Can you sell a car while it has a loan?

Dorinda Metzer: Josh, in order to sell the car and legally transfer ownership of the vehicle to the buyer you must pay off the loan in full.That means that you have to take the proceeds of the sale and put that towards the loan. Any remaining balance on the loan must come out of your pocket. You can get the money from your bank account, savings, investments or you borrow the balance. It doesn't really matter how you get the cash. But you have to pay off the loan in full to transfer title to the new owner....Show more

Felicitas Phildor: I gave up my car 2 years ago for the exact same reason. The bank I was a slave to was not willing to even extend a payment!!!!....if its cheaper to let the car go then let it go, It is not worth killing yourself over. So if you are going to let it go here are some steps.STEP 1. If you are current with the payments CANCEL YOUR AUTO INSURANCE AND DO NOT PAY FOR THE NEXT 2 MONTHS. The bank has 90 days to issue a repo so that gives yo! u enough time to think about other means of transportation and save up for a down payment for a cheaper car or a whole payment for a cheap car. "Be sure to get the car before the repo appears on your report."STEP 2. When you are ready to give them the car be sure you explain to them that you are not working and do not give them any more personal info. Banks are not going to waste time suing you if they see that you have no money. This is a great year to get out of a loan since everyone is defaulting.STEP 3. Be sure you turn in the car before 90 days because it will be embarrassing to see a repo truck outside your door waking the neighbors up. Schedule a time and place to have the car picked up....Show more

David Kuper: First of all, if you have a loan, then the car is not on your name. Bank owns your car until you pay it off.You need to payoff balance, get the title on your name, then sell the car.Or, if you find a buyer that will cover your loan, then you should be ! able to do the transaction. I am not too certain how this wor! ks so I won't tell you what to do. You best bet is to call the bank and get more info....Show more

Chris Rosenkranz: you wont get 9000.00 and if you did sell it for that price the bank wont give you the title until the other 4000.00 is paid and the loan is paid in full.i booked this car out and it retails for 7850.00 im a dealer.