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 Question about selling car and payment
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Posted on 01-26-09 6:53 AM     Reply [Subscribe]
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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.



Posted on 01-26-09 8:13 AM     Reply [Subscribe]
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Well, To answer your questions.

1. First of all it is hard to sell a car which is financed because a buyer wants a title when he/she hands over the cash. You could sell it to a person that you know who is willing to wait for the title....Usually banks send title in few weeks after it is paid for. Now if the buyer is writing a personal check, he/she can write it directly to the bank with the account number and once it is clear, the bank will send you the title.

2. You have to call the bank and find out your payoff and if the selling price is more than the amount that you owe. You could then have the buyer write two checks, one for the bank for the payoff and the other one to you for the difference.

3. No, the bank will not release a title unless the car is paid in full. So if the car is sold for less than what you owe, you MUST have the difference to pay the bank. If you don't have the difference to pay the bank and the buyer has already paid you the amount then you're in trouble because the buyer will not receive the title.

4. If you give the car back to the bank. It is called as voluntary reposession, which could seriously hurt your credit. You could go to a dealership to see if they'll buy it.

Hope this helps.


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