imported_spl_civic

The girlie girl can't afford to keep up with the insurance and car payments anymore, so she's decided to sell the car.

Does anyone know how to go about selling a car that is currently being financed?
Does anyone know of anyone, or has anyone sold a car that was currently being financed?
And, is their a buy back option with the dealership?

Any help would be appreciated!

yO

Well you can sell the car, finish paying the bank, and keep any profit.

imported_spl_civic

will their be any problems with the change in ownership?

yO

Not at all man.

imported_JookSingKid

When a car is financed, there is a lien on your car that is held by the financial institution or bank that payments are being made to.

The girlie girl needs to speak with her bank to discuss the process of removing that lien. Usually full repayment of the loan is needed to remove any lien on the car.

She is free to market the car to find a prospective buyer, but before a transfer of title can take place, the loan needs to be fully repaid and a letter written by the bank stating they have no further interest in that vehicle.

sanjay

it's hard to sell a car with a lien on it privately......you need an understanding customer

but it's not a big deal normally

yO

Um, you would have to pay the bank back before selling the car obviously.. Isn't that what I said?

imported_macnwigs

i just bought a car with a lien against it....all you have to do is meet at the bank and have the buyer write amount due to the bank and the remainder to you...

that's it

imported_spl_civic

thanks for all the good info
anybody know about the dealership buy back?
is there one?

EL_Sport

If you trade the car in on another one, the dealership will look after the buy-out of your old car.

imported_Cablerat

trade ins to dealers is a waste.. they will give you below wholesale..

bbarbulo

iTrader: (2)

I sold my bro's car that was financed, we met at the bank, he gave me a cheque, I gave it to the lady at the counter, she gave me a letter certifying the lien is lifted, the buyer got the ownership and a copy of the letter and off we went our separate ways.