Yes, you can sell a car with a loan attached. You must pay off the loan with the money you receive in order to have a clear title or you must get someone to take over your loan.
For someone to take over the payments they must essentially get a new loan for the payoff amount in their name. This new loan will pay off your loan and will make thir payoff amount higher than yours.
Yes. You need to discuss this with the lender.
they h ave to get a loan to pay off your loan and free up the title and then it will be in their name.
Not unless they qualify to take over the loan with the bank. The bank OWNS the car.
Yes, if you did not pay back the loan. That is what "signing over" the car is all about.
Contact the bank or finance company that holds the note on this car. They can transfer the loan to you if you qualify.
Renegotiate the loan with the lender. Sell the car to someone else or have them take over the payments. The very last thing you want to do is default on the loan.
sign the title over to the person buying the car
You can take them to small claims.
Yes, but typically the loan "originator" remains responsible unless the actual loan is transfered to the new purchaser. Letting someone "take over payments" on your loan is a very bad idea. If there should be an accident, the title is still in the sellers name and they remain ultimately responsible. I have had parents pay cash for a car for their kids and place themselves as the lienholder. Legally they can't be sued if there is an accident and the kids can't sell the car without the parents signing over the title.
In this case, the loan would still go into default unless your friend sells the car before his pending deportation or makes arrangements to transfer the loan to someone else willing to take over the payments.
You could take over the car and the payment or sell the car and then pay the loan. I recently found out that the family doesn't have to pay the bills of person who died. This is an option, but the credit card companies don't want you to know this. It is the same with the car loan.
To get out of a used car loan, pay off the loan or find someone else who will do that.
It is possible for your daughter to assume responsibility for your car loan, but only with the agreement of the bank that issued the loan; you can discuss this with the bank.
The "someone else" needs to apply for a loan to pay off your car loan. With your loan paid off, you can sign the title over showing it free & clear. Don't sign off on the title until you know the loan is paid--or you could find that you no longer own the car but still have a loan to pay.
You just can't place your loan in someone else's name. That other person has to get his/her own loan for the car and pay off your loan.
Yes, in most states.
The bank MAY be pursuaded to consider it if the car has enough value. However, you should be asking yourself why you would place your car at risk for someone who cannot otherwise obtain a loan. Can you afford the risk of losing your car. You would need to sign your car over to the bank. If the borrower defaulted the bank would take your car.
You can have someone take over the payments if they meet the credit requirements of the bank you have the financing with. You might also be able to get someone that wants your car to get their own financing to pay off your car.
If the loan company approves. If the loan company does not approve and transfer the loan you would still be legally responsible for the debt.
IF her name is NOT on the TITLE or loan, it is YOUR car and you can take possession of your car. Be SURE she doesnt have a contract with you.
Nobody is responsible for the loan if there was on cosigner. If the car was inherited by someone, then that person has a right to pay the debt owed and take possession of the title.
You must have approval from the lender in order to take over the payments on a loan.