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If you buy a car and still owe money to the bank and then privately sell the car can the loan go from being in your name to the other person?
Wiki User
∙ 8y ago
That's strictly between the holder of the note and the buyer of the car. The holder of the note also holds the title, so you need them to be part of the transaction. The buyer either needs to pay off your loan or re-assume it in his own name. And remember, it's now a "used car" for financial purposes, and subject to a higher interest rate, probably.
Wiki User
∙ 8y ago
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