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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.
Wiki User
∙ 10y ago
Wiki User
∙ 10y agoYou must pay the loan balance out of the proceeds at the time of the sale.
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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.
How do you get a motorhome loan with low credit scores?
It is possible to get motorhome loan with low credit score. Many RV financing companies provide motorhome loans with low or bad credit score. Just you need to search the right motorhome financing company online in your area that can provides the motorhome loan with low credit score.
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?
Is Loan on balance sheet or off balance sheet?
Loan is on balance sheet
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.
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.
Can you check your loan balance here?
No, you can not check your loan balance here.
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.
What is the balance on a loan?
The balance means the amount of money that you still owe on the loan.
If your car is repossessed are you responsible for the balance after they sell your car in Illinois?
You are unless it's a TITLE LOAN, they usually write it off.
How to sell your financed car?
If your car isn't paid off at the time you wish to sell it, things are a little more complex. You need to close the loan with your lender by paying off the balance with the proceeds of the sale so that you can present a clear title to the buyer. If however, you have to sell the car for less than you owe on it, you will need to pay the balance of the loan out of your own pocket to the lender.
