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How do you sell a car to a private party if you owe much more on the car than it is worth?

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βˆ™ 2006-08-09 15:19:43

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You'll need to work with the bank and establish a way to pay back the difference between the sales price and what is currently owed. You'll need to take out a signature loan or pay off the difference before you sell the vehicle. If you are unable to get what the car is worth when selling to the private party, then you need to eat the difference. Get a loan from your bank to pay off the difference so the title can be free and clear for the new owner. In the future, never buy new. Always buy used. Let someone else eat the deppreciation.

2006-08-09 15:19:43
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