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How do you sell a car on which more is owed than what you could sell it for?

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Wiki User
2006-07-21 14:42:46

Talk to a loan officer at the lending institution and let them

know what you're trying to do and make arrangments to pay the

balance after the car is sold. If they know that you have plans to

take care of the rest of the debt, they'll probably be willing to

work with you. Unfortunately, if it's a lending institution that is

associated with the auto industry, they may refuse, requiring that

you buy a NEW car or pay off the old one. If all else fails, pay

down the vehicle to what it's worth, sell it for the payoff amount,

then the bank can't argue with you.


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