What would you like to do?
Yes you can sell your car that has a loan it. The easiest thing to do is if you sell it locally and you have the car financed at your local bank, have the buyer go with you to your bank. Pay of the car with what you sold it for. The bank usually has the title to your car. They will pull your title from your file at the bank, turn it over to you, and all you will have to do is sign the back of the title as the seller and hand it over to the buyer. Be sure to print or write a bill of sale, both buyer snd the seller will sign and each of you will have a copy. Use the bill of sale to protect yourself. Note in this document that this car is being sold as is, where as, no warrany. This is also protects you against any legal action. Whatever that car is used for after this transaction is not your responsibilty so be sure to file your copy of the bill of sale. Also include the complete vin#, make model, color, ect, and the date of sale.
When you sell your car you should take the buyer to your bank (if possible) and pay off your loan. Then when you get your title you can sign the back and get it notarized if needed in your state. Most knowlegable people would not pay you for an auto without getting the title. This is the true ownership document. Why would you trust a stranger to mail you this document? If that car was used in a crime or involved in an accident the owner is the person listed on the title. Also the buyer would want to be guaranteed the loan was paid off and the lien was removed.
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If you do not have the money to pay off your lien until you sell the car and no buyer would purchase the car without the title how do you sell it?
find the title Locate where the physical title is being held by your lienholder and explain that you are attempting to sell the vehicle. They should be able to have it ready f…or you at a local branch where you could conduct the transfer of funds and paperwork to the new owner. Make sure to get copies of the lien release and that the title also indicates that the lien has been released. It would all go rather smoothly and should not scare any potential buyers off. If your lienholder is not local to you however, you should contact them as they would most likely have a process for handling such a common transaction. If not you could always trade it in at a dealership?!
Can you sell your car to a buyer and use the money you make to pay off the bank for what is still owed on the car?
If the buyer knows what you intend to do. Any smart buyer is going to want to look at a clear title before he/she makes any kind of payment to you. It is something you can't …hide from the purchaser, but you can hide it from the bank.
Answer When you took out the loan for the car the banking institution worked out how many months and for what amount the payment would be each month. If you have… lost a job or are between jobs, were ill, were in an accident, then if you are honest you can talk to the bank manager and they will usually be quite willing to adjust your loan payments. The smaller the loan payment the longer it will take you to pay it off because of the interest applied on the outstanding loan. So, you could spend an extra couple of years paying this off. Banks don't want the vehicle, they want their money. Good luck Marcy
Answer they usually do not give it back. once they take it, it is theirs.
they take your car
Get a lien release from the lender and take it to the DMV.
a straw buyer is someone who uses someone else's credit to secure a car loan (and car) to drive for themselves, knowing that the person whose credit is being used has no… intention of driving the car and ultimately may not be responsible for the payments. It is often illegal for a straw buyer to be the only insured driver of the car.
I don't see how. I'm amazed you still physically have the car. I guess if your finance company is just being nice you could try writing to them and see if they'd send you …the title.
i want to pay but he say must pay full..he dont want to discuss but that car i pass to bank already that time i lost my job, so now i want to clear my loan how?
The dealership should have a trade-in authorization letter so you can get the car title when you pay off your loan. If not, you would just write that you are giving permis…sion to get the title for a trade in.
Car totaled insurance value car at 16000 and loan amt is 12400 can you use your gap insurance to pay off car loan?
If they gave you 16000 on the car, you would not need gap insurance since your loan amount is 12400.
It's called "Filing a Lien on the Vehicle". Call your County Tax & Tag office. They can tell you how simple it is to do this, pay a fee, and have the title changed, where you …are shown as the FIRST "Lien Holder." Moreover, you also retain the title until the vehicle is paid-off, in full. All you need to do is write a final receipt, then sign the back of the title, releasing the vehicle to the new owner as "Lien Free." Oh, make sure your "Agreement" with the Buyer,, mandates that he/she buy adequate, FULL-COVERAGE, auto insurance, and stipulate in your Agreement that the Buyer must supply with with a copy of the policy "Dec Sheet", as well as keep full-coverage insurance coverage in force, until the vehicle is paid off. If not, then they are in Contractual violation, and you can repossess the car.
Yes, and they will. What they usually send you is a "Release Note" stating that they no longer have any financial interest in the vehicle. You keep that with your title.
It depends on how much the car costs, your down payment, and how much you are making. If you have a good plan to pay it off, it should not be too difficult.
Well first and foremost I would not suggest doing so without first consulting your attorney. If you are representing yourself contact the trustee administering the case. How…ever with that said the clearest answer is you cannot until the trustee has abandoned their interest in the property. If a trustee has done so it will be a part of the case history.
Yes i can