selling a car with loan [Merged thread.]
#1
01-10-08, 07:29 AM
selling a car with loan [Merged thread.]
Hello all,
I have Lancer which i want to sell. I have 5 years financing left on it. I want to sell it privately and want to know how can I do that? Do i need to pay-off all the borrowed amount (using visa or credit line?) before i sell it OR is there another venue!
Any help will be appreciated.
Tarun
I have Lancer which i want to sell. I have 5 years financing left on it. I want to sell it privately and want to know how can I do that? Do i need to pay-off all the borrowed amount (using visa or credit line?) before i sell it OR is there another venue!
Any help will be appreciated.
Tarun
#2
01-10-08, 11:08 AM
The loan company currently has the title to the vehicle. They have to be paid off in full before you can have the title in your posession to be able to sell the car.
selling a car --> help!!!
#5
01-10-08, 02:58 PM
Group Moderator
Year/make/model?
Talk to a loan officer at the bank. There a lot of people in the same boat. I'm assuming you are upside-down, i.e. owe more than the vehicle is worth? Any way you slice it you are going to be liable for whatever difference there is between what you sell it for and what you owe on it.
Talk to a loan officer at the bank. There a lot of people in the same boat. I'm assuming you are upside-down, i.e. owe more than the vehicle is worth? Any way you slice it you are going to be liable for whatever difference there is between what you sell it for and what you owe on it.
#7
01-10-08, 04:06 PM
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#8
01-10-08, 04:30 PM
I recommend you do NOT sell it to a private party and let them "take over payments". In that case, YOU still own the car, and owe the money. But they HAVE THE CAR. If they miss payments, the bank will come to YOU.
In that price range, you may not find a buyer with cash. SO, they need to arrange for a bank loan, and you all go together to your bank to get the money and title transfer details worked out.
You didn't mention.....if it will sell for less than you owe, you are going to have to make up that difference before you can get title released.
In that price range, you may not find a buyer with cash. SO, they need to arrange for a bank loan, and you all go together to your bank to get the money and title transfer details worked out.
You didn't mention.....if it will sell for less than you owe, you are going to have to make up that difference before you can get title released.
#9
01-11-08, 05:23 AM
thanks guys
thanks guys, really appreciate your feedback; i guess the easiest way out is to trade-in with a cheap car and let the dealer get all the profits!!! what do you guys say?
tarun
tarun
#10
01-11-08, 05:36 AM
Group Moderator
If you go that route you are really going to get taken to the cleaners since any dealer who takes it as trade in is only going to allow you a fraction of what it's worth.
Not trying to pry too much into your situation, but there's some reason you don't want to keep the car?
Not trying to pry too much into your situation, but there's some reason you don't want to keep the car?
