2006-08-08 05:46:38 · 20 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
pay it off
2006-08-08 05:49:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you sell your car privately and the bank had a lien on the car to give you the loan, you have to pay off the loan. They will not finance you on another car if you are still paying off the previous one. A dealership cannot sell you a car if you still have an outstanding lien on the car you are trading in, unless they roll your negative equity into the new car payment or you cover the balance with cash. If you sold your car, wouldn't you not need another one?
The only way this works is if you can give the bank some collatral towards the car loan, because in most circumstances if you cannot make your payments, they repossess your ride.
2006-08-08 07:39:05 · answer #2 · answered by Flexis 2 · 0⤊ 0⤋
These people are WRONG.
You don't have to pay it off. You can have the buyer take over your payments. The bank has to approve though. But shouldn't have a problem if the buyer has good credit and a job.
Or you can arrange for the buyer to make the monthly payments, then after it's paid off, you can transfer the title in to the buyer's name. But this is obviously risky, so wouldn't do it for anyone other than family.
2006-08-08 06:52:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Paying off the balance will remove the lein from the registration on the car.... basically, you HAVE to pay it off if you want to sell it with a clean title.
Another option is to go to the bank, get a loan for the amount of the payoff, pay it off, and then have a clean title, and you can continue making your payments... possibly with a lower APR!! :)
2006-08-08 05:55:31 · answer #4 · answered by Mpls Hot Rodder 2 · 0⤊ 0⤋
If you borrowed money from a bank or credit union to buy the car, you will have to pay it off when you sell the car because the car was collateral for the loan. If you stop paying they can take the car, but if the car is gone they have nothing to stop you from not making the payments. If you need money, you should consider taking another loan out using whatever equity you have in your car as collateral.
2006-08-08 05:51:37 · answer #5 · answered by JamesBond 2 · 0⤊ 0⤋
You can't transfer title until you pay off the balance, and you can't "sell" it with out transfering title, unless you want the liability of having someone else drive a car that is titled in your name.
So technically, no you can't see the car without paying off the balance.
2006-08-08 05:49:51 · answer #6 · answered by hsueh001 5 · 1⤊ 0⤋
You have to pay off the balance.
If you're still paying for the car, technically, you don't fully own it. The bank owns part of it, as THEY provided the financing to the seller.
The bank holds that vehicles as a lien against your loan with them... and if you were to default on the loan, the bank could legally repossess the car.
2006-08-08 05:51:04 · answer #7 · answered by Village Idiot 5 · 0⤊ 0⤋
No, the lending company will not sign off on the title without payment in full. The car is their colatteral for the loan.
2006-08-08 05:50:58 · answer #8 · answered by mykidsRmylife 4 · 0⤊ 0⤋
You have to pay it off before you sell it. Otherwise it is registered as having a lien on it. And nobody would buy a car with a lien on it because if you default on the loan, they can take the car.
2006-08-08 05:50:20 · answer #9 · answered by Anonymous · 0⤊ 0⤋
you have to pay it off. for example you sell it at home and the person that you sold it to is not going to wait to get the title untill you pay your balance off. if you sell it to a dealer I think he pays of the balance and then gives you the remaining money, which usually is nothing.
2006-08-08 09:18:14 · answer #10 · answered by serb423 3 · 0⤊ 0⤋
Unless YOU have the title free and clear, you have to pay the lender off to obtain the title so it can be sold. You can't just sell it and not give the title to the person buying it, or his lending institution.
2006-08-08 05:51:05 · answer #11 · answered by Anonymous · 0⤊ 0⤋