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You can sell the car but the balance of the loan must be paid at that time.
At the time of the sale when you know you will be receiving funds, call the bank and ask them for a "10-day payoff" this is the amount owed to pay off the loan 10 days from now.
Once you sign the title over to the buyer and receive the money, You are obligated to pay off the car at your bank. You want them to get the money within 10 days so you don't end up owing more than the "10 day payoff" you requested. Interest accumulates daily so that's not a big deal anyway.
If you do not pay the car off at the bank, when the person tries to title the car in their name, it will come up as "Lien not satisfied" in the states' database and they will not be able to register the car in their name.
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How to get a spouse off a car loan?
The loan must be paid off and refinanced in one nameThe loan must be paid off and refinanced in one nameThe loan must be paid off and refinanced in one nameThe loan must be paid off and refinanced in one name
If your car was repossessed and you paid the loan off do you get the title?
If your car was paid off, then why was it repoed? Or if you mean you paid it off after it was repoed, then if the loan company accepted your money,then they have to give you the car and title back. I would call them and get it back or your money back.
How do you register a car that has an unpaid title loan but that owner never paid it?
The only way to register a car that has an unpaid title loan but that owner never paid it is to pay off the loan. The person who got the loan is responsible for paying it, but it can be hard to force the issue once the car has been sold. You may need to take them to court to force them to pay the loan or to give you your money back.
I just bought a car and i want to transfer it in my name... i have the deed of sale but the certificate of registration is still encumbered... what is my first step?
If the title is encumbered that means that there is money owed on the car. a car loan.the previous owner should have paid the loan off before you bought the car. I would go back to the person that sold you the car and ask them if the loan was paid off and ask for documentation to hat effect. than go to the loan agent to have the encumbrance removed. If by some chance that the loan was not paid off I would ask for my money back. lk66vette@aol.com
You bought a car for 17366 your loan is for 72 months you owe 12561 Can you pay it off sooner an will you get charged for paying it off before the 72 months?
Most car loan terms allow the loans to be paid off early without penalty. This is what would happen if you sold the car before the end of the loan, for example. It is possible that the loan was written to include a penalty, however.
You borrowed 9000 to buy a new car you paid 1800 backwhat percent is paid off?
Randy borrowed $9000 to buy a new car. So far he has paid $1800 of his loan back. What percent of the loan is paid off?
What is a loan amortization in reference too purchasing a car on credit?
When purchasing a car on credit, a loan is obtained and the loan is paid off over time. For example, a car loan paid off over 5 years, with monthly payments, is considered to amortized over 5 years.
When can you drop collision car insurance for your used car?
Anytime after you have paid off the loan on it.
How can you get your name off a car loan that you are co-purchaser on?
The loan must be paid off and refinanced in the primary borrower's name.
What happens if you unknowingly bought a car that had a loan on it and the loan is not paid off can they repossess the car?
YES, they can. The person who sold the car can be charged with selling mortaged property(felony in most states).You will be out your money. best to take the car back to the seller and get your money back while you have a chance.
How do you get your car title from Bank of America?
The only way to get your car title back from the Bank of America is to pay of the loan that the title is collateral for. If the loan is paid off, they will send you the title in the mail.
Bought a car out of state but loan is with your bank Who receives the title?
The bank receives the title until the loan is paid. If the loan is paid off then you receive the title.
