and i still owe the bank quite a bit of money and just recently had a baby so i need to sell my car, only if i trade it in i will get alot less than what i owe and i know if i sell it on the street ill get good money... so here is the question.. how do i make a sale like that if i still owe money? would someone actually have about 20 grand to buy my car or do they pay me and take over payments, can someone help me out here?
2007-08-24 10:26:58 · 2 answers · asked by Nick 4 in Cars & Transportation ➔ Buying & Selling
The only way you can sell your car is to pay it off. The buyer will have to find their own financing, unless they bank will allow them to take over the payments and release you from the obligation!
Once you find a buyer, require certified funds (or cash). You and the buyer go to the bank that holds the lien. The buyer's money is used to pay off your loan. You get the title, or lien release, and sign them over to the buyer in the bank.
This protects you, and the buyer. Any excess from the sale goes to you. If you sell the car for less than you owe, you pay the bank.
Good luck
2007-08-24 10:34:10 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
Sell the car for cash and pay off the loan in one lump payment. Good luck!
2007-08-24 17:31:34 · answer #2 · answered by Kiffin # 1 6 · 0⤊ 0⤋