Can I sell my car privately if I'm still paying it off?

Question

I'm drowning in debt and my only option is to sell my car, but I'm still paying it off.
Can I sell it privately, if the loan is a secured personal loan?

Answer 1

you can re finance have somone take over payments

Answer 2

Hi. By the sound of it you are grasping at straws to try to find a way to bail yourself out. First off, this isn't the way to do it, and it could make your situation worse.

Technically, yes, you can sell your car privately... but you will need to be able to get more for it than the "payoff" amount of what you still owe. First order of business...find out the payoff amount, and find out what the car is worth. If you owe more than what it's worth, it's a waste of time... no one will want to buy it as it would need to be overpriced for you to get the amount you would need. If you owe pretty much exactly what it's worth, you are also wasting time...you wouldn't have any money for bills if you just break even on it, plus you'd be without the car. No car payment, but no car either. So, in short, unless you can sell it for a fair amount more than what you owe on it, you might as well keep it because it's not going to help.

Let's assume you actually CAN sell it for more than what you owe; you will have to...

a) get paid from the buyer first, in full, on just your word that you'll give them the title when you get it.

b) hope they trust you enough to take their money, go to the lender, pay off the car, & get the title (which could take several days) and not just skip with their money.

Rather than get into a potential jam, I'd suggest consulting a debt management company....these places will analyze your situation, negotiate with your creditors, try to get settlements on balances, and might get you reduced interest and payments on your debt. Many of these are nonprofit organizations who will help you for little or nothing. Check it out. It might just save you from filing bankruptcy, which should only be a last resort.

I hope some of this helped. Good Luck.

Answer 3

yes. you'll have to call the bank and ask what to do about the leinholder when you sell it as it's the bank's car right now. You can though and the other person will make the rest of the payments or pay you and you pay the bank.

Answer 4

Yes, you can sell your car but you will still have to pay off the car loan.

Find out the "payoff amount' of the car loan, then find out how much you can sell your car for. If you can sell it for more than the payoff amount, you can pocket the difference. If you can't sell it for the payoff amount, you will owe the loan company the difference.

Answer 5

To sell the car legally, you need to have the title. That means it has to be your free and clear. If not, you're out of luck.

You may want to talk to a loan specialist at a bank or credit union about your options. (legal ones)

Answer 6

If you can get the money to pay off the loan on the car then the bank will hand over the title and you can do whatever you want.

Answer 7

You can sell the car, what you do is take the potential buyer to the bank with you, The car then gets paid off and the bank will issue the title to the new owners

Answer 8

You can but no one will want to buy it because you dont get the pink slip until you totally pay off your car and I know if it was me, I would not want to buy a car without the pink slip. PLUS< If they decide not to pay to have it registered YOU will be responsible for it and what if they move?? You will be screwed dont do it!!

Answer 9

Depends upon what type of contract and agreement you set up....I'd post this in Yahoo Answers Law & Legal section.

Answer 10

Sure, you can sell it privately. But the loan may not be assumable. Check with your lender first for the conditions of the contract. Best of luck to you!!

Answer 11

You have to have the title to sell the car. If there is a secured loan, the bank has the title to the car.