I Was Wondering If I'd Be Able To Sell My Car With Outstanding Finance Owed?
I took out the finance for 4years and have been paying the repayments for 1year and a half, but now want something a bit different, can anyone help me?
Guest
asked 9 months ago
1 Answer - Sort by: Date | Rating
Yes this can be done. No, you should not do it.
In general only car dealers will do this sort of thing. They can work out financing so that your old loan (what is left of it) is rolled over into a new BIGGER loan that includes both the old and new cars.
The problem is that you are probably now what they call in the industry "upside down". You probably owe more on your present car then you could sell it for. In other words even if you sold your car for a good price you could not pay off the loan!
The best thing for you to do is to wait till, at the very least, you can sell your present car for what you owe on it. Then you can walk away from it maybe with a few bucks in your pocket to put as a down payment on a new car.
In general only car dealers will do this sort of thing. They can work out financing so that your old loan (what is left of it) is rolled over into a new BIGGER loan that includes both the old and new cars.
The problem is that you are probably now what they call in the industry "upside down". You probably owe more on your present car then you could sell it for. In other words even if you sold your car for a good price you could not pay off the loan!
The best thing for you to do is to wait till, at the very least, you can sell your present car for what you owe on it. Then you can walk away from it maybe with a few bucks in your pocket to put as a down payment on a new car.
0
0
- Where Is The Heater Core On A Oldsmobile Achieve 98?
- How Do I Winterize A 1996 Ford F150?
- I Have A 98 Ford Windstar And Was Involved In An Accident Where I Got Rear Ended Hard And Pushed Into Another Car, Now My Van Has Water In My Transmission And Is Leaking, Has Anyone Heard Of This Before?
- How To Install A Started For 1995 Ford E 350?
- How Mats Is Use In Maneging Time?
- What Is The Normal Phase Of Gold At Room Temp?
- How To Disengage Pass Time System?
- Where Is Evaperator Solenoid On 2007 Chev Silverado And Is This What Gets Stoped Up With Dirt And Mud?
- Where Is Oil Pressure Switch For 2001 Intrepid?
- Who Was The First Russian To Cross The Finish Line?
- What's Wrong When Tahoe Transmission Wont Leave Second Gear?
- What Do I Have To Do To Get A Motorcycle License?
- Where Is The Camshaft Sensor On A 1995 Buick Le Sabre?
- N I Put My Info On Line To Find Out If Someone Registered Their Vehicle In My Name?
- How Do I Change Low Beam Headlamp Bulb In An S -class Mercedes?
- Where Is Wiper Relay On A 2006 Chevy Impala?
- I Want To Change The Kia Sportage Diesel Engine To Petrol Engine Which Engine Of Toyota Will Fit In?
- Where Is The Map Senor On A 1998 Buick?
- How To Replace License Plate Bulb On A Nissan Quest?
- How To Adjust Belts On 1996 Toyota Cavalier?
- Who Created The Lamborghini?
- How Can I Make A Flying Car With Mot Er?
- Working On A 95 Plymouth Voyager Transmission How To Take Lose From Engine?
- Change Transmission On 95 Plymouth Voyager?how To Do It Myself
- How Do I Change The License Plate Light Bulb On A Ford Five Hundred?
- When A Car Is Repossessed Can They Come After You For The Money Owed?
- Can The Bank Keep Your Car After You Had Paid The Balanced Owed On Your Car?
- A Possible Suit Filed For $5000 Owed On A Car? I Have No Money - What To Do?
- If A Car Is Repossessed Can I Get It Back If I Pay A Few Days Later, What Is Owed?
New Comment - Comments are editable for 5 min.