What would you like to do?
Contact your lender for an exact payoff balance and ask to make sure they physically have the title in their possesion. Have your buyer bring two cashiers checks - one to you for the amount in excess of your loan balance and a second made out to the lender to pay off the loan. Most lenders will then sign off on the front of the title, releasing their lien, and give or send it to you. You're then required to sign off as the registered owner and give the now "free and clear" title to your buyer to be transfered into their name. If you are selling your car for less than what you owe on it, you'll have to come up with the difference to make the payoff and obtain the title.
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Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference… and will have to pay it.
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.
If you buy a car and still owe money to the bank and then privately sell the car can the loan go from being in your name to the other person?
That's strictly between the holder of the note and the buyer of the car. The holder of the note also holds the title, so you need them to be part of the transaction. The buye…r either needs to pay off your loan or re-assume it in his own name. And remember, it's now a "used car" for financial purposes, and subject to a higher interest rate, probably.
Answer Yes, if the lender approves of the transfer of the loan.
Answer Yes, However, at the time of the sale if you do not sell it for atleast the amount owed, you must pay the difference(ASAP). I don't know what state …your in, but in Texas you must present the title to the buyer within 21 days.
Answer If the car is worth less than you owe on it, you can try to get an unsecured loan from a local credit union or a local bank. You could also try to ask wh…atever financial institution has your car loan for an unsecured loan for whatever the car doesn't bring when you sell it.
Answer Let the potential buyers know that the title still needs to be paid off. First they pay you, you create a bill of sale for them and hold onto the car. Send… in the money and wait for the title. When the title arrives, sign it over to the buyer and give them the keys. It is a pain for the buyer to wait, but you shouldn't let them drive off without a title. You would be liable for an accident if they are in one, until the title is signed over.
Answer Dealerships have 2 tactics they will use on you when you go to trade the car in. Either they will offer to buy your car for what you owe on it and then yo…u end up paying more for your new vehicle OR they will pay you blue book value for your car (whatever it's worth at the time) and give you a fair deal on your new vehicle. Best bet: sell your car person to person, then use that money to pay off your loan and get the title to sign over to the new buyer. When that deal is done, shop around for new vehicles. Trade-ins are almost never worth it. You are always going to be upside down when you come away.
You would owe any payments not made up until the day the car was taken. So, if you hadn't paid for two months and they took you car, you would owe those two months. The borrow…er would owe all back payments and penalties plus any difference in the amount of the loan and the amount for which the vehicle is sold. ___________________________________________________________ You have to take into consideration that the lender might not be able to sell the car and get enough from the sale to pay off your loan. So if there is a discrepancy between what you owe and what they sold the car for then you owe the balance. When a car has been repossessed, the purchaser is liable for any balance that remains on the car if it is sold by the lender. The balance that the lender is looking to collect will include the fees charged to them by the repossession company, storage com, and the selling agency if they do not sell the vehicle themselves. Additionally, interest will continue to accumulate on the balance until the car is sold or the original owner re-assumes it. If the car is sold for enough money to cover the balance then the original purchaser will not have to pay any past due payments. If the car sells for less than the balance due, the original purchaser will be liable for the balance and interest will continue to accrue on this.
Sell it privately for what you owe on it.
You cannot sell a car you have a loan on if the lender has a lienon the vehicle. You will need permission from the lien holder tosell the car. If the lender has no lien on the… vehicle then you cansell it if you wish. The title will list any lien holder.
Yes, though you have to pay off the loan before or as part of theprocess.
In Car Selling
I recently sold my dirt bike to someone and I still owe on the loan. Can I go to jail?
When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These… rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car. Talking with Your Creditor It is easier to try to prevent a vehicle repossession from taking place than to dispute it afterward. Contact your creditor when you realize you'll be late with a payment. Many creditors will work with you if they believe you'll be able to pay soon, even if slightly late. Sometimes you may be able to negotiate a delay in your payment or a revised schedule of payments. If you reach an agreement to modify your original contract, get it in writing to avoid questions later. Still, your creditor may refuse to accept late payments or make other changes in your contract and may demand that you return the car. By voluntarily agreeing to a repossession, you may reduce your creditor's expenses, which you would be responsible for paying. Remember that even if you return the car voluntarily, you're responsible for paying any deficiency on your credit or lease contract, and your creditor still may report the late payments and/or repossession on your credit report. Seizing the Car In many states, your creditor has legal authority to seize your vehicle as soon as you default on your loan or lease. Because state laws differ, read your contract to find out what constitutes a "default." In most states, failing to make a payment on time or to meet your other contractual responsibilities are considered defaults. In some states, creditors are allowed on your property to seize your car without letting you know in advance. But creditors aren't usually allowed to "breach the peace" in connection with repossession. In some states, removing your car from a closed garage without your permission may constitute a breach of the peace. Creditors who breach the peace in seizing your car may have to pay you if they harm you or your property. A creditor usually can't keep or sell any personal property found inside. State laws also may require your creditor to use reasonable care to prevent others from removing your property from the repossessed car. If you find that your creditor can't account for articles left in your car, talk to an attorney about whether your state offers a right to compensation. Selling the Car Once your creditor has repossessed your car, they may decide to sell it in either a public or private sale. In some states, your creditor must let you know what will happen to the car. For example, if a creditor chooses to sell the car at public auction, state law may require that the creditor tells you the date of the sale so that you can attend and participate in the bidding. If the vehicle is to be sold privately, you may have a right to know the date it will be sold. In either of these circumstances, you may be entitled to buy back the vehicle by paying the full amount you owe, plus any expenses connected with its repossession (such as storage and preparation for sale). In some states, the law allows you to reinstate your contract by paying the amount you owe, as well as repossession and related expenses (such as attorney fees). If you reclaim your car, you must make your payments on time and meet the terms of your reinstated or renegotiated contract to avoid another repossession. The creditor must sell a repossessed car in a "commercially reasonable manner" - according to standard custom in a particular business or an established market. The sale price might not be the highest possible price - or even what you may consider a good price. But a sale price far below fair market value may indicate that the sale was not commercially reasonable. Paying the Deficiency A deficiency is any amount you still owe on your contract after your creditor sells the vehicle and applies the amount received to your unpaid obligation. For example, if you owe $2,500 on the car and your creditor sells the car for $1,500, the deficiency is $1,000 plus any other fees you owe under the contract, such as those related to the repossession and early termination of your lease or early payoff of your financing. In most states, a creditor who has followed the proper procedures for repossession and sale is allowed to sue you for a deficiency judgment to collect the remaining amount owed on your credit or lease contract. Depending on your state's law and other factors, if you are sued for a deficiency judgment, you should be notified of the date of the court hearing. This may be your only opportunity to present any legal defense. If your creditor breached the peace when seizing the vehicle or failed to sell the car in a commercially reasonable manner, you may have a legal defense against a deficiency judgment. An attorney will be able to tell you whether you have grounds to contest a deficiency judgment. Remember this repossession will stay on your credit for 7 years.
Yes. You owe the amount of the unpaid loan, minus whatever they get when they sell it at auction (very little), plus their costs.
i doubt it No, you must pay it off and get the title first
Yes, Because then they would be responsible for taking care and paying for the car. The slang term "upside down" refers to when you owe more than the car is worth. If you se…ll a car to anyone (including a dealership) for less than you owe you would be the one responsible for paying the difference. The dealership will verify with the fiance company what payment is required to release the lien. For example if you owe 10,000 on your car and the dealership will give you 9000, you would have to pay them 1000 to take the car. If you're trading in the car, then the shortage can sometimes be rolled over into the new car purchase.