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Answered 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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