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How do you sell a car on which more is owed than what you could sell it for?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
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If you had a car repossessed and you owed very little if they sell it and get more than what you owed who gets the difference?
YOU DO, if there's anything left after the sale. Remember, if they sell at auction, it will be wholesale and NOT as much as you would pay for it.
How can I sell a vehicle before I have paid off the finance company?
buy selling it for more than you owe on it .or pay the finance company the difference if sold for lees than the balance owed.
Once your vehicle goes to auction and it is sold for more then what is owed who gets the remaining money?
you do.AnswerDepends what state you are in, but where I am, it is called "surplus" funds and they are owed to the debtor. AnswerI think in biblical time that was referred to as a MIRACLE. Vehicles almost never sell for more than what was owed on the loan. Most end up with a deficiency that the debtor still owes. If your car sold at auction for more than you owed I would take the remaining money they owe you and get to Vegas quickly cause you are darn lucky...
If they finally picked up your car how long do they have to sell it and is there a chance they will sell it for more than you owed?
"Ok, they finally came and picked up my Yukon. What happens now? It goes to auction. Most likely a WHOLESALE auction for DEALERS.How long do they have to sell it? Depends on your STATE laws.Is there a chance they will sell it for more than what I owed? VERY SLIM. Did you make a LARGE down Payment?? Did you make MANY valuable improvements to it(paint job,wheels,ect)? Did you take good care of it or never drive it?If they 'finally" cme got it, why didnt you try to sell it?? YOU would have gotten a much better price than the auction.
If you sell a car and you owe the creditor do you have to pay them the amount the car was sold for?
If you sell a car you owe a creditor a balance on, you pay the creditor the amount you owe him in order to get the title to the vehicle to turn over to your buyer. Anything over the balance owed to the creditor is yours to keep, assuming you sold it for more than you owed on it. If you sold it for less than you owe on it you will have to pay the additional amount out of your pocket to get the title.
Is money still owed if leased car is repossessed?
Yes, and potentially more than was owed before the repossession due to accrued fees.
Does Fiji sell more than what it has to buy?
yesss fiji sell more than it can buy..
If a guy tried to sell you a car but when you looked up the VIN it showed up as repossessed can you buy the car from the repo people if you tell them where it is or will they not sell it to you?
No. The Car Doesn`t Belong To The Repo Man. That's His Job, To Get It Back To The Loan Company. Bank, Ect. If You Can Find Who Holds The Note On The Car You May Work Out A Deal With Them. Myself I Suggest You Stay Away From This. It Could Be More Than Reposessed. Best To YouAnswerThis is a tough one because if you turn the guy in and the guy figures it was you, you could get more than you bargained for. Then again you could get a deal if you tell where the car is to the repo people, maybe even a reward, but it would benenfit you to know exactly how much is owed on the car so that the repo/car lot people don't try to sock you for the full amount instead of what is owed. They will sell it to you either way.
What is house under water in real estate terms?
That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.That would be property where more is owed on the mortgage than the value of the property. The term upside down is also used in that sense.
How much money can you get for an autographed Billy Cyrus CD?
it will sell. but you could buy it on eBay for cheaper than what you wanted to sell it. if i were you i would keep it and sell it when billy ray dies then you would get more money than if you sold it now.
What to do if more is owed to creditors than is in the estate?
Lay out a plan of distribution and get the court to agree to it.
What made the feudal system so complex?
because the treaties could have been broken
