Best Answer

First subtract the amount owed on the vehicle from the value of the car. Sell the car for this amount, then have the buyer take over the loan.

This involves paperwork with your current Dealership, DMV, and of course a bank or credit union.

User Avatar

Wiki User

โˆ™ 2015-07-15 19:16:57
This answer is:
User Avatar
Study guides


26 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
3 Reviews

Add your answer:

Earn +20 pts
Q: How do you sell a car if you have a loan on it but it is worth more than you still owe?
Write your answer...
Still have questions?
magnify glass
Related questions

Can they sell your house if you owe more than its worth to pay a loan off?

If you're upside down, they will look to you for the difference after.

How do I get the car loan out of my name when I sell it to some one?

You cant. The loan in your name must be paid off by you. So if you plan to make any money off your car you will want to sell it for more then what is still owed.

How do you sell a car when you still owe money?

If the car is worth less than you owe on it, you can try to get an unsecured loan from a local credit union or a local bank. You could also try to ask whatever financial institution has your car loan for an unsecured loan for whatever the car doesn't bring when you sell it.

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.

How can you get rid of a your car when you still have payments?

Sell it or trade it in. Then take the proceeds to pay off the loan.

How do you sell a car that you still owe on that is damaged?

If you can get enough out of the car to pay off the loan then just sell it. If you are upside down on the loan, they that presents a real problem. You may have to just sit on the car until you pay off enough of the loan to be able to sell it an get enough to pay off the loan. You could also sell it and take out another loan that will cover the deficiency, but that may not be a good decision if you are financially strapped.

How do you sell a upside down car?

If you mean you still owe money on the car you don't sell it unless you can take the money and pay off the loan. The bank really owns your car and the pink slip, so if you sell it without the loan getting paid you still owe the money to the bank.

Is Italian gold worth more?

Italian gold is only worth More if you sell it to jewler that is going to resell it as a jewelry and not sell it off to be melted down into bars.

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.

What do you do if you cosign for someone and they wreck the car and sell it but still owe on the loan?

When they get out of jail for selling property with a lien on it, and after YOU pay off the loan, you might consider NOT co-siging again.

Can you sell a car that you still owe money on if the buyer takes over payments?

Yes, if the lender approves of the transfer of the loan.

Can you sell a car while you still owe money?

Yes, though you have to pay off the loan before or as part of the process.

People also asked