Can i Sell my Car
05-05-2005, 04:01 PM
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Can i Sell my Car
Hey i have a 98 ex that i want to sell because i dont want to have car payments anymore. Its not that i can't handle them but its just that i would be able to do so much without car payments. So my question is. Is there anyway i can sell my car for less then what i owe even though the bank is listed on the title as the lienholder. FOr example lets say i owe $20,000 and i sale the car for $15,000. ANd i take $5,000 to buy another car and used the left over 10,000 to make payments on the car. Can that be done without the bank knowing. Is there anyway that i can do that. BTW those aren't the actual numbers. Just examples. THe reason i am asking this is because i dont want to just have a person take over my car payments because then there wont be much in it for me and if i did have someone pay me AND take over my car payments then they would end up paying way too much for the car. I know this is a little complicated but i would like to thank everyone in advance for their help.
05-05-2005, 04:05 PM
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you motorboatin' s.o.b.
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no, the person who buys the car from you is going to want the title... or if they got a loan to pay for the car, then their bank will want the title.
05-05-2005, 04:19 PM
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It's called an upside down trade when you sell for less than you owe. YOU HAVE TO MAKE UP THE DIFFERENCE, if you owe 20000 and sell for 15000 you still owe 5000 and have to pay that off.
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05-05-2005, 04:21 PM
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Originally Posted by OLDMAN
It's called an upside down trade when you sell for less than you owe. YOU HAVE TO MAKE UP THE DIFFERENCE, if you owe 20000 and sell for 15000 you still owe 5000 and have to pay that off.
Oh so im guessing that i have to pay it off immediatly right?
05-05-2005, 04:25 PM
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Originally Posted by meunit910
Oh so im guessing that i have to pay it off immediatly right?
You got that right, and on the first guess.
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Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming ...."WOW! What a ride!!!!!"
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Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming ...."WOW! What a ride!!!!!"
LUNCH with THEOLDMAN...On a break for now...