicle that you no longer own. In most cases, the insurance company will prorate your premium for the current policy period, meaning that you may be entitled to a partial refund of your premium payments. That being said, the date of the refund is based on when you contact them so it’s ideal to contact them the same day that you get rid of your car.
Don’t Spend Much Time
A junk car shouldn’t cause too much stress or take up too much of your time. If it’s time to get rid of an unwanted vehicle, try to make the process as easy as possible so that you can focus on replacing your junked car. The process should go smoothly from beginning to end if you follow the above steps.