2007-01-29 14:03:38 · 11 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
The fact that the debt was written off on the finance company's books does not mean that you still do not owe the money, nor does it mean that the security interest in the vehicle is released.
You will have to get a release from the finance company before you can transfer the title.
Contact the finance company and see if you can settle the account and get a release. If not, return the car to them!!
2007-01-29 14:16:08 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
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2016-09-26 12:48:17 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I'm not a lawyer, accountant or anything like that. However, my best friend experienced this. Basically, you need to turn the car in or it's going to get reposessed. Trust me, they'll find you. Yes, you can sell it. I believe your question is "Can I sell it legally"? :)
Also, it's best to go ahead and try to save up to pay it off. Here's what can happen. (1) You either voluntarily or involuntarily surrender your car. After all - it was probably the collateral for the loan. (2) The Bank with which the loan exists will sell your car at an auction. Very likely at a fraction of the actual value of the car. (3) Once they do that, they'll either sell or write off the debt. There's where the fun comes in. (4) Several years later you might receive a settlement offer or a statement that you are being sued for the difference in the amount of the loan less the auction price of the car. (5) Somehow you'll need to pay it.
NOTE: A reposession, voluntary or involuntary, stays on your credit history for 7 years after it was reported as a repo. If you don't settle the loan it can affect whether you get an apartment, house, another car in the future, etc. Repos are very ugly and if there is ANYTHING you can do to negotiate a payoff with the bank, I'd recommend doing it.
Hope this helps.
2007-01-29 14:17:30 · answer #3 · answered by jami1kenob 2 · 1⤊ 0⤋
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RE :Can I sell my car if the loan has been charged off as a bad debt?
Follow 9 answers
2016-12-03 05:25:56 · answer #4 · answered by ? 6 · 0⤊ 0⤋
in the adventure that they repossess your motor vehicle, then you surely are in difficulty. This messes up your credit for 10 years. The repo agency will promote you motor vehicle (for a small quantity) then take the quantity received from the sale and reduce your own loan with that. so that you'll nonetheless owe money. So attempt your maximum acceptable to capture decrease back up. strong success!
2016-12-03 05:31:54 · answer #5 · answered by ? 4 · 0⤊ 0⤋
If you do, the funds should be applied to the "charged off bad debt"
2007-01-29 14:27:38 · answer #6 · answered by Seeanna 5 · 0⤊ 0⤋
Not with out the title,, The Junk yards wont even take it
Have one of your friends call it in ,,see if thay can get it for a lower pay off
2007-01-29 14:13:37 · answer #7 · answered by bill_ray56 3 · 0⤊ 0⤋
Need a clean signed title , from bank releasing the lien.
2007-01-29 14:13:57 · answer #8 · answered by gipster1966 2 · 1⤊ 0⤋
As long as you have a clear title for the car (in your name, and no liens on it) you can sell it.
2007-01-29 15:03:28 · answer #9 · answered by Bobby Jim 7 · 0⤊ 1⤋
i used this site to get quotes for my car loan. worked out well, i got a great deal out of it!
2007-01-30 03:04:18 · answer #10 · answered by Anonymous · 0⤊ 1⤋