I currently have a car but used a bank loan to pay for it which means that the car is not under my name but the bank still owns the car for now i guess. Even though I have not paid the loan off I want to get a new car and get rid of this one. I still have one year to pay it off. Is there any way possible that I could work this out? What can I do? What options do I have?
Is it better if I just wait until the loan is finally paid off?
2007-07-24 04:24:23 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
You have two options. Trade it in or sell it yourself. Either transaction will include paying off the loan to the bank.
If you trade it in the money you owe the bank will be added to the price of the new car you buy.
New Car Value minus Trade Value plus Loan Payoff = new car price.
If you sell it yourself you have to take the money the buyer gives you and pay off the loan. Then the bank will issue you the title. When you have the title in your hands you sign it over to the new owner.
2007-07-24 05:47:26 · answer #1 · answered by mccoyblues 7 · 0⤊ 0⤋
sure, depending on how much you owe, vs how much the car is worrth, most auto dealerships will take your car in trade, pay off the balance, and use the difference towards you down payment. Call your bank and get the pay off. then go online and check the "kelly blue book" value of your car. The dealer usually gives you the lower amount listed towards your vehicle. But, I have also traded on in that I owed more than it was worth, they just add the difference to your new loan.
2007-07-24 04:29:49 · answer #2 · answered by randy 7 · 2⤊ 0⤋
Can't you trade it into the dealership and get another one?
2007-07-24 04:32:02 · answer #3 · answered by ♥☺ bratiskim∞! ☺♥ 6 · 0⤊ 0⤋
Park it in a bad part of town with the keys in it..... check and see if it's gone in a day or two..... then it becomes stolen... but your luck they would find it and return it to you. lol
2007-07-24 04:31:23 · answer #4 · answered by Anonymous · 0⤊ 2⤋