If I am financing my car... can I sell it? if its not fully paid?

Question

Thanks

Answer 1

Yes you may sell it as long as you satisfy the amount of the loan. The bank has the title and without fully paying off the loan you cannot get the title released from the bank. If you are "upside down" meaning you owe more than the car is worth you have to pay the difference. I hope this helps

Answer 2

Yes you can.
If you want just SELL it to a private party, you can either have they come up with their own financing OR you can arrange for them to just take over the payments. But if you want to buy a new car and trade it in still owing on it you can do that too...but if you owe more than the bluebook value for it, you will be what they call "upside down"...so whatever the difference between what you owe and its worth is, they will just add that to the cost of the new car.

Answer 3

YES! There is several options you can do to do this. Most two common ways is trading it in at a car lot and adding the remaining balance to your new finance after trade in value they give you and/or finding a buyer who will pay off your balance and difference of what you want in return. It is a simple task after finding a buyer/or car lot that will work with you.

Answer 4

no , because in order to sell it, you have to transfer the title , and if you are financing , the lender has the title until the car is fully paid .

Answer 5

yes, sale it, with the money pay you debt, then when you receive the original documents you mail them to the new owner. Mean while, go to the DMV.org and get a bill of sale, fill it up, with yours and the buyers information, so you get out of any responsability if the new owner does something "bad" with the car and also is a proof of ownership for the new owner. Hope it helps, good luck!

Answer 6

Yes you just need to make sure that you sell it for more than you owe. Take the check and the title of your car to the bank and they will release the lean.

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Answer 7

you can sell the car, but you must get approved for a non-secured loan to pay the balance off the car loan, or you can write out a credit card check or do a credit card balance transfer to the bank to pay that loan off.

Answer 8

Unless there is some clause in your contract, you should be able to sell it as long as you receive enough money to pay off the loan. Your lender will require you to pay them before you pocket any cash.

Answer 9

yes you can sell is but if it doesnt sell for the amount you owe on the loan you will still have to pay off the remaining balance.

Answer 10

u would need to pay off the balance on the loan before transferring it to someone else. the problem is, it's very easy to end up where you owe more than the car's market value.