How The Process Works If I Want To Sell A Car And Still Owe Money ?

Tags: Sell, Process, I Want

3 Responses to “How The Process Works If I Want To Sell A Car And Still Owe Money ?”

1. oklatom says:

   December 31, 2009 at 6:42 am

   If your lender is local and you are selling it for more or equal to what you owe, meet the buyer at the lender, use his money to pay off the loan and then get the title & sign it over to him.
   If you owe more than its worth you are going to have to pay that or they wont give you the title and you cant sell it.
   If the lender is out of town, ask them, but many buyers aren’t going to trust you to send them the title after they pay you.
   Affidavits & such can solve the issue.
2. N says:

   December 31, 2009 at 6:42 am

   It’s simple. In basic terms you have to pay off the loan before you can sell the car.
   So the first thing you have to figure out is the market value of the car and the payoff on the loan.
   If you can sell the car and pay off the loan in full with the proceeds you’ve got nothing to worry about. Sell the car, take the money, pay off the loan and when the title comes in, sign it over to the buyer.
   If the money you get for the car does not pay off the loan in full you have to come up with the balance. How you do that is up to you. You can use cash, borrow it, sell some of your stuff, cash in savings or any way you can to raise the cash needed to pay off the balance on the loan.
3. mccoyblu says:

   December 31, 2009 at 7:38 am

   You must take out an unsecured loan for the balance. Go to your bank and inform them that the payments are to much for you right now and you would like to sell the car instead of repo, and you are applying for an unsecured loan.