Posted by: anamika1 January 26, 2009
Question about selling car and payment
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Hi.


I am thinking of selling my car which is still being financed. My question are as follows:


- If I manage to sell it to a private party, should the buyer write a check to me or to the finance company who has a lien on my car?


-If the buyer writes a check to me and the price the car is sold is more than the amt of the loan, how does it work?


- If the car is selling for less than what I owe the finance company, will the financing company (who has the title of the car), give the title to the new owner if I am not able to pay the difference of the loan and what I get for the car?


And lastly... is it better to give the car back the finance company and clear off the car or is it better to sell it?


Am thinking of going overseas for few months and did not want to worry bout leaving the car here in the meantime and bearing the payments. What would you do in this case? Any advice/suggestions would be greatly appreciated. And thank you in advance.


 


 

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