Law & Legal Issues
Car Selling

Is it legal to sell a car if you still owe money on it?

141516

Top Answer
User Avatar
Wiki User
2005-10-22 03:26:01
2005-10-22 03:26:01

Yes, However, at the time of the sale if you do not sell it for atleast the amount owed, you must pay the difference(ASAP). I don't know what state your in, but in Texas you must present the title to the buyer within 21 days.

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

If you mean you still owe money on the car you don't sell it unless you can take the money and pay off the loan. The bank really owns your car and the pink slip, so if you sell it without the loan getting paid you still owe the money to the bank.

User Avatar

Sell it privately for what you owe on it.

User Avatar

No its perfectly legal and if you are still making payments on it, that increases values.

User Avatar

You can still sell damaged cars on kijiji or craigslist just stating that there is damage on the car. the price might be cheaper but still can sell for money.

User Avatar

Any sports car that is not legal to sell in the U.S. is not legal in New York. Any sports car that is legal to sell in the U.S. is legal in New York.

User Avatar

Even if you could you would still owe the bank the money they paid for the car.

User Avatar

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.

User Avatar

You don't sell the car until the loan is paid off and pink slip is in your hands.

User Avatar

You will need to sell your car and then do a legal transfer of the title.

User Avatar

If the car is in your spouses name then yes, they can sell the car if they own it. If it is in joint name or it is your car then it is illegal to sell the car.

User Avatar

If you are the legal owner of a car, have it register, and have simply lost the title, you can apply for a replacement through your state DMV. If you are the legal owner of a car but do not have a title for it, you can sell the car with a bill of sale and the next owner can attempt to a quire a title for it. You will have difficulty selling the car for anything like it's actual value. If you are still paying for the car, and as such haven't gotten the title yet, you can not sell the car as you do not own it, the bank does. Selling a car you are still paying for is fraud as you are selling something that doesn't belong to you. If you do not own the car, but are trying to sell it this is also fraud as you are selling somethign that doesn't belong to you. if u own the car straight out & just trying 2 sell it - all u have to do is go to the department of lic. with the BUYER & sign a "release of interest" form, it has to be notorized so both u & the buyer have to sign it with a notary present - its easy !!!

User Avatar

Of course it is you can sell it as much as you like

User Avatar

You may sell your car for money at any used car dealing store. You may also try selling or trading the car at car trading stores.

User Avatar

Any sports car that is not legal to sell in the U.S. is not legal in New York.

User Avatar

It is legal, but you must disclose that the odometer is not accurate.

User Avatar

No...it is not legal for anyone to sign your name to a legal document or a check it is still forgery and can be a federal offence

User Avatar

No, they cannot. But if you borrowed money to buy the car, they can repossess it if you do not square things up. If they take it, they can sell it for you, and you will still owe the difference between what it sold for and what you had left to pay on it.

User Avatar

I lost my titles can I still sell my car

User Avatar

Yes, if the lender approves of the transfer of the loan.

User Avatar

Yes, though you have to pay off the loan before or as part of the process.

User Avatar

Take the money and run..

User Avatar

It is legal to sell nearly anything at a price someone is willing to pay, high or low.

User Avatar

No. Only the legal owner of a vehicle may sell it.

User Avatar

You cant. The loan in your name must be paid off by you. So if you plan to make any money off your car you will want to sell it for more then what is still owed.

User Avatar

You will still owe the money back with agreed upon interest. There may be some legal issues if you used the car for collateral and you do not own the car. return the money with the interest. the longer you save the loan, the more interest you have to pay!


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.