Auto Loans and Financing
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How Do you sell your Car if you have brought it on finance and you are still paying?


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2005-09-22 20:25:36
2005-09-22 20:25:36

That is a touchy topic. If you don't do it 150% correctly, you can end up in serious legal trouble. There are a few ways to do it. The best way is to get the lien released from the title. My suggestion would be to collect the money you are asking for the vehicle first, pay the lienholder what is owed, explain to the buyer that you have to do this and that they will get a clear title when all paperwork is finished. Or, this is more iffy, tell the lienholder that someone wants to purchase the vehicle from you and see if the potential buyer can take over the loan. They would have to pass the credit check and pay any fees that the lienholder may require. The lienholder may not even want to do that. It is best to get the lien released and go about it that way.


Related Questions

No its perfectly legal and if you are still making payments on it, that increases values.

i doubt it No, you must pay it off and get the title first

No, you can not sell a car that doesn't belong to you and that you don't have a title to. If you are still paying for a car, the leinholder will have the title. The car won't be yours until you pay for the car in full and the leinholder signs off on the title and gives it to you.

Yes, legally you owe them the money which they will still bill you for monthly. However, they will only stop lending they will not forgive your debt. They have that in there bankruptcy which when finalized will be bought by another institution. Ex. When a bank files bankruptcy they sell all of their loan notes for a cash settlement to another institution. Which helps them payoff outstanding debts owed by the company. You will not get out of paying for your car.

You can sell your car, however it is your job to take the money and pay off the loan note. Once you have paid off the note, any monies left are your too keep. Hope this helps. Do not make the mistake of committing a crime by not paying of the note immediatly! Good luck.

is it legal to sell car finance to a 19 year old with out a guarantor in England

Sell it under the table for a cash deal. Otherwise you can not hide it for long. They will find it. Oh and if you do sell it when it is under re-po then you can go to jail. PAY FOR THE CAR! Even if you sell the car and no longer have possession, if the finance company can't get the car back and the payments are not made, the will come after your paycheck in court. Now you don't have the vehicle but you are still paying for it with garnishment of your pay.

Legally you can't ! The car belongs to the finance company until it's paid off !

there are many define for finance but i will answer the more easy to let u understand what is the finance . finance is (sell on credit) ,or (commercial activities that are study how to manage capital and assets ).

yes!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! i brought some from there and ive still got the collection

No. A car is repossessed because you failed to finish paying for it. Since you never fully paid for it, it's not yours. No. You do not own the car once it has been repossessed. To sell the car you would need the title, which is in the hands of the finance company. After a repossession, usually 30 days later the finance company places the car in an auto auction. There it is sold to the highest bidder. In the rare case that the net proceeds from the sale exceed what you owe for the car (plus interest, penalties, repo fee, etc.) the finance company has to send you a check. If you can redeem the car by paying the full past due amount plus interest before they place it in the auction sale, then you can sell the car.

It will be sold at auction at a lower price than the dealer will sell it for.

Many finance companies will finance the home but in the case of an addition it is best to leave it on the property its on

After a repo the loan holder will sell the vehicle at auction and any amount you owe less the sale price is your responsibility. Interest on that amount is usually negotiatable and will be waived if you pay any shortage.

HSBC Finance decided to sell their auto loan department to reduce their activity but they still continue to uphelp previously signed contracts.

Yes, They still sell them

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.

Not if it is on hire purchace. If you bought it with a personal loan yes you can.

Usually works in Finance and has connections with vendors who sell products

If your car is financed you cannot sell it to a salvage company. Even if the car is beyond repair it does not technically belong to you until you have finished paying for it. Once you pay the finance company off you can sell it to anyone you please. The salvage company won't or shouldn't purchase that vehicle without a clean title.

In most states a shop can put a mechanic's lien on the vehicle whether you are still paying the note or not. This means that you cannot sell the vehicle until you clear the lien.

If one is looking for a job in the computer finance industry, speak to a guidance counselor at a local university or college. If one is seeking to finance a computer, stores that sell computers can help a person finance a purchase.

no, but they still sell creaming soda and raspberry lemonade

yea they still sell it in some candy shops.

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