Launa Weingarten: Either way you slice it, you are responsible for the loan. By trading it in, the dealer will offer you a certain amount for your car, which is usually a lot less than what you owe. You will still be responsible for the difference (between the dealers trade-in off and what you owe the bank). That is typically rolled into your new car loan, making it more expensive (since your are paying for the new car and part of the old car you traded in). If you are doing it for the shake of saving money, you won't be saving any. If anything, you will be paying more.Having the bank come and get your car (because you can't afford is) is a voluntary repo, which will still make you responsible for the loan. Just be careful, if you default on your payments your credit will essentially get ruined and it will make it very hard to get anything for years to come....Show more
Anton Waln: Yes you can sell it without having the title in your hot little hand. The lender has ! the title until it's paid off. So Get a Duplicate Title Form from the DMV or AAA Auto Club REG 227. Fill it out as if it were your title. When you get the money for the car, you give the REG 227 to the new owners who can start the process of transferring it into their name. They will get a registration with their name on it and the DMV records will show that a transfer of Title is in the process. Pay off your loan and the lender gives you the Title showing that you paid it in full. You now send this to the new owners. and they can complete the transfer. Lenders typically take a few weeks. Make sure all parties exchange names, phone numbers, drivers license numbers, etc...And I always recommend both buyer and sellers go to the AAA together to make sure it's done. Only one of you need to be an AAA member to use this service....Show more
Jene Licausi: you can sell the car. however you will need to pay the lien holder off in order for the other person to register the car.! your best bet to find out the details is to call your lien ho! lder and ask them what the payoff amount is and they can tell you what paperwork if any you would have to fill out besides the bill of sale.
Marcel Then: However you decide to sell your car (throught a car dealer, Craigs List, etc) you will need to pay off your loan before you can sign off your title. Call your lender and ask what the process is. You should be able to find the number on your monthly statement.
Cletus Makler: There is no easy way out of the mess you are in, which is why it is so dangerous to buy more car than you can afford. Very likely, you owe more omoney on your car loan than your car is now worth, which means that whatever the dealer gives you may not be enough to pay off the loan (which you must do, no matter what). The nest thing to do is call you loan comapny & find out what the total payoff amt is. Then try to sell your car on eBay or Craigslist for as much as you can. Good luck....Show more
Marjory Stromme: If a dealer cuts you a! check for your car, don't you think you should pay off the loan with the money?You signed a contract to repay a certain amount of money. No matter what you do with your car, you are still 100% obligated to repay that money. You didn't mention how much you owe versus the value of the vehicle. If it is worth as much as you owe, then sell it and pay off the loan. If it is worth less than the remaining loan balance, you're better off keeping it....Show more
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