Do the best you can to get what you owe for the sale price. If you can't get that much for it, you will have to pay the difference on the loan. Once the loan is paid off, you will get the title in the mail. Sign it over to the buyer and give them the keys. In the mean time, once the deal is made and money is handed over, have a "bill of sale" ready for them with both signatures (keep a copy). You can download an auto bill of sale form in the related links below that's compliant with your state's laws.
If you are talking about getting the title so you can sell it yourself without trading to a dealer for a lower sale price, then go to the bank and get a signature loan, or even a cash advance place if you don't owe a lot on your vehicle. Use the cash from the loan to pay off your vehicle. You have replaced your first loan with a second loan, but now you have the title to sell your vehicle yourself.
you usually do. it happened to my brother.
If it is repossessed, you will owe the difference between the loan amount and what they sell the vehicle for.
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.
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.
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.
Sell it privately for what you owe on it.
You will generally owe the difference between the outstanding balance on the loan and what they were able to sell the car for.
This is tricky. If you trade in your car and get what you owe on it, it is likely you are paying more for your new vehicle (they always mark up the price to equal everything out). If they only give you what the vehicle is worth by blue book value, then they will give you a better deal on the new vehicle. If you want the best deal, then sell the car person-to-person and then buy yourself a new vehicle.
If you owe money on the motorcycle then the lender has a lien on the vehicle. You cannot sell it without the permission of the lien holder. You need to contact the dealer holding the loan and see if they can help you.
pay what you owe
Whatever the sale of the auction is the bank will take it and pay the cost for the auction and whatever the balance is will be applied to what is owed. So if your car sells for $9 thousand, and the cost is $1k to sell $8k is applied to the balance of the car. If you owe $12k minus $8k you will owe $4k.
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.
Yes you could sell it back to the dealer but you will only receive the wholesale value. Better to sell it to an individual. You could also put it in storage for when you return. The dealer may be sympathetic to your plight and offer more. Remember if he buys it from you he must sell it at a profit. Allot of this depends on how much you owe on the vehicle. If you owe less than it is worth just sell it to an individual. If you owe more then you have a problem. See if you can let someone take over the payments. Just make sure it is all done legally with the proper paperwork.
Yes, the amount of money that you owe on the motorcycle will be added on to the amount you are borrowing on whatever vehicle you are buying. They will then pay off the title since you owe that money anyhow for the new vehicle.
yep, technically they can do it if you only owe $1.00, though in practice this is rarely done.
When your car is repossessed from the bank, the bank will sell it, usually at an auction. You are responsible for the difference of the selling price and what you owe on the car.
they sell the auto at an auction sell it to the highest bidder and you the remainder
You did not mention what type of damage, but i will assume body. Unless you requested for them to put full coverage on the car before the incident, then nothing happens.
Normally, unless it is a sort of pawnshop or personal type of loan, you the borrower hold the collateral. For example, if you get a loan on a vehicle, you have possession of the vehicle as long as you are making payments as agreed. If you stop making the payments, the one to whom you owe the money (the lien holder) can take possession of the vehicle, sell it, and you would be responsible to pay the difference between what it is sold for and the amount you still owe, if there is a difference.
Either pay off the lien and then sell the vehicle, or sell the vehicle and use the money to pay off the lien.
You owe the difference in what the car sells for and the balance on the note.
how do I find out if I owe property tax on car that I co sign for
Your debt is cleared and they will keep the profit
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.
I believe you can sell it if you are the beneficiary, or if you inherited the vehicle.