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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.
How do you sell motorhome with a loan balance?
You must pay the loan balance out of the proceeds at the time of the sale.You must pay the loan balance out of the proceeds at the time of the sale.You must pay the loan balance out of the proceeds at the time of the sale.You must pay the loan balance out of the proceeds at the time of the sale.
Is there a way to sell a motorcycle when you are upside down in a loan with it and not owe the balance?
if the loan is through the bank then have the person who is buying pay off the rest of the loan.
What happens when they repo a car and loan is still owed and they put car up for auction Who is responsible for the balance of the car loan?
I'm not sure if this is valid in every state, but I believe that if the car is sold at an auction, you will still be liable for the left over balance. If the car is sold at an auction and the sell price covers the balance of the loan then, I don't think you will need to pay anything else. Maybe some fees for the repo. I "think" this is how it works
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.
When a person died by naturally then what happen car loan?
Until the car is paid for, the company that made the loan still has a financial interest in that car for the amount that is still owed. If that amount is not paid, the holder of the loan has the right to repossess and sell the car. If that does not generate sufficent funds to pay the loan balance, they may make a claim against the estate of the debtor.
How do you get rid of a car once you have signed the contract and your apr is really high?
Sell it to someone else, and pay the difference in what you sell it for and the balance on the loan. Or you could try to refinance the car with another lender at a lower interest rate.Sell it to someone else, and pay the difference in what you sell it for and the balance on the loan. Or you could try to refinance the car with another lender at a lower interest rate.
What can happen if car loans are not paid when there is no vehicle do to a wreck?
Then they will repossess the wrecked vehicle, sell it for what they can get, apply that to the loan balance, and you will be responsible for the balance on the loan. They will sue you in court to get it and will win. Now if you continue to make the loan payments, then none of this will happen. Did you not have insurance on this vehicle?
Do you still owe for car returned before repossession?
Unfortunately yes what the bank or creditor will do is sell the car most likely at auction for "X" amount. you end up liable for the difference between what they sell it for and the remaining balance of the loan.
Can you still owe money after your car is repossessed?
Yes, your car will be sold and if the price they sell it for is less than the balance left on the loan, plus the repossession fees, you will be responsible for that difference and will have to pay it.
If a car is repossessed and they sell the car how much can you owe?
The difference between the sale price & loan balance is what they will bill you for.
Can you wreck a car to escape a loan?
It's easier to sell it and pay off the balance. Wrecking a vehicle likely won't give you enough to do this, and of course, if they can establish that you did this deliberately, you get nothing from the insurance company. Then you still have to pay the loan off, too, possibly after you get out of jail.
