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Can you sell a car that still has finance if you are going to pay the balance off with the profits?
Wiki User
∙ 15y ago
Yes it is possible if the lender agrees to this. Talk to the lender and tell them what your plans are. They will have to provide a lien release in order for you to sell the vehicle. Another way is to take the funds from the sale, immediately pay off the loan and get the lien release. Then transfer the car into the buyers name. All this is Dependant on the buyer agreeing to let you do this.
Wiki User
∙ 15y ago
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What happens if you part out a financed car?
You still owe the finance company the balance owed.
If you close a credit card containing a balance in an attempt to pay it off faster how does this affect your finance charges?
It won't. The finance/interest charges will still be applied to the balance in accordance with the original lending agreement.
Can a company make you pay the balance on a car if insurance do not cover it all?
Yes, You still owe the balance of any note owed to your Finance Company.
What happens if the car gets stolen and its still on finance?
You will still owe the finance company the balance of your finance note. Hopefully you have full coverage insurance. If you do have full coverage, the Comprehensive portion of your policy will generally pay off the finance company up to the insured limits (usually the remaining market value) of your insured auto.
Can you cancel a car finance?
yes you can but ou will still have to pay the outstanding balance so you might as well keep the car and pa for it
If a finance company is taking you to court for a vehicle can they still try to pick it up before the court date?
They can take it and then try to collect the balance due on the contract.
Where is the car after repossession?
It depends, but as a general rule, the finance company that repossed it will keep possession of it, either on their own lot or at an auto auction for a certain number of days (usually 30-60) unless you pay the balance to get it back. After that, they will send sell it at auction and you will owe any deficiency balance. In other words, if the balance on the car is $7000 and it sells at auction for $5000, you will still owe $2000 to the finance company.
If you Co-sign auto loan and the person defaults on the loan- can the finance company take your house?
No. If you cosign on a car loan and the person defaults, the finance company can not take your house in this state. After the finance company seizes the car, both you and the other person would still owe the unpaid balance of the loan.
Can you sell a car your making payments on?
Yes you can, however you still must pay back the balance of what you still owe.Yes you can, however you still must pay back the balance of what you still owe.Yes you can, however you still must pay back the balance of what you still owe.Yes you can, however you still must pay back the balance of what you still owe.Yes you can, however you still must pay back the balance of what you still owe.Yes you can, however you still must pay back the balance of what you still owe.
Can a finance company continue to charge interest on the loan after a vehicle has been voluntarily surrendered?
Yes. The interest is charged on the money owed to them. When you surrender a vehicle, they sell it, and it often goes to a wholesale auction, which means they're going to get less than the remaining balance. You're still liable for that remaining balance, under the same terms and conditions as what was agreed to when the loan was made.
Is it legal to sell a car still under finance?
Selling a car under finance ( also known as a secured or mortgaged goods) is possible however many factors must be taken into consideration before doing so. Reviewing the terms of the finance contract are essential given that a number of car financiers and banks may have clauses that require you to disclose the intent and have the vehicle released from its charge. Legally ownership is not transfered without the agreement of the security being released by the finance company where the loan was secured and only after the loan has been settled. Resale values will affect any sale of a car. Depreciasion and condition are the most obvious which will leave you with a shortfall being an outstanding balance, to clear the finance on the vehicle. Private sales are most likely to gain the best sale price but wuill still leave you with a balance on the finance and therefore a liability. By selling the car you do not transfer the ownership of the vehicle. This means that a finance company could reposess the vehicle if you default on the payments or do not pay the balance on demand, regardless of who you sold it to.
What if the proceeds from the sale does not cover the balance of the existing loan?
In most cases you are still liable for the remainder. Check with the lender to see if they will waive the balance left over. If not you are probably going to have to come up with it.
