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Can you sell your car before the loan is paid off?

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βˆ™ 2015-07-16 18:59:31

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Yes. Be sure the buyer knows that the title is not free and clear. When they pay you, pay off the loan, wait for the title, and sign it over to the buyer. Don't hand over the keys until they have the title. You can give them a bill of sale as a receipt that they paid, but that is all they get until the title arrives. You are liable for their injury if they get into an accident before you sign the title over to them.

You will have to pay off the loan or have the loan assumed. You wont be able to sign over the title since the loan company holds it until you have paid off the loan.

If the loan was a personal loan you have the right to sell the vehicle whenever you like however you will still need to make payments or settle the outstanding balance. If the loan was secured against the vehicle you will nedd to arrange with the finance company to settle the balance before tittle is handed over.

2015-07-16 18:59:31
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