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Well let's see, you sold someone else's property without their approval. This is a felony in most states. It is called Fraud and Theft. You see you did not own the car outright, the lender owned part interest in the car. Until you paid the loan off, you were joint owner with the lender. If you continue to make the payments on time, then more than likely the lender will never know you sold the vehicle. Stop making the payments and you will find out very quickly how much trouble you are in. My question is how did you transfer title of the car without the lenders release of the lien? Surely you did not sell the car without transferring title to the new owner. If so, you may be in more trouble there than with the lender. You had better go talk to a lawyer immediately if this is the case.
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∙ 16y ago
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Can you get in trouble for selling a car to private party that you still owe money on?
I recently sold my dirt bike to someone and I still owe on the loan. Can I go to jail?
My Car was repossessed what do I owe the bank?
They will auction the car and you will have to pay the difference of what you owe and what the car sold for.
If you sold your car do you owe taxes?
no
If you surrender a car that you can no longer use and can't afford do you still owe the difference between its value and the loan amount?
YES, she will owe the remaining balance after it is sold.
After a car is reposessed and sold for more than you owe on the loan who get the difference?
if your car is repoed,and sold for more than you owe, you get the extra. this is fed. law. if sold for less,you pay the diff.
How do you get rid of a car on which you still owe money?
Sell it privately for what you owe on it.
If your car is totaled and you still owe for your car do you have to still pay for it?
Hell yea
How do you find out if the owner still owe a finance company on the car you are buying?
how do you find out if the owner still owe a finance company on the car you are buying?
If you owe money on a car still and it gets repoe'd does the amount at auction get deducted from your debt or what?
The car is either sold privately or at a closed auction.Then that the amount the bank receives from the sale(the car is usually sold below market sometimes way below)is used to pay not just your loan but also any fees the lender incured to repo and sell the car.If you still owe a balance they will come after you for that.
If you sell a car and you owe the creditor do you have to pay them the amount the car was sold for?
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.
If you dented another car and then that car is totaled in a separate accident before reapirs are made do you still owe for the dent?
Yes - you still owe for the dent.
Once the lender sell you car do you still owe the balance?
You owe the difference in what the car sells for and the balance on the note.
