Best Answer

Your odds are not good, but, not impossible either. How much work are you willing to do to sell the car? Lets say you owe 10K, cars worth 7K,you find a buyer for 8K. You will have to come up with 2K to pay it off and sell it. The lender will help you with the details. If the lender sells it at auction, they mite get 4-5K for it, so it is your best interest to find a buyer with more money to spend. maybe you can borrow enough on the other car to make the payoff on the upside down car????

User Avatar

Wiki User

โˆ™ 2015-07-15 19:54:08
This answer is:
User Avatar
Study guides


25 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

See all cards
4 Reviews

Add your answer:

Earn +20 pts
Q: How can you sell a car that you have a lien on and owe more than it is worth?
Write your answer...
Still have questions?
magnify glass
Related questions

How does one sell his or her home on which the IRS has placed a lien?

To sell your home, you put a FOR SALE sign out front. If the value of the lien is less than what you will get out of the house, then when you sell the house and pay off the lien, you get the rest of the money. If the lien is for more than the house is worth and you are ready to move elsewhere, you hand the keys to the IRS and say. "Here, have fun. It is all yours." At that point you owe more on the house than the house is worth.

What if you owe more on your house than what its worth and you need to sell in this horrible market.?

You probably won't be able to sell it unless the mortagee agrees to release its lien for less than full payment.

How do you sell a car of a deceased person that has a lien on it is it best for the children of the deceased to let the car be repossessed?

Pay off the lien is the simplest way. That can be done by selling the vehicle. Hopefully it is worth more than the loan amount, so the estate will have additional assets.

Can the bank legally sell a home in forclosure for more than What is its legally worth?

The bank can sell the property for any price they can get for it. No one is going to be willing to pay more than it is worth.

Why do guns sell for more than they are worth?

Define "worth." If someone paid an amount of money for an object, it was worth it to that person.

Can a home be sold with a lien 3 times more than home is worth?

Yes, but the lienholder can only receive the actual amount of the sale.

How much is a used black MacBook worth?

Depending upon where you sell it. If you sell it on eBay you could get equal or more than what you bought it for. It is sometime uncommon for a Black MacBook not to sell for equal or more than asking price.

Can you put a lien on a car if there is no lienholder on the title?

If the car is put up as collateral for a loan, and that loan is not repaid according to the written agreement then a lien will be placed on the title. If you sell the vehicle the lien holder will be paid first before you are able to put any money into your pocket. Never use your car as collateral for any loans ... cars lose their values and soon enough the lien (loan) will be more than the car is worth. The lien still has to be paid off when it's sold, even if the lien amount exceeds the price the car is sold for.

How can you sell a car that you owe more on than what it's worth in other words where does the balance you owe transfer to?

If you car is finance, there is a lien against it by the bank or loan company. This Lien will have to be removed, which means that the balance owed on the vehicle has to be paid in full in order to get a clear title to sell the car. You are "upside-down" on your car loan ... where you owe more than it is worth or can be sold for. You need the permission of the loan company to sell the car ... you can't sell it without the title, and the company that holds the title (aka pink slip) also holds the note for the loan that you are paying back monthly. You will need to pay the balance of the loan regardless of what price you could sell it for. In this case, you will be handing over a large sum of money just to sell the car ... best thing to do is just keep it.

Can you charge interest on a mechanics lien?

Depends upon the wording of the law in your particular state but usually, no. The seized property itself is the collateral for the amount owed - and in most cases is (or should be) worth more than the amount of "mechanics" lien.

How much should you sell your 9mm lorcin for?

Not really worth more than 50 USD or so

Can a lien be placed on a home if you have a FHA loan in Michigan If so could the lien be more than the amount due?


People also asked