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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????

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โˆ™ 2015-07-15 19:54:08
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Q: How can you sell a car that you have a lien on and owe more than it is worth?
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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.


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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.


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