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The answer to your questions is NO ....Michigan law states that .....If there is a Lein on the car, due to the fact that the finance company lent you the money to purchase your vehicle, then they must sign off from the vehicle before someone else takes ownership.
Agreed. California law is similar. You must pay it off first. You can trade it in, but if what you owe is more than what you get for trade in, that difference goes on the new loan in addition to the new car you are buying, and the bank must approve that before the deal can be finalized
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∙ 10y ago
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How do you sell a vehicle that is still being financed?
Yes, you can sell a vehicle that is still being financed. You will need to pay the loan company the balance of the loan with the sale proceeds in order to give the buyer a clear title. If you have to sell the car for less than you owe, you will be responsible for paying the balance out of your own pocket in order to transact a legal sale.
How do you sell a personal financed car?
repossession
How do you sell a car that is still financed to a provate party?
Legally you can't ! The car belongs to the finance company until it's paid off !
Car broken and needs repairs and it is financed?
car is broken and needs major repairs but is still financed how do pay for the repairs
You want to sell your financed car; but how does the transferring of the title work?
Contact your lender.
Why would a bank sell someone's car?
Because the bank owns the car. The person that financed the car did not pay the bank.
Where can sell a used car when it's financed?
You cannot sell a car with a lien against it without getting a lien release from the lender. To do otherwise is illegal.
What do you do with a financed car when you have to move abroad and can't keep paying it?
Sell it and pay your lender!
Can you sell your car with payments left on the loan?
Someone cannot sell his car if there are still some pending payments on a loan. It is however possible to enter an agreement with the financier so that the remaining payments can be financed by part of the proceeds from the car sale. An extra interest payment may be charged for that.
How can you be removed from legal ownership of your sons car that you financed through the dealership?
If you own the car, sell it to him for $1. That should solve your problems.
If your car is financed through a dealer do you have to have full coverage insurance?
I believe it depends on the state, but as far as I know, if you have to have full coverage on a financed car, it doesn't matter where it's financed. If you still have questions, ask your insurance person, they'll know the answer.
What happens if you part out a financed car?
You still owe the finance company the balance owed.
