Chauncey Williama: No. As you present it, you cannot sell the car. As I understand, you're wanting to sell it, keep the cash from the sale, and just keep paying on the loan. The answer is NO. The lender has the title (you may have a copy only... the lender will keep the original, transferable title until you pay off the loan), so you wouldn't be able to give the buyer a clear title. When you owe money on a vehicle, and want to sell it, you MUST pay the loan off in full with the proceeds from the sale, or come up with the difference owed in cash. There is no magic way around it. If you tried to do what you're proposing, the buyer would go down to the DMV to transfer ownership, and the DMV would see the lien against the vehicle (if you don't understand what a "lien" is, look it up), and they would stop the process altogether. The buyer would then have to come back to you for their money back. If you spent that cash and couldn't pay them back, they'd sue you and win in a hea! rtbeat. You have to pay it in full, get the title from the lender, and then transfer ownership to the buyer. No other way. Also, it sounds like you're behind on your loan, and looking for a quick way out. There is no quick way out. You mention several times to take the $$ and "not pay off the loan". That won't work, no matter how much you try to reason it....Show more
Esteban Faggett: the bank must be paid in full before the title to the car can be released ... you cannot sell the outright and keep that money as that is bank fraud == BE CAREFUL .... what you do ..... talk to the bank and see if your buyer can assume your loan as that is the best way to get your name off the title and out of your legal responsibility
Rubi Romo: Are you upside down on your loan -- owe more than the car is worth? If so, you are NOT in a position to sell or trade -- because you must pay off your loan, totally, in order to get the car's title to sign over to a buyer. So, you could o! we hundreds, maybe a few thousand dollars to fully pay off you! r old loan after you sell the car. If you are not upside down, take the money from the buyer of your car and pay off your loan, get the title and sign it over to the buyer. Then use whatever money is left over as a down payment on a new car....Show more
Agustina Stimmel: 1st of all, it's impossible for you to sell the vehicle - it is not yours to sell !! the loan company owns the vehicle, and until that loan is paid in full, they own the vehicle...............that should settle that
Charissa Bichsel: this reason is not to pay off the loans with the bank. it is for some other things and I feel it is more important. so the only thing I am thinking is sell the car and title, get the money and use it on unfortunate outcomes. I am expecting to still pay the loans monthly even I don't have the car. my QUESTION is is this a doable? can you SELL the car while having loans with the bank?
Hans Sachetti: You cannot legally sell the vehicle until the loan is paid off,! and the title is in your name. If you try to sell you car on CL, and give them possession of the vehicle, you'll never see the buyer, car, or money, ever again. You WILL, however, still be responsible for paying off the loan.
Mercedez Trabue: ????? I seriously doubt you will be able to sell it for enough to pay off the loan. The vehicle is useless without a clear title. Most smart people wont touch it if it still has a lien on the title which yours will. May be a scam. I get scam calls all the time from clowns off CL trying to buy my stuff. Usually starts with they will pay extra or will send their own shipping company or they will send a carrier with a cashiers check. All are scams.But you may just have to live with it. I cant see anyone having a newer car like yours & not be somewhat upside down on it & then trying to sell it to someone to get enough money to pay off the loan much lesser sell it for enough to buy another vehicle. I think your about to ge! t conned....Show more
Jefferson Sarson: First, this is illegal. Y! ou have a contractual obligation to keep possession of the vehicle until the loan is paid in full. You do not have clear title to the vehicle if there is a loan against it, and you cannot sell a vehicle unless you can convey clear title to the buyer.Second, there is no incentive for the buyer to make payments. It is your credit that gets ruined and you are the one who will be sued. The buyer can't register or insure the vehicle because you are still the owner. That makes you personally responsible if the car is involved in an accident or used to commit crimes. It is a bad idea all around....Show more
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