I got a job over seas and need to sell my car but I'm still paying monthly payment(2 yrs left). Do I need to pay off rest of the debt and get title and sell car( I don't' have enough to pay off all debt now) or can I just sell it at discounted to 2 years monthly payment and make the buyer take over the payment? Would the lender allow this?
2007-08-07 10:14:50 · 4 answers · asked by Poor and Hungry57 2 in Cars & Transportation ➔ Buying & Selling
Sell it and then pay off what you owe
2007-08-07 10:18:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you owe more than the car is worth, you won't find anyone willing to take over the payments. You will have to either continue to make the payments or sell it for what you can get. Depending on where you live, you may be able to put the vehicle in storage until you return.
2007-08-07 10:20:24 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋
You have to have the title for the next buyer. I would have the buyer pay what you owe, get them the title - or you're kind of stuck. You might want to sell it to a car dealership and see if they can help you. Sorry
2007-08-07 10:23:11 · answer #3 · answered by Lamont 6 · 0⤊ 0⤋
Talk to the lender on how to do this first. It can be done but only the mortgage company will know the details for this transaction.
2007-08-07 10:20:12 · answer #4 · answered by Airmech 5 · 0⤊ 0⤋