If you buy a used car and finance it, can you later sell it before its payed off?

Question

How does that work?

Answer 1

same as selling anything with a lien on it, you can sell it but you have to pay off the lien holder before you can transfer the title

Answer 2

Yes you can sell it before it is paid off. When the loan is cleared, the loan company will send you a card stating there are no liens on it. Make sure and pass that on to the new owner as soon as you get it.

Good Luck!

Answer 3

Yes you can. The question is, will you be able to? In other words, will you be able to sell your car for more than what you owe on it? If you owe more than you car is worth that is what is known in the car industry as being "upside down" on your loan. Let's say that your car was worth $7,000 and you owed $9,000 to the bank, you could sell the car for $7,000 but you would have to come up with the other $2,000 before you could sell it with a clear title.

Answer 4

oh course you can. you'll always have a payoff. so lets say 2yrs later you want to sell your used vehicle to a private sale (not a dealership) you call up the company and get a 10day payoff. If your payoff is 3000.00 then you can sell your vehicle for 3000 or more and send the company a check for the balance (3000) and you keep the rest.

Answer 5

The car needs to be paid off and have a clear title with no "lien holder" on it before it can be sold.

Answer 6

You would need to tell the buyer that the title is held by a lienholder and you would need to sell for at least the amount of the balance. A savvy purchaser would not accept your idea, a naive buyer might go for it.

Answer 7

Call the bank, get a payoff amount and advise them you are selling the car. They will make arrangements to get your payoff and forward the title.