Auto Loans and Financing
Repossession
Car Selling

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

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2014-01-23 20:59:56
2014-01-23 20:59:56

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.

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Sell it privately for what you owe on it.

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You owe the difference in what the car sells for and the balance on the note.

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Lets say your financing a brand new car. You owe $25,000 on it and when it gets reposessed you still owe $18,000. The reposession company will sell the car and that gets subtracted from what you owe. Lets say they sell it for $7,500. So they would subtract $7,500 from $18,000 which means when all is said and done, you still owe $11,500 on the car.

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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.

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If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.

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Even if you could you would still owe the bank the money they paid for the car.

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Yes. You owe the amount of the unpaid loan, minus whatever they get when they sell it at auction (very little), plus their costs.

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NO but why would they repo if you are making payments. You don't still have to continue to make payments, however, if your car is repossessed, normally the finance company will sell the car and you owe any deficiency balance. In other words, let's say you still owe $5000 on your car and the finance company sells the car at auction for $4000. They will eventually contact you and you will owe the $1000 difference.

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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.

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You cannot sell a car you have a loan on if the lender has a lien on the vehicle. You will need permission from the lien holder to sell the car. If the lender has no lien on the vehicle then you can sell it if you wish. The title will list any lien holder.

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

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

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how do you find out if the owner still owe a finance company on the car you are buying?

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Yes you can, however you still must pay back the balance of what you still owe.Yes you can, however you still must pay back the balance of what you still owe.Yes you can, however you still must pay back the balance of what you still owe.Yes you can, however you still must pay back the balance of what you still owe.Yes you can, however you still must pay back the balance of what you still owe.Yes you can, however you still must pay back the balance of what you still owe.

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No, they cannot. But if you borrowed money to buy the car, they can repossess it if you do not square things up. If they take it, they can sell it for you, and you will still owe the difference between what it sold for and what you had left to pay on it.

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My car is in the impound, i still owe 7,000.00 the impound put a lean. Will the finance Co. take me to collection?

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not if you still owe money on it

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Yes, Because then they would be responsible for taking care and paying for the car. The slang term "upside down" refers to when you owe more than the car is worth. If you sell a car to anyone (including a dealership) for less than you owe you would be the one responsible for paying the difference. The dealership will verify with the fiance company what payment is required to release the lien. For example if you owe 10,000 on your car and the dealership will give you 9000, you would have to pay them 1000 to take the car. If you're trading in the car, then the shortage can sometimes be rolled over into the new car purchase.

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If you owe money on the car you cannot legally sell it without the lender signing a release form removing the lien on the vehicle. The lender actually owns the car, not you. Once you make the last payment the cars is yours.

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yes because you don't have to pay for the car. But if the dealership does not want to buy it you can't sell it to them

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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.


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