This car is still being financed. Is it legal to sell if the financers still have the title? How does that work out, Carmax will finish paying off the loan? I believe it's paid off more than it is worth. Please help ; )
2007-03-29 07:01:33 · 11 answers · asked by lanena 2 in Cars & Transportation ➔ Buying & Selling
I am not trading in, I wish to be rid of it.
2007-03-29 07:41:12 · update #1
If your name is not listed as "Legal Owner" or "Lien Holder", then no, you can't sell it.
2007-03-29 07:05:06 · answer #1 · answered by Mr. KnowItAll 7 · 0⤊ 0⤋
You sell the car (hopefully for more than you owe on it) and tell the buyer that the car is financed through XXX company. Once the buyer pays you for the car, you take that money and pay off the loan first. Then with the money you have left you can do what you want with it. The XXX company will send you the title, unless you write them and specifically tell them to send it to the other person.
2007-03-29 14:08:59 · answer #2 · answered by auditor4u2007 5 · 0⤊ 0⤋
If your trading the car in, the dealer Must pay the loan off in full to turn around and retail the car. If the payoff is higher then the vehicle value, then the difference comes out of your pocket by carrying over the negative amount to your new loan or is comes from your down payment.
2007-03-29 14:10:08 · answer #3 · answered by AutoPlanetUSA.Com 1 · 0⤊ 0⤋
Whatever you sell it for, the car company gets the remainder of the money. For example, if you owe $3000 on your car and you sell it for $4000, you get $1000 and the car company gets the remaining $3000.
2007-03-29 14:05:56 · answer #4 · answered by Jon S 4 · 0⤊ 0⤋
Contact the original lender, get a payoff and ask them what they need to release the title to the new owner. Keep in mind if the payoff is more than you are getting, someone will have to pay the balance to get the title
2007-03-29 14:05:08 · answer #5 · answered by wizjp 7 · 2⤊ 0⤋
Of course.
You can sell it.
Make sure that you know how much the dealer is paying for.
And also know your pay-off balance for your vehicle.
And then Pay / Receive the difference.
Then, get a new / used car.
Simple?
2007-03-29 14:27:22 · answer #6 · answered by ATL NOOB 2 · 0⤊ 0⤋
all you need do is pay off the loan and the title will be yours
2007-03-29 14:09:51 · answer #7 · answered by malemute1 4 · 0⤊ 0⤋
not unless u make the buyer of the car pay for debt
2007-04-02 14:01:03 · answer #8 · answered by Samantha 2 · 0⤊ 0⤋
yes, but only in agreement with financing company
2007-03-29 14:05:13 · answer #9 · answered by mike_dooley49 3 · 0⤊ 0⤋
if you buy a new car they pay the old one off !
2007-03-29 14:07:25 · answer #10 · answered by James k 5 · 0⤊ 0⤋