Can i sell my car for less than i owe on the loan?

Question

Lets say i owe 15,000 and want to sell the car for 14,000. Can i do that and just have a balance of 1,000 to the bank?

Answer 1

That I know of there is nothing stopping you from doing this but you would still owe the balance of the loan to the bank if you didn't pay what you sold the car for to the bank.

Sometimes if you had a loan for $15,000, sold the car for $14,000, paid the money to the bank, the bank would write off the other $1,000 as paid in full. You would have to check with your loan/bank for more info.

Answer 2

GO TALK TO THE BANK ... do not get yourself in hot water with a buyer or the bank ..... let the bank know your intentions and ask for their help ---- your credit rating is important and it takes years to correct bad reports and debt.....you can sell for what ever price you can get .... but the bank will not give you the title without being paid-off or restructuring the car loan so you can sell the vehicle (( it's possible to get the buyer to assume your loan if that person has good credit )) This saves the bank a bad loan and may help your credit rating.... talk to the bank and if it is a loan through a car company go back to the dealer that sold you the car and start conversation with them -----------before the car gets REPOSSESSED and blows up you chance of buying another car.... good luck...

Answer 3

Sure, providing you want to lose money. Once you pay the bank off and they give you the lien release, you can give it away if you'd like. But while the bank is owed any balance, the vehicle belongs to them as legal owner, you are merely the registered owner/driver. So you can't legally sell their property without their permission unless and until they have been made whole and no longer have an interest in it.

Answer 4

you will nevertheless owe the stability, needless to say. however the monetary business enterprise or finance business enterprise will anticipate finished charge the 2d you sell the vehicle. so which you will could organize any own loan to cover this quantity until now you sell it. you're able to have the flexibility to get a signature own loan at your monetary business enterprise, or use a funds advance on a credit card to cover it. except you're way the different way up on the deal, the money could be much less this manner. yet once you're able to borrow for yet another, extra less costly vehicle, you're able to be paying close to to the comparable quantity and using a extra less costly, older vehicle. So run the numbers, and do the digging now, until now you're making any judgements. My inventory suggestion in procuring a vehicle is on no account finance a sparkling vehicle for extra desirable than 3 years. in case you won't be able to pay it off in that quantity of time - you won't be able to handle to pay for it.

Answer 5

Yes and no. You can sell the car but you have to pay the difference off at the bank in order to get the title. Unless of course you have a bank that can give you signature loan for the difference and they pay the car off and you then can pay the signature loan off.
Good luck..upside down in that beast are you???

Answer 6

You can sell it for $1 if you want.... but you will be responsible for the remainder on the loan.

You can also transfer your loan to another person.... some banks won't let you but others will. Check your contract.

Answer 7

Sure why not? You could sell the car for a dollar if you wanted to, or even smarter try and get more than what you owe!

Answer 8

Go talk to the bank and maybe they can give you a loan as to what you own after you sell it.

Answer 9

YOU can sell it for whatever you want - but you still owe the bank.

Answer 10

Yes, you can do exactly that. Sucks to have to do that, but hey, I'm guessing if you're in that situation it would only get worse if you didn't.