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Can you sell your financed vehicle to the lien holder for the expected value and pay off the remaining balance if needed?
Wiki User
∙ 8y ago
Erin, congratulations on NOT wanting to get involved in a repo. Sell it to a lender?? PORBABLY NOT. Lenders want money NOT cars. But, you DO want to sell it if possible. Try to find a buyer at the highest possible price. Lets say your payoff is 10K and your best offer is 7 K. $3000 difference. BORROW the 3K,sell for 7K and pay off the loan. Great credit. Still have a loan for 3K that is much cheaper than 10K, NO collectors calling daily and great credit. You save yrs. of INTEREST on a judgement, hours of phone calls from collectors ect. I promise that if you even try to sell the car yourself, you will get MORE for it than if the Lender sells it at auction. Goo thinking and Good Luck
Wiki User
∙ 8y ago
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What if the company that repoed your vehicle sells it for less than you owe?
They will look to you for the remaining balance
How do I go about trading a financed vehicle for something else?
== == You CANNOT sell or trade a vehicle that YOU don't OWN, and as long as there is a loan debt outstanding on the vehicle, YOU can't sell it, as it still belongs to the company that LOANED you the money to but it. They own it. If you pay the entire remaining balance to the lender, and get a CLEAR TITLE to it, then you can sell, or trade it to whoever you wish, but not before you pay it off, completely.
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 does the remaining balance in a vehicle repossession case get solved?
Once the vehicle is repoed, if it is not redeemed, the vehicle is sold at auction. This purchase price is applied to the debt. The problem is, the repossession procedure can add much more to the balance owed. So, there is likely to be a remaining balance, and it could be higher than was originally owed on the loan before the vehicle was repoed. In cases where a balance remains, the lender may decide to take legal action and sue the borrower.
What happens when you can't pay the remaining balance of a voluntary return?
The lender will sell the vehicle and you are responsible for the deficency. They will sue you for the balance left on the loan after the sale of the vehicle. The court will order you to pay and they can garnishee your wages.
What is the difference in insurance if your vehicle is financed?
No, there is no extra charges on an insurance policy for a financed vehicle. Only difference will arise in the paper works, and it will mention that the vehicle is hypothecated.
Where do you stand if repossessed truck is sold for less then the loan?
You are responsible for the remaining balance of what the vehicle sells for and what you owed when it was repo'd.
Can you buy back your totaled financed car lets say my car is financed and I get into an accident that totals my car. I know the insurance will pay out the bank but can i still buy it back after?
Yes, you can usually but it back because it is then between you and the insurance company. But keep in mind your insurance company normally pays the ACV (Actual Cash Value) which may not be what you actually owe on the vehicle unless you carry Gap insurance. Gap Insurance is an additional coverage that covers the balance of the loan between the ACV and remaining Balance.
What happens to a vehicle when a balance of 447.00 is left owed on it and it is being sent to recovery service for collections will they work with you on the remaining balance?
In the world of bad debt, everything is negotiable.
Does Buell require insurance if the bike is financed?
Any lender requires insurance if the vehicle is financed.
Can a rebuilt vehicle be financed?
Legally? Yes.
If a car is repossessed from someone at a buy-here-pay-here lot then you take the car and it is given back who is responsible for the balance remaining?
Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
