Wednesday, May 26, 2010

a car under loan?

hi there,



I have a car that still under loan for two more years. Just curious, how can I sell it? shall I call up my credit union to solve the issue? but I have been paying the loan for 3 years already and the KBB price of the car currently is higher than the loan. Can I sell it privately and pay off my loan?



Any help is appreciated!



Sell a car under loan?

NO.. BIG MISTAKE. NEVER, NEVER, FOR ANY REASON SHOULD YOU SELL YOUR CAR TO A PRIVATE PARTY IF A LOAN STILL EXIST FROM YOUR FINANCE COMPANY.



1.YOU ARE UPSIDE DOWN, AND YOU ARE GOING TO HAVE TO PAY THE REMAINDER OF THE LOAN BECAUSE THE BUYER WILL NOT PAY FULL PRICE AND WILL ONLY PAY FOR THE VALUE OF THE CAR.



2.IF YOU WANT TO SELL YOUR CAR FOR PROFIT.. THEN NO.



BUT IF YOU ARE SELLING YOUR CAR TO GET INTO A NEW ONE THEN I SUGGEST YOU TRADE IT IN AT THE DEALERSHIP AND INSTEAD OF BUYING ONE, LEASE ONE..IS MUCH CHEAPER.



Sell a car under loan?

Seriously, the answer is not no... people sell cars that they have a loan on every day. If you go to www.kbb.com you can even see the price you should ask for when selling it to a person. Report It



Sell a car under loan?

When you sell the car you would be responsible for paying off the remainder of the loan from your credit union. People do this all the time.

1 comment:

  1. Hi,

    I needed to thank you for this very good read! I definitely enjoyed every bit of it. I've got you saved as a favorite to check out new stuff you post.

    Have a nice day...!!

    Loan for Your Car Title

    ReplyDelete

 

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