I have a car that I am still paying for it through my monthly payment. Now I don't think I need the car anymore. Can I still sell the car to the dealership even though my car is not paid off yet? Can I give the dealership the title of the car? Do I have to pay off the loan before I can see it? HELP PLEASE.
2006-08-10 12:33:11 · 10 answers · asked by Joanne T 1 in Cars & Transportation ➔ Buying & Selling
the dealership can handle all the paperwork, just take it to them, and they will do the rest
2006-08-10 12:38:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
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RE:
How to sell a car to a dealership when it is still being financed? I am not trading in. Just selling.?
I have a car that I am still paying for it through my monthly payment. Now I don't think I need the car anymore. Can I still sell the car to the dealership even though my car is not paid off yet? Can I give the dealership the title of the car? Do I have to pay off the loan before I can see it?...
2015-08-20 14:31:52 · answer #2 · answered by Delmar 1 · 0⤊ 0⤋
If you know the people well at the dealership they might put it on the lot and sell it for you but, I HIGHLY DOUBT IT. Even if they did you would still have to make payments on it.
You could also call the finance company and tell them you want to voluntary serender the vehicle. This is very very bad for your credit and pretty much is concidered a reposetion. In fact, to do that, I think you need a valid reason like filing bankruptcy. You can't just turn it over because you don't need it anymore. It's not that simple. I would suggest trying to find someone to take over the payments, or, if you are not in a negative equity situation (you owe more than what the car is worth) try selling it, getting the money and paying off the loan.
Unless the state you live in is a title holding state (i.e. Colorado) and the vehicle is not leased, YOU should have the title, not the bank.
2006-08-10 12:41:37 · answer #3 · answered by indigonipple 3 · 0⤊ 1⤋
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The new car purchase and the trade in are 2 separate transactions. When your friend signed the paperwork for the trade, that gave possession of that car to the dealer. They can do whatever they want to it, including sell it. Forget about that car; it's gone. The dealer probably has no legal leg to stand on re the down pymt and trade value. If the dealer cannot get them financed, they need to refund the money. She will probably need an attorney, but a call to the dealer's general manager should straighten it out. Why can't she go to her bank or credit union and get her own car loan? Bank of America and Capital One offer online car loan applications so tell her to check them out. She needs to get financing squared away *first* then go car shopping.
2016-04-01 09:31:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Selling Car Back To Dealer
2016-11-11 07:29:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can either consignment the car (meaning you own the car while they try to sell it for you for a small fee)
Another way is just to find a car lot willing to buy the car from you. They will give you what the car is worth.. and will usually pay off the car loan with the money they offer you.. any left over is profit for you. However if you owe more than the car is worth, you still have to pay off a loan.
You can hand the car back to the dealer, but usually it's handled like the second choice.. unless you can't afford to pay for it (which is usually how dealers get cars back if not traded in.)
Try to sell it to a car lot and see what they offer for it
2006-08-10 12:45:42 · answer #6 · answered by gearbox 7 · 0⤊ 0⤋
You or the dealer will have to pay off the loan to get the title.
You would have to owe less than the wholesale value of the car for the dealer to want it.
You can sell it to anyone. The buyer would have to pay the finance company or bank to get the title.
The lending company or bank will give you the payoff amount.
2006-08-10 12:41:11 · answer #7 · answered by R1volta 6 · 0⤊ 0⤋
List it in want ads, and sell to a private party. You can get a much better price.
2006-08-10 12:39:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes you can do a consignment with dealers that offer it.
but you have to sell it for what you owe on the vehicle..otherwise you cannot sell it
2006-08-10 12:38:24 · answer #9 · answered by mommy2savannah51405 6 · 1⤊ 0⤋
I would like to down size to a older year to lower payments.
2016-08-12 04:08:27 · answer #10 · answered by hmcarrsr 1 · 0⤊ 0⤋