How do you sell a car you are financing?
You just sell it, hopefully for more than you owe. Who ever is handlleing the loan releases the car after it is paid off. If you can't sell it for the entire amount owed it may make sense to pay the difference in order to be out from under the loan. May have to pay this months payment so you don't have to next month.
How long does a dealer of a used car have to find you financing you have had a car for over 45 days and the dealer keeps saying they are searching for financing?
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.
Yes, of course. Read your contract. A BHPH lot offers alternative financing to people who can't get financing otherwise. The terms are the same as any standard financing agreement. Bringing a car back, whether voluntarily or involuntraily is still a REPO. So, the dealer has the option to sell your repo at whatever price he accepts and sue you for the balance. This isn't Wal-Mart!
They usually don't change their mind. What happens is a dealer sales you a car and lets you drive off thinking the purchase is complete when in fact they do not have the financing secured. This happens mainly on weekends and after normal business hour purchases. If they are unable to secure the financing they will want the car back or you to get financing of your own.
No, but you must first secure the permission of the agency that holds the official title for that vehicle. They are the ones that "own" it ... you do not own the car until your debt has been settled with the lending agency, therefore, it is not "yours" to sell. What usually happens is that the prospective buyer will have to secure their own financing in order to purchase the car from the title holder…
What are your options if you bought a used car in new car dealership got their financing and had an accident within 3 days of buying the car and no insurance?
If you are looking to purchase a used car you will be able to find great financing as long as you have good credit. The best places to look are local credit unions and local banks that have a branch in your area. If that does not work for you then see if the place you are buying from has in house financing. The financing you get will depend largely on your credit score.
I recommend you not do this! This cost a lot in extra interest on your financing! In North America this is possible as long as only the financing is upside down. If the car is or has been upside down it is very difficult. The problem is you take on the finance rate. Go to a dealer, tell the truth about what you owe. They will organize up financing that pays off your old car…
Because you will be required to have it released if and when you sell the car. Because you will be required to have it released if and when you sell the car. Because you will be required to have it released if and when you sell the car. Because you will be required to have it released if and when you sell the car.