Or will they not turn over the title without payment in full? It's only worth $15k because of some bumper damage.
2007-07-30 04:17:48 · 9 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
This is what they call an upside down loan. If you sell the vehicle by yourself for 15K, you will owe the bank 5K immediately. However, if you go to a car dealership and use your car for trade in, they can help you. Because you owe so much, you may be stuck with your vehicle until you get what you owe down. Try a respectable dealership for best results.
Good luck. Hope this helped.
2007-07-30 04:28:10 · answer #1 · answered by cpleseekingfmf 2 · 0⤊ 0⤋
No. They won't turn over the title, until the amount is paid in full. You have a couple of choices. You can keep the car till the amount you owe is equal to or less than the value of the car; you can take out a personal loan for the difference, or you can fix the damage, then sell it.
2007-07-30 04:26:15 · answer #2 · answered by auditor4u2007 5 · 0⤊ 0⤋
You cannot get the title to a car from the bank with out paying in full. why not fix the bumper,and sell it for more money...usually minor repairs like that will increase the sale price, and increase the interest in the car, you will sell it faster. otherwise, try making a few extra payments untill you get the loan down a little, and then sell...
2007-07-30 04:22:44 · answer #3 · answered by forjj 5 · 0⤊ 0⤋
No.
You will have sold the "collateral"
This is what justifies the loan. You would legally need a title to sell the car and the bank has that. The bank would need $20K in exchange for the title. Period. Unless you have full-coverage insurance and it's stolen or damaged to the point of a total loss.
2007-07-30 04:26:40 · answer #4 · answered by will.walker 2 · 0⤊ 0⤋
Banks will not turn over title until you have made full payment. You could take out a loan against something else of your. (ie if you have a home, borrow against the equity in your home. If you have a 401K or IRA you can borrow against your retirement. You can always borrow against your credit and put the remaining amount on a credit card)
Anyway you look at it though is if you're upside down on the loan, the bank won't release title until your financial obligations to them are satisfied.
2007-07-30 04:24:58 · answer #5 · answered by hsueh010 7 · 0⤊ 0⤋
If you owe 20k, and you sell it for 15k, you will need to pay the bank the other 5k before you get the title.
2007-07-30 04:22:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you have enough damage on the front bumper to lower the value of that car by $5000 you most certainly were involved in an accident and an insurance claim.
What did you do with the Insurance check?
2007-07-30 04:42:09 · answer #7 · answered by mccoyblues 7 · 0⤊ 0⤋
You got it. You have to pay them in full to release the title. You can't sell the vehicle without the title. See where I'm going with this?
2007-07-30 04:24:32 · answer #8 · answered by Anonymous · 0⤊ 0⤋
If you're going to get the other $5000 by fixing the bumper,get it fixed for about 4 or $500 and BAM!!!!!! Problem solved.
2007-07-30 04:29:12 · answer #9 · answered by mobilmen59 5 · 0⤊ 0⤋