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Just as you normally would, the only problem will be that you will owe more money then you will get. To prevent this from happening, research cars before you buy them to see which retain their value the best. Another option is to buy used cars, because a car typically loses the most value in years 1-3, so if you were to buy a car that is three years it will depreciate at rate slower than a brand new car. Henry
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∙ 17y ago
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How do you sell a car that still has a large balance on the loan?
You could try ebay,auctions, personal sale or want ads in the newspaper or online.
How can you sell a car that you owe more on than what it's worth in other words where does the balance you owe transfer to?
If you car is finance, there is a lien against it by the bank or loan company. This Lien will have to be removed, which means that the balance owed on the vehicle has to be paid in full in order to get a clear title to sell the car. You are "upside-down" on your car loan ... where you owe more than it is worth or can be sold for. You need the permission of the loan company to sell the car ... you can't sell it without the title, and the company that holds the title (aka pink slip) also holds the note for the loan that you are paying back monthly. You will need to pay the balance of the loan regardless of what price you could sell it for. In this case, you will be handing over a large sum of money just to sell the car ... best thing to do is just keep it.
If a car is repossessed and they sell the car how much can you owe?
The difference between the sale price & loan balance is what they will bill you for.
How do you get rid of a car once you have signed the contract and your apr is really high?
Sell it to someone else, and pay the difference in what you sell it for and the balance on the loan. Or you could try to refinance the car with another lender at a lower interest rate.Sell it to someone else, and pay the difference in what you sell it for and the balance on the loan. Or you could try to refinance the car with another lender at a lower interest rate.
If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
You are unless it's a TITLE LOAN, they usually write it off.
Can you roll the balance of a carloan into a new car loan?
No, it most cases you cannot roll the balance of an existing car loan into a new car loan.
Can I trade in my car when there is a loan balance?
You can trade your car in, however the loan balance must still be satisfied.
How to sell your financed car?
If your car isn't paid off at the time you wish to sell it, things are a little more complex. You need to close the loan with your lender by paying off the balance with the proceeds of the sale so that you can present a clear title to the buyer. If however, you have to sell the car for less than you owe on it, you will need to pay the balance of the loan out of your own pocket to the lender.
What can happen if car loans are not paid when there is no vehicle do to a wreck?
Then they will repossess the wrecked vehicle, sell it for what they can get, apply that to the loan balance, and you will be responsible for the balance on the loan. They will sue you in court to get it and will win. Now if you continue to make the loan payments, then none of this will happen. Did you not have insurance on this vehicle?
What happens when they repo a car and loan is still owed and they put car up for auction Who is responsible for the balance of the car loan?
I'm not sure if this is valid in every state, but I believe that if the car is sold at an auction, you will still be liable for the left over balance. If the car is sold at an auction and the sell price covers the balance of the loan then, I don't think you will need to pay anything else. Maybe some fees for the repo. I "think" this is how it works
How do you sell a car when you are upside down on the loan?
If you have funds to pay off the loan balance, you can sell a vehicle with negative equity. Example: you owe $10k on a car, but the best offer you have is $8k. You must be able to payoff the remaining $2k balance of the loan to your lender to fully absolve yourself of the financial obligations as a borrower. Transfering the title is another matter, and you should reference your state laws.
How can you get out of a car loan without a repossession?
Sell it for what you owe if it is possible. Pay off the loan, get the title and sign it over to the new buyer. If you cannot get what you owe, then get as much as you can. Get a personal loan from the bank to pay of the remaining balance. The personal loan is better than the amount you owe on the car.
