How do you sell a car that still has loan payments without paying off the loan first?

Similar questions: sell car loan payments paying.

You don't, really If you are trading the car in, you can usually make arrangements with the dealership or a third-party lender to refinance the existing loan, thus paying it off on your trade-in. The balance on the old loan is added to the loan you take on the new car, after adjusting for the value of the trade-in. Let’s say you have the following: Your trade-in is worth $10,000.00 You owe $5,000.00 on the car The new car costs $25,000.00 Your loan would be for $25,000.00 - $10,000.00 + $5,000 = $20,000 If you are selling the car outright, you may or may not be able to assign the loan to the buyer.It would depend on the terms under which you financed the car.

In any case, you can’t legally sell the car until the lien on it has been released, so you need to talk to the lien holder no matter what you do. Sources: Experience .

You can't really do that If you still owe on the one vehicle, and you plan to trade it in on a new one, the amount you owe (if it is less than the value of the vehicle) will roll over into the new loan for the new vehicle. In otherwords, you'll continue to pay off your old car loan through your new car loan. All too often, your old car won't be worth what you owe on it.

That's referred to in the business as being "upside down. " If that's where you find yourself financially, I'd strongly recommend you wait to buy a new car. Use the extra money to pay down the loan on the car you have and save some for a significant downpayment.

This is much better than paying for a car that you no longer own. I've learned the hard way about managing credit wisely and these kinds of mistakes are all too common. The lender doesn't care -- they're making money and if you default, they'll reposess the car and your credit rating will be affected to the point that you won't be able to get good loans -- for a house or something more permanent.

Here's my personal policy now: Pay off the car loan -- sooner than the loan dictates if possible. For two more years, continue to make payments to a savings account where a nice downpayment can accumulate. Keep the car well-maintained and insured -- that way it will be worth more when you re-sell or trade it in.

Take the money from savings, what you get for selling (or trading-in your car) and apply all that toward the new one. Your payments will be a lot more manageable and you won't constantly be paying for a car.

If you are buying another car from a dealer, ask that dealer to do a "curtesy" delivery. This is a common problem here in NJ. You want to sell your car and buy a new one but you don’t have the title, the bank does.In NY, its my understanding that you can transfer title with the registration.

Not 100% sure abou Really the only way I know of doing this in NJ is if you are buying another car from a dealer, see if that dealer will do a curtesy delivery for you. With a curtesy delivery, the dealer will take the money from your buyer, pay the bank and get the title to the new customer. A dealer can issue a temp tag to your customer so that they can get the car insured and on the road before they have the title in hand.

Obviously the dealer is not going to do this for free, they usually will charge their "documen/clerical fee" for the curtesy delivery.

This is a near impossibility. Nearly all of all car owners owe more on their car than it's worth if they used financing. I was in this same predicament.

The problem was that nobody wanted to pay fair market price; they wanted a 40% discount off Kelly Blue Book (!) which would still leave me in the weeds on my loan, meaning, the would-be new buyer didn't want to pay the negative equity. The ideal situation would be to find someone who would take over the payments, but they have to be approved by the lender who currently owns the note on your car, or, they could come into the deal with their own financing in place and they could just pay your old loan off and they would get the car. Unfortunately, in that case, however, if they had secured their own financing chances are it would not be enough to pay off your loan, and you could negotiate any remaining balance to be paid off over time.Be sure you want to do this, because not only would you not have your car, you'd basically be paying the difference (negative equity) to get out of the deal.

Bottom line: don't expect to get out of your deal Scot-free. You will end up paying for the negative equity, so it's costly any way you look at it. If financially plausible, keep the car according to the original contract terms and just make all your payments, but you will have to pay to get out of it.

I did, and now I can't get credit for at least three years, but that's okay--I don't have a car payment any more.

1 That will be difficult, unless you are selling the car to a family member or friend who can assume the loan if their credit is good. You will probably need to get a small loan from the bank to pay off the car loan. Once you get the title you can begin to try selling the vehicle.

Use the money you get from the sale of the car to pay off your new bank loan. I was once interested in purchasing a car until the seller told me the loan wasn't paid off yet. It turned me off because I felt he needed to get that squared away first.

That will be difficult, unless you are selling the car to a family member or friend who can assume the loan if their credit is good. You will probably need to get a small loan from the bank to pay off the car loan. Once you get the title you can begin to try selling the vehicle.

Use the money you get from the sale of the car to pay off your new bank loan. I was once interested in purchasing a car until the seller told me the loan wasn't paid off yet. It turned me off because I felt he needed to get that squared away first.

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Why I think the bank wouldn't allow me to take out a car loan.

A way around paying interest while in school on a private/alt school loan!

Is it possible to pay off multiple debts w/ a signature loan. From my calculations, the monthly payments would be less.

Can a bank sue you if a person takes out a loan for a car but it is still in your name and they die and you sell it.

Back to the Car loan situation. Why I think the bank wouldn't allow me to take out a car loan.

I cant really gove you an answer,but what I can give you is a way to a solution, that is you have to find the anglde that you relate to or peaks your interest. A good paper is one that people get drawn into because it reaches them ln some way.As for me WW11 to me, I think of the holocaust and the effect it had on the survivors, their families and those who stood by and did nothing until it was too late.