Auto Loans and Financing
Repossession
Car Selling
How To

How to sell your financed car?

131415

Top Answer
User Avatar
Wiki User
2014-10-07 02:13:19
2014-10-07 02:13:19

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.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

Because the bank owns the car. The person that financed the car did not pay the bank.

User Avatar

You cannot sell a car with a lien against it without getting a lien release from the lender. To do otherwise is illegal.

User Avatar

If you own the car, sell it to him for $1. That should solve your problems.

User Avatar

You can, should, and are legally required to register a financed car.

User Avatar

Legally you can't ! The car belongs to the finance company until it's paid off !

User Avatar

If your car is financed you cannot sell it to a salvage company. Even if the car is beyond repair it does not technically belong to you until you have finished paying for it. Once you pay the finance company off you can sell it to anyone you please. The salvage company won't or shouldn't purchase that vehicle without a clean title.

User Avatar

Not if it is 100% financed or on a lease. A judgment creditor can force you to sell it for its market value, pay the lender what is due on the loan and take the rest.

User Avatar

I'm not sure what the "dealership did not want" has to do with it but it is always illegal to sell anything that is financed. This is called "Selling of mortgaged property" and I believe is a felony

User Avatar

Yes, he can charge more and most do. He can sell the car fro whatever price he dictates. You can also walk away from this deal. It is your choice.

User Avatar

car is broken and needs major repairs but is still financed how do pay for the repairs

User Avatar

What is the average amount financed in an auto loan

User Avatar

Ok, this is a weird question, how can it be bought and paid for if it isnt paid for? So I will answer this question with what I think you mean..... I believe you are asking if you can sell a car that you have financed and owe money on..... I will answer this one. Yes, you can sell a car that you financed, but you have to sell it for nothing less than your "payoff amount". you will get the money from the buyer, and you will pay off the loan, the only problem is that it takes a week to 3 weeks to get the clean title in your hand. You will have to make a deal with the buyer that you will give it to him when it comes.

User Avatar

73% of new car purchases are financed, according to this website: http://www.newcars.com/how-to-buy-a-new-car/auto-financing.html

User Avatar

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.

User Avatar

no. not unless the lender allows you & it won't. you would have to sell the car, pay off the loan & then transfer title. all at the same time.

User Avatar

You ALWAYS need insurance on a financed car, and it has to be full coverage. Doesn't matter what state you're in.

User Avatar

Someone cannot sell his car if there are still some pending payments on a loan. It is however possible to enter an agreement with the financier so that the remaining payments can be financed by part of the proceeds from the car sale. An extra interest payment may be charged for that.

User Avatar

You have no options! Should have got insurance There are none. You have the joy of paying off a car you no longer have. Best thing to do is try and sell it for parts.

User Avatar

Financed? Yes. The person or car dealership buying the car would write a check for the outstanding loan balance to the bank that has financed the car and anything left over they would give to you. If you owe more than the car is worth, then you (the seller) would need to make up the difference, i.e. write a check for the difference between what they are buying the car for and the remaining loan balance.

User Avatar

That's a statement, not a question. What are you asking about the car?

User Avatar

I believe it depends on the state, but as far as I know, if you have to have full coverage on a financed car, it doesn't matter where it's financed. If you still have questions, ask your insurance person, they'll know the answer.

User Avatar

A "financed" car is one that is purchased with money that is loaned to you. You then make monthly payments at a certain rate and percentage for a certain number of years and months. The car is owned outright by the one who lent the money.

User Avatar

If the car is not financed-Yes

User Avatar

Legally, NO !!! can you, sure!! LOL


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.