Can I sell my car when I'm still paying off the title?

Question

I have a three year old car that I want to sell, but I still have two years to pay it off. From the Kelly Blue Book rates, it looks like it would be worth it for me to do so. However, I don't know how this can be done without first owning the title. Can someone suggest a resource or guide me? Thanks!

Answer 1

Of course you can, buddy! It's the American way! Putting oneself into debt!

It's a simple trade-in at the dealership.

Go, pick a new car and a new loan is born! The old loan will be paid off by the bank. Let's hope you don't end up upside down and if that's the case everything should be fine.

A tip: Clean your car really well before going to the dealership to strike a deal. First impressions are a b*tch and will make a big difference in their initial appraisal of your vehicle.

Answer 2

You can't sell the car with a lien on it. You can trade it in, and the dealership will pay it off for you, and basically take the lien off the value of the trade in, or add it in with your new car payments. The only problem is if it is part of the new loan, you could end up owing more to the bank than the new car is worth..it is called being upside down. And basically it is owing more than the car is worth. People do it all the time.
Or you can try to get some other type of loan, other than a car loan, like a home equity loan to pay your car off. Then you would have the title and be able to sell it outright. Then once you sell it, you could pay off the home equity loan. I would suggest the home equity type thing. But it is entirely up to you. If you trade it in, you will basically get the Kelly Blue Book value on a trade, which is less than selling it outright.

Answer 3

When was the last time you saw someone selling a car that mentioned any sort of guide price that didn't say in big bold letters "BELOW BLUE BOOK!"

Blue Book almost always says a car is worth more than they usually sell for. Edmunds and NADA are a bit more conservative, but even they tend to err on the side of the seller. Unless you're selling something like a Miata or an MRS or a Camaro or an S2000 or something, you're not likely to actually get Blue Book price for it.

Knock like 20 percent off for your estimate, and you're probably safe.

Answer 4

No, you cannot sell the car and transfer the title, you are not the owner. You could be creative, however, if you find a buyer for the car, have them pay off the loan, tell them up front that you are working it this way. Remember though the potential buyer will now be aware of what you owed on the vehicle. May be difficult for you to get anything above and beyond the total pay off of the vehicle.

Answer 5

for sure as long you take the money and pay the bank so you can get the title. Don't sell it thinking you can pocket the money because its the bank's money and the buyer will need the title to register the car in his name. Sell it for what you owe on it or for more and make a little extra.

Answer 6

You sell your car, then pay off the loan before you can transfer the title. It's just getting someone to give you the money before they get the car is the hard part

Answer 7

In Canada, you would not manage to promote it with a lien. even as it receives paid off to the monetary company or broking, they devoid of delay provide you with a rfile letting you already know the lien is lifted. If there remains a lien, it means you owe someone and they have positioned a lien on your man or woman residence (automobile). you'll likely ought to positioned aside the money to cover the lien in an account, or pay the quantity owing, in the previous the automobile may be bought.

Answer 8

Talk to your bank. They will intruct you on how to arrange payment and how long it will take to get the clear title to the new owner. Most banks will get this done much faster if they are paid with a cashier's check. If your bank is local, the two of you can go there in person and get it done quite easily and quickly.

Answer 9

Talk to your bank - they will release the title once the loan is paid off. It's done routinely every day.

Answer 10

You can't sell it if it has a lien on it. The new "owner" must have possession of a clear title to be the legal owner of the vehicle.