2006-08-15 15:02:23 · 6 answers · asked by bmdrumboy 1 in Cars & Transportation ➔ Buying & Selling
1. YOU WANT TO FIND OUT THE VALUE OF THAT CAR,IN RELATIONSHIP TO WHAT YOU OWE TO DETERMINE WEATHER OR NOT YOU HAVE POSITIVE OR NEGATIVE EQUITY.
2. IF YOU HAVE POSS. EQUITY YOU SELL OR TRADE THE CAR, PAYOFF THE BANK OR LIEN HOLDER AND USE YOUR THE EXTRA MONIES AT YOUR DISCRETION.
3. IF YOU HAVE NEG EQUITY YOU WOULD THEN DECIDE IF YOU WANTED TO MAKE UP THE NEGATIVE WITH CASH DOWN OR ROLL IT IN TO THE THE NEW PURCHASE THIS WOULD CAUSE YOUR PAYMENTS TO BE SLIGHTLY HIGHER BUT NOT ALWAYS A BAD THING ALLOWS YOU TO KEEP YOUR MONEY IN THE BANK WHERE IT IS GROWING RATHER THAN INVESTED IN A DEPRECIATING OBJECT.
4. SO SELLING/TRADING A CAR WITH A LIEN REALLY IS NOT AS TOUGH AS PEOPLE MAY THINK.
2006-08-15 16:41:01 · answer #1 · answered by hdt_80020 2 · 0⤊ 0⤋
Take the car with you to where ever you wish to sell/trade and tell them it has an outstanding lien against vehicle. It would help to take a payment coupon or bill when you go to help the financial advisor in finding out outstanding balance. If you are taking it to a auto auction you will need a statement from the lien holder stating how much is owed!@ PS This is North Carolina law regarding vehicles you really should check with your state Department of Motor Vehicles and find out what their regulations are!@
2006-08-15 15:51:24 · answer #2 · answered by nswblue 6 · 0⤊ 0⤋
The car is subject to a lein, but if you trade in at a dealer, they will give you your equity as a downpayment. Ex: Car trade in value is $5000, you owe $3000. The dealer will take the car and pay it off, and give you credit for a $2000 downpayment on the car you buy from him.
2006-08-15 15:07:53 · answer #3 · answered by Catspaw 6 · 0⤊ 0⤋
we asked for the outstanding account of my car loaned to said company and request for a trade in for a new model car
2006-08-15 15:44:28 · answer #4 · answered by desiree gersaniba 3 · 0⤊ 0⤋
Yep he's right , there a lean on the title, so it cannot be transferred to someone with out the bank releasing the lien, essentially they own the car.
2006-08-15 15:12:41 · answer #5 · answered by mlpasko2001 1 · 0⤊ 0⤋
If she is on the call, you will desire her to sign off on the deal. carry your purchaser & the doorstep mom to the financial company, pay off the non-public loan. yet, in case you have only had it 6 months, you won't qualify for yet another own loan on your person and you'd be the opposite direction up so which you cant sell it.
2016-10-02 03:36:19 · answer #6 · answered by angelou 4 · 0⤊ 0⤋