Can you sell your car to someone before it is paid off? (not trade in, but sell outright?) How does this work?

You certainly can. However, there are a few things worth noting before putting it up for sale. 1.

What equity do you have in the car? If you owe $10,000 on a car that is only worth $8000, then you are negative $2000. In this case, you may be unlikely to find a buyer, willing to pay more than what it's worth.

If you owe less than what it is worth, or equal to, than you are in a good position to sell. 2. Because you are in a position where you do not have the title available to you, you'll definitely need to contact your lien holder, and find out if there are any penalties or stipulations for selling while still in your loan term.

If there are, be sure to calculate all these into your final payoff. Also you'll need to make sure you know how your interest in charged, so that you can be sure of your payoff. I myself have "thought" I made my last payment, then received a bill stating that I hadn't fulfilled due to "interest".

It just depends on how they accrue it. 3. When selling, be sure that your buyer is aware of the current situation, and that there may be delays due to needing to satisfy the loan and financial co.

Also make sure that when you accept payment, you should ask for a cashier's check or other guaranteed tender. Accepting a bad check will only cause you a tremendous amount of headhache. 4.As a previous response stated, you may also have someone that is willing to take over your current loan.

Keep in mind, that they will need adequate credit to secure the loan. In these financial times, you may struggle to find a buyer in this situation, but it is definitely worth a shot if you need to get our from under your current loan. TIP - Never accept a verbal agreement from someone willing to just "make payments to you".

You will have very little legal recourse if the deal should go bad. 5. When possible always complete the sale at the financial institution that holds the title.

This will alleviate a bit of the worry, as your loan can be satisfied and title handled immediately. When this is not possible, you can apply at many state DMV's for a temporary operating permit, and agree to send the title to the new owner once it arrives. This will require an extreme amount of trust.

If this isn't a possibility, than you amy perhaps need to secure the funds yourself, payoff the loan, transfer and sell the car, then use the funds to pay off your loan. While not ideal, this can place you in a very difficult situation. However if you make your buyer aware of the difficulties you may face, they will be more likely to trust you in the end.

Sure. I believe you can do it one of a few ways: 1) They pay you the money, then you pay off your car loan and pocket any extra cash you've negotiated into the price. Or, 2) You get them to take over your loan ( subject to bank approval ), and pocket any extra cash you've negotiated into the price.

Or, 3) They take over your car loan payments and you just walk away from the car. You lose your existing investment in the vehicle, but you are no longer saddled with the payment. You'll need to call your bank to see what restrictions they place on such sales, but they will be able to tell you exactly what they will and won't be willing to do, given the type of loan you currently have with them.

This is because it is the bank who actually owns your car until you've paid it off, so they get to decide what types of re-sale they will allow you to broker with their vehicle.

On your car title there should be a notation of the lien due to the car loan. You can sell the car, but this requires some paperwork, a cooperative buyer, and a helpful lender. You need to get the necessary forms from your state's DMV or MVA (the agency that handles motor vehicle registrations, the name varies between states).

You also need to get from your lender the details of how you can sell the car while they hold the lien. The simplest may be to get the buyer to go with you to the lender along with all the paperwork, have the buyer pay the lender (preferably with cash or a cashier check so you don't need to worry about bad checks), the lender then lifts the lien, and the sale goes through. There is an excellent article on how to do this, as well as what to consider and what other options are out there at articles.moneycentral.msn.com/SavingandD... .

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