2006-06-14 04:08:49 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
You could trade it in at a dealership.
2006-06-14 04:23:21 · answer #1 · answered by sgrjackson1 5 · 0⤊ 0⤋
Simply you need to talk to your lender and find out the balance owed.
With that determined, you will either need to sell it for more than what is owed, at least what is owed or pay the difference between the selling price and the balance owed to the lender.
Once the balance is owed, the lender will sign a lien release allowing the new owner to take ownership and register the car in their name.
2006-06-14 11:18:26 · answer #2 · answered by aallord3 1 · 0⤊ 0⤋
legally you cant...it is illegal for someone else to assume the loan without the consent of the lienholder...i work in this industry and one client had sold her car to third party and the third party didnt make the payments so when the lienholder wanted the payments, the girl just called it is as stolen...the brother of the third party was stopped and arrested on his way to his graduation....this kind of thing almost never turns out well.....
2006-06-14 11:13:33 · answer #3 · answered by susuze2000 5 · 0⤊ 0⤋
You have to get the title from your lender. Guess what they will want in exchange? It's a logistical problem.
2006-06-14 11:14:04 · answer #4 · answered by Jack430 6 · 0⤊ 0⤋
1st sell it for more than you owe..and pay off your loan with that....or let them assume the load ---hav eto get yoru financial institurion involved.
2006-06-14 11:13:03 · answer #5 · answered by Jack Kerouac 6 · 0⤊ 0⤋
check how much you owed then if you old 3,000 sell it at 4,000
try to get a little more that what you are owing.
2006-06-14 11:16:30 · answer #6 · answered by prettygirl 3 · 0⤊ 0⤋
They can assume the loan.
2006-06-14 11:11:14 · answer #7 · answered by bbkidchen 3 · 0⤊ 0⤋