So long story short, I'm getting rid of my current car and wanting to get another, cheaper car.
The thing is, my current car isn't paid off fully.
The dealer trade in value according to KBB would still leave me upside down so I don't want to go that route.
And I doubt someone wants to take over my payments which are a little over $500 a month.
So I'm thinking of selling it private party.
The KBB value of the car being sold would pay off the remaining loan and then a little extra.
For easy math, lets just say I owe $10,000 and I would sell it for $12,000.
Is it possible that a buyer would get a loan on the car, and I could use the $12,000 to pay off my remaining loan and the car is free for the buyer?
Is it complicated going this route, or fairly easy?
Any answers are appreciated.Selling a car that's not paid off?
When you satisfy the loan to your lender the title is free to be signed to the party that has purchased the car from you...any additional funds after satisfying the loan amount would be yours to use toward a different vehicle for you.Selling a car that's not paid off?
it's not that hard of a task,just advertise your car for two thousand down and take over payments....Triple A can do the required paper work
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