How do you sell a car when you still owe on it?

[somss02]

If you still owe on a car but you want to sell it, how does that work? I'm thinking about selling one of my cars but I never sold a car that I still owe on. Any info would be good..thanks

[foff667]

Originally Posted by somss02

If you still owe on a car but you want to sell it, how does that work? I'm thinking about selling one of my cars but I never sold a car that I still owe on. Any info would be good..thanks

if you can sell it for what you owe I dont think theres an issue...its if you cant make up the difference is when it becomes an issue...i would assume the bank holding the title wont give it up till its paid in full.

[skorpion317]

simple. sell it for enough to cover the amount that you owe.

if you're lucky, you can even sell it for more money than you owe, and keep what's leftover.

[TheWraith]

the easiest way is to trade it in and they'll deal with it. but if you want to sell in a private sale, you can roll the debt into a private loan or something so you can get the title and then sell it, then pay off the loan. bottom line is no payoff, no title, no sale.

[Fastbird]

Basically if you're selling it to a private party and you're selling it for MORE than what you owe, then the lender for the private party will cut two checks: One for the payoff while will go directly to the leinholder and the other for the residual which will go directly to the seller.

If you're selling it for LESS than what you owe, then the buyers lender will send the check to the leinholder and then you'll be responsible for covering the remaining balance with cash, check, loan, ect. before the title will be released.