How does it work when selling a financed car privately ? How do I get the title from the bank ?

Question

I can't afford the car I have a note on. I need to sell it and get
out from under the debt. How do I sell it if the bank has holds
the title ? I would need the proceeds to pay the loan to get the title to car? Help I don't know what to do, please thanks MJ

Answer 1

First, you check the contract to see if there's an early-payoff penalty.

Second, call the bank and determine if there's local branch where you do the paperwork, notarized and all that, so you can get the stuff done ASAP.

Third, it may be possible for the other guy to "assume" your loan and just buy out your equity in the vehicle. However, the bank have to approve him first. Again, check with the bank.

Fourth decide what he and you want to do. The bank can tell you how to do it.

Answer 2

You can refinance your vehicle, or let them take the vehicle, and just apply for a another loan for a new car. I had really bad credit, and I applied for a car loan through this company and go approved really quickly and surprisingly easily. Heres a link to they're website. http://goshorter.com/465/ I've had no problems, and I have nothing but good things to say about them. I highly reccomend them!